The Vietnam electric two-wheeler market size reached USD 222.50 Million in 2024 and is projected to reach USD 662.00 Million by 2033, growing at a CAGR of 11.52% during the forecast period 2025-2033. The growth is driven by rising fuel prices, government campaigns for clean mobility, and environmental concerns. Urbanization and traffic congestion are increasing demand for affordable, efficient, and environmentally friendly transport modes. Advances in battery technology, charging infrastructure, and supportive policies like subsidies and tax breaks are further boosting the market adoption.
Study Assumption Years
- Base Year: 2024
- Historical Years: 2019-2024
- Forecast Period: 2025-2033
Vietnam Electric Two-Wheeler Market Key Takeaways
- The electric two-wheeler market size in Vietnam was USD 222.50 Million in 2024.
- The market is expected to grow at a CAGR of 11.52% between 2025 and 2033.
- The forecast period for the market is from 2025 to 2033.
- Rising fuel prices have made gasoline two-wheelers costly, pushing buyers towards electric variants that are cheaper to operate and maintain.
- Rapid urbanization and increasing traffic congestion, especially in Hanoi and Ho Chi Minh City, heighten demand for eco-friendly electric two-wheelers.
- Government incentives like tax exemptions, registration fee waivers, and subsidy plans stimulate electric two-wheeler adoption.
- Advances in battery technology and growing charging infrastructure support market growth.
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Market Growth Factors
Due to high fuel prices, gasoline-powered two-wheelers have become costly to operate in densely-populated Vietnam, and consumers have begun to switch to electric two-wheelers which are less expensive to operate and maintain than gasoline two-wheelers. The affordability of two-wheeler vehicles in Vietnam is due to low charging costs and the ability to charge vehicles at home. Electric two-wheelers that are entry-tier and mid-tier remain affordable to students, delivery riders, and working-class members, satisfying the demand of earners with lower income and middle income.
Hanoi and Ho Chi Minh City underwent fast urbanization, which congested traffic with pollution of the environment. In Hanoi, motorbikes exceeded 6 million, while in Ho Chi Minh City they exceeded 7 million. Motorbikes make up 96% of PM2.5 and 98% of carbon monoxide within the cities. If electric motorbikes replace 10% of petrol motorbikes, that could prevent more than one million tons of carbon dioxide (CO2) each year. Converting entirely from petrol toward electric could reduce CO2 by 88%. Electric two-wheelers produce no tailpipe emissions, toward a reduction in air and noise pollution leading to environmental and health benefits.
The government adopts electric vehicles in Vietnam to emit less greenhouse gas and pollute less. The government waives taxes and registration fees, and possibly provides subsidies for electric two-wheelers. It also increases the establishment of electric vehicle charging infrastructure. Supporting the domestic manufacturing of electric two-wheelers and batteries can reduce dependency on imports, lower domestic manufacturing costs, and hasten the shift to electric two-wheelers in line with the Vietnamese government's long-term development goals of green growth and sustainable development.
Market Segmentation
- Vehicle Type:
- Electric Scooter/Moped: Includes compact electric scooters and mopeds suited for urban commuting.
- Electric Motorcycle: Comprises electric motorcycles designed for broader uses and higher power needs.
- Battery Type:
- Lithium-Ion: Dominant battery type offering higher efficiency and longer life.
- Sealed Lead Acid (SLA): Older battery technology still used in some models.
- Voltage Type:
- <48V
- 48-60V
- 61-72V
- 73-96V
- >96V
These categories represent the electric system voltage powering the two-wheelers.
- Peak Power:
- <3 kW
- 3-6 kW
- 7-10 kW
- >10 kW
These power rating segments indicate the vehicle's maximum power output.
- Battery Technology:
- Removable: Batteries that can be detached for charging or replacement.
- Non-Removable: Batteries integrated within the vehicle frame.
- Motor Placement:
- Hub Type: Motors integrated into the wheel hubs.
- Chassis Mounted: Motors installed in the vehicle chassis.
Regional Insights
Northern Vietnam, Central Vietnam, and Southern Vietnam comprise the major regional markets for electric two-wheelers. The report provides a comprehensive analysis of these regions, highlighting their market dynamics and contribution to overall growth. The regions collectively contribute to the expanding footprint of electric two-wheelers in Vietnam.
Recent Developments & News
In May 2025, RenewGo launched Vietnam's first Smart Electric Motorbike Service Center in Ho Chi Minh City, focusing on battery diagnostics, extended warranties, and resale value enhancement, potentially increasing resale value by 20%. In April 2025, Honda Vietnam introduced the ICON e, its first locally produced electric scooter with a 1.5kW lithium-ion battery, 50km range, and 7.5-hour recharge time, priced around $1,130 excluding battery. January 2025 saw VinFast unveil five new electric scooters and one e-cycle at Auto Expo 2025, including the Evo200 model featuring modern electric mobility with retro design aesthetics.
Key Players
- RenewGo
- Honda Vietnam
- VinFast
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