Colombian Motorcycles Market in 2023 is losing in double-digit. In Q3 the trend did not change and the market contraction was near 20% with Year to Date September figures at 508.099 (-19.6%). Yamaha is market leader.
Colombian Motorcycles Industry Trend and Perspectives
Following the impressive growth reported in the previous two years when the Colombian 2-wheeler market boomed at over 800k sales, the 2023 is expected as a year of sales stabilization, potentially with a double-digit lost.
The start of the year was negative with 179.548 sales in the first quarter, down 16.8%, and the trend was confirmed in the second, ended with the first half sales at 341.039 (-18.9%) a fall above expectations and generated by huge increase in the interest rates.
In Q3 the trend did not change and the market contraction was near 20% with Year to Date September figures at 508.099 (-19.6%).
Sales are declining both in the motorcycles (-20.5%) and scooter (-16.7%) segments.
A peculiarity of this market is that the electric segment is not yet born and the few sales in this segment are not yet pushing up the market.
Looking at top manufacturer’s performance, Yamaha is market leader with Year To Date sales down 4.9%.
In second place Bajaj Auto (-23.3%) if fighting against AKT (-5.6%).
In 4th place Suzuki is losing 6.3%, while Honda in 5th place is down 30.2%
Colombian Motorcycles Industry 2022
The motorcycles market in Colombia is going up and up!
The market is the now the second largest worldwide in Spanish area and represents the production hub in Latin America for all Spanish area.
The domestic sales are fueled by the growing pro capita income and by the wide range of models offered, at any prices in all segments and sales keep growing.
In the 2022 sales have been 812.385 (+11.3%) an over -expectation jump, which follows the previous year record. Now Colombia is the 10th largest market in the World, overtaking Taiwan.
Following the lost sales in 2021, due to the transaction from older to new distributor, Bajaj Auto is back on top of the list with sales up a robust 16.4%, winning the year-end race over Yamaha (+6.1%) by few hundreds units.
In third place there was AKT (+15.8%) followed by Suzuki (+33.2%), Victory (+10.7%) and Honda (-5.4%).
New manufacturers are fast growing, with the Indian TVS Motor up in 6th place growing by 15.7%.
Colombian motorcycles industry heritage
In the last decade the Colombian motorcycle industry was completely transformed becoming not just a lifestyle sector, as in the past, but a key factor in the private mobility, thanks to the expansion of product offer, the fall of prices, the increased care for safety and the youngest generation love.
So today there is a wider range of consumers approaching the purchase of a motorcycle to transport themselves to the university, to their workplaces or working for the new fast developing category of delivery-men, people who use motorcycles to fast deliver everything, from food to goods.
Today in Colombia over 50% of vehicles park is on two-wheeler and in average there is a motorcycles each 5 people living in the country. These data allow to explain why motorcycles are actually an important tool for Colombians, for transportation, for lifestyle and for working as well.
To achieve these outstanding performance a brilliant job has been done by the government, which has progressively changed rules to guide the sector evolution, and by the manufacturers, which have made a tremendous effort to create local facilities and produce high quality-good priced vehicles and related products such as accessories, equipment and special clothing.
In Colombia there are six motorcycle manufacturers (the oldest is active since 1942) which operate assembling in partnership with top international firms, like Honda, Kawasaki, KTM, Kymco, Victory, Yamaha, Suzuki, Hero producing both for domestic market and export.