Kymco Global Sales Performing is struggling. Following the 2022 negative peak, below the 0.3 million, in 2023 the trend improved, but just a little, with sales after 9 months at 270.000 (+0.6%).
McD tracks new vehicles registrations across the World (over 85 countries), reporting data on calendar year. When you wish to compare data reported by us to those declared by the manufacturers, consider they usually report their “sales” (vehicles invoiced), which are usually different from “registrations”, accordingly with their fiscal year split.
Global Registrations Trend
Kymco is one of the biggest scooter specialist worldwide, with global sales steady growing in the last decade and an all-time sales record near half a million (not including powersport) established in 2017.
Having care to fully absorb the available capacity, the company exports one-third of production and is very dependent by the performance obtained in the domestic market, Taiwan, where it was the leader for the last decades, before to be overtaken by SYM, during the 2022.
Kymco performance in the last years has been declining hit by the domestic strong and successful attack suffered by SYM and by increased difficulties in the international markets, where new manufacturers approached the market, the most with electric vehicles, and with Indian big players in the process to expand their global coverage, gaining market share in the “value for money” segment, traditionally the reign of Kymco.
Consequently, Kymco global sales declined hitting in 2022 a negative peak, falling below the 0.3 million.
In 2023 the trend improved, but just a little, with sales after 9 months at 270.000 (+0.6%).
Sales growing fast in East Europe (Turkey, Israel, Serbia, Macedonia, Moldova, Ukraine, Russia, Bosnia and Albania) with a robust +45.5% and are very positive in Africa (+10.4%) and positive in North America (+5.6%) and ASEAN (+6.1%).
In West Europe sales are steady (+0.5%) while in ASIA are growing (+2.6%) only thanks to the boom in Japan, were the company restructures operations recently.
New facilities in the Philippines
In a press briefing in Makati City on early April 2020, KYMCO Philippines president Allan Santiago announced the company decision to invest nearly 20 million US dollar in a new facility in the Philippines. The operations are supposed to start in the 2023, when the forecast indicates that the demand for a new type of two-wheeler models (mainly electric fueled) will be huge.
Indeed, the Philippines are among the fastest growing markets all over the World and new rules to limit pollution will dramatically transform the industry. The new Kymco plant will have a capacity of 6,000 units per month. It will replace the current facility, located at the Sta. Maria Industrial Estate in Bagumbayan, Taguig City which has a capacity of 5,000 units per month and “old” technologies.
KYMCO stands for Kwang Yang Motor Company, headquartered in Kaohsiung, Taiwan. It has about 3.000 employees and produce more than 600,000 vehicles per year.
The company has established several production facilities abroad. Those are located in Indonesia (Jakarta), Malaysia (Petaling Java), China (Shanghai, Chengdu and Changsha) and Philippines (Bagumbayan, Taguig City).
Founded in 1964, KYMCO originally started out with technology transfer from Honda, Japan. Thanks to the technical know-how from Honda, KYMCO became one of Honda’s high quality overseas manufacturing facilities.
Over the next two decades, Honda increased its business interest in Kymco, becoming one of its significant shareholder. However, their strong relationship ended in the 2000, when Kymco started to move on its own feet.
Kymco celebrated its 50-year anniversary in 2014 hitting the milestone of 10 million scooters, motorcycles, e-bikes, side-by-sides and ATVs sold in 100 countries, with an annual sales revenue exceeding (US)$ 1 billion.