Ecuador Motorcycles Market lost momentum. After the record scored in the previous year with 178.123 sales, the market stabilized in 2022 with 162.505 (-8.8%) sales. The market leader is still Shineray.
Ecuador Motorcycles Market Trend 2022
Following the difficulties raised by covid emergency, the market is back in the positive pathway.
However, after the record scored in the previous year with 178.123 sales, the market stabilized in 2022 with 162.505 (-8.8%) sales.
The recent years boom was enhanced by the offer of competitive vehicles at affordable price. Leader in this segment is the Chinese manufacturer Shineray, which is market leader since the 2015.
In 2022 Shineray is still leader, although sales declined 27.8%.
The top followers are local brands, mostly using made in China components. The second is Daytona (-0.4%), followed by IGM (+42.4%) and Ranger (-20.4%).
In fifth place the leader of Indian manufacturers in the country, Bajaj Auto, (-17.1%).
Behind Suzuki (+3%), Tuko (+27%), Yamaha (-26.8%), Motor 1 (-22.3%) and Honda (+21%).
Ecuador Two-Wheeler Market Heritage
Between the 2012 and the 2019 the market grew up 23 times growing from few thousand units top a record of 173.815 sales, becoming the seventh largest market in the Latin America.
The industry development was enhanced by the import of low cost vehicles from China. The availability of a wide choice of models at affordable price was a key factor to push consumers to consider the motorcycles as a real and efficient alternative to the cars, even considering the pro capita income in the country is still low.
The industry growth pushed local investor to enhance the local production, with several manufacturers expanding their production, initially using several low cost Chinese component than then developing your local network of local supplier.
Indian manufacturers, importing from Colombia, found the environment fitting their product offer and fast taken market share. Japanese, have lost share, considering that Suzuki, market leader in 2012 with 22.3% of market share, actually holds only 6.6%, while selling over 10 times more.
Finally, premium brands landed from Europe to take their part of the pie.