Guatemala Motorcycles Skyrockets. In 2022 the market hit the 11th all-time record in a string jumping as 23rd largest in the World. Honda is market leader ahead of Suzuki and Bajaj.
Following a rocketing last decade growth, nowadays the Guatemalan motorcycles industry is one of the largest in the Latin America. The effects of the virus have been moderate and have further enhanced reasons to purchase a two-wheeler and the market kept posting annual record.
Indeed, according to data released by the Minister of Transport and Infrastructure, sales on the domestic market have more than tripled in recent years, going from 84.917 units sold in 2012 to an absolute record, the eleventh in a row, reached in 2022 with 267.065 sales (+5,1%).
In 2022 Guatemala was the sixth largest market in Latin America after Brazil, Mexico, Argentina, Colombia and Peru. Globally, Guatemala ranks 23rd.
There are several reasons behind the continuous expansion of this market. Probably the most relevant is the increase in per capita income, which grew by US$ 5.025 in 2022 (from US$ 3.463 in 2013) fueling the demand for individual mobility, easily satisfied by the two-wheeler industry.
Other factors are a favorable fiscal policy and the still low development of road infrastructure.
In addition, the number of motorcycles offered on the market has grown significantly in recent years. Until 5-6 years ago the offer was mainly divided between Japanese brands (Honda, Suzuki, Yamaha, Kawasaki) and some local manufacturers, often using Chinese technology to produce CKD models.
A first “revolution” began with the arrival of the Mexican Italika, which offered a wide range of reliable motorcycles, supported by a solid image and offered at a competitive price compared to Japanese models. Italika exploded on the market reaching first place in a few years and closing 2022 in second place with 3.467 sales (+3.8%).
However, the arrival of Indian players changed the competitive landscape again. Hero, TVS and – above all – Bajaj Auto, very aggressive in pricing, which grew very quickly reaching the market leadership in 2020, overtaking Honda, maintaining the top in 2021 as well.
In 2022 Honda, with 45.270 sales (+12.7%), was the market leader ahead of Suzuki (+2.5%), Bajaj (-20.3%) and Italika (+3.8%).