Colombia 2023. Motorcycles Sales Fall Sharply (-17.0%)

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ATK 125 Naked
ATK 125 Naked

Colombian Motorcycles Market in 2023 lost in double-digit. Hit by inflation, currency depreciation and low access to financing, the market felt at 681.357 (-17.0%).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, in 2023 the market was back sharply, hit by huge interest rate with low access to financing for private consumers and increased vehicles prices for internal inflation and currency depretiation.

Consequently the year was really bad, with final figures at 681.357 (-17.0%).

Sales declined both in the motorcycles (-17.5%) and scooter (-14.6%) segments.

Finally we can register the born of the electric vehicles segment with 1.188 sales from near zero in the previous year.

Looking at top manufacturer’s performance, Yamaha is market leader with sales down only 2.9%.

In second place Bajaj Auto (-18.9%) followed by the local brand AKT (-4.2%).

In 4th place Suzuki lost 5.3%, while Honda in 5th place lost a deep 25.5%

Yamaha FZ150i
Yamaha FZ150i

 

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.

The Colombian motorcycles market is the third largest in Latin America after Brazil, Mexico and ahead of Argentina.