Ecuador 2023. Two-Wheeler Market Hit New All Time Record

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Ecuador Motorcycles Market hit new record. In 2023 sales have been 200.373 (+21.9%) a huge jump ahead driven mainly by the scooter segment (+35.9%) and although the electric vehicles segment is still at ground zero.

Ecuador Motorcycles Market

Ecuador’s economy continues to recover from the slowdown triggered by the pandemic. The health crisis revealed structural weaknesses such as the dependence on oil exports, the lack of macroeconomic buffers, limited access to capital markets, sluggish private sector activity, high rates of employment informality and unequal access to public services.

However, in recent months the economy has slowed substantially as structural challenges have worsened owing to increased insecurity caused by organized crime and political uncertainty, which led to the calling of early presidential and congressional elections. The new administration will have the challenge of laying the foundations for dialogue to promote more inclusive, sustainable and resilient development.

Despite having reduced the fiscal deficit that threatened economic stability, the country still needs to regain the confidence of capital markets and create fiscal buffers to enable it to face future international and climate contexts.

The motorcycles industry is the largest sector in the individual mobility in the country and in recent years grew up together with the national GDP. When Covid 19 blocked for a while the 2.wheeler sales created a further higher demand and the industry seems in a medium term growing pathway. A new record was established in 2021 and after a slight (-8.8%) decline in 2022, the consumer demand was still very strong in 2023, pushing the market up, for the first time over the 0.2 million at the new record.

Indeed, 2023 sales have been 200.373 (+21.9%) a huge jump ahead driven mainly by the scooter segment (+35.9%) and although the electric vehicles segment is still at ground zero.

Looking at the competitive arena, the Chinese Shineray pushed the market up, increasing sales by 41.9% and now selling over the double of the second.

The second was Daytona, a local brand, reporting sales up 28.8%, advancing IGM (+37.3%), Bajaj Auto (+18.1%), Ranger (-9.1%), Tuko (+2.0%), Yamaha (+19.8%) and many others.