Latin America motorcycles market (16 countries) in the 2020 was sharply hit by covid19, economic crisis and currencies depreciation with full year sales down in double digit at 2.6 million. All top markets declined including Brazil, Colombia, Argentina, Ecuador.
Please note data reported regards the motorcycles industry in large extended, including not only 2/3 wheelers as moped, scooter, motorcycles, but even other vehicles, like ATVs, usually included in this industry.
Motorcycles Industry Perimeter
As far as the Latin America two-wheeler market, we actually cover a wide range of 16 countries, Brazil, Bolivia, Argentina, Colombia, Peru, Guatemala, Paraguay, Ecuador, Costa Rica, Honduras, Nicaragua, Chile, Uruguay, El Salvador, Panama and Belize. So when reporting data on the region, we mean the total of these countries.
Said this, in all the Latin American countries the motorcycles industry has a relevance both in terms of local production, when thousand people are employed in the industry, and market, as the two-wheelers still have a key rule as low-cost mobility device for millions people.
There are production plants in Brazil, Colombia, Argentina, Ecuador, Guatemala, Uruguay and Paraguay with over 250 manufacturers in competition.
Motorcycles Market Trend
The economic difficulties actually emerged in several countries are deeply hitting the motorcycles industry in the region, with all top countries declining in double digit.
The total new motorcycles (including motorcycles, tricycles, scooter, moped, ATV) in the region were 2.66 million, the lower level in the last ten years.
The regional market in the recent years was recovering, although the Argentina’s market over 50% lost. While Brazil was recovering sales (fell down in 2017 at a negative peak), other markets were growing, like Ecuador, Colombia and in general all markets in the Central America.
Not only covid19 was the reason for market decline. In the global economic crisis all the local currency hit a strong devaluation, penalizing all imports. While most of vehicles are locally assembled, the parts and components arrive from outside (mainly China and India) and their price shifted on the sky.
The model featured in this articles, the Honda CG 160 Fan 2020 is the best-selling model in the region.