Latin America 2024. Motorcycles Market Increases For The 12th Year In A Row

KTM SuperDuke 1290 GT
KTM SuperDuke 1290 GT

Latin America Motorcycles Market is skyrocketing. In 2023 the growth continues, while with a more moderate speed, and sales grew up at 5.6 million (+4.6%), the 12th consecutive record in a row.

Please note data reported regards the motorcycles industry in large extended, including not only 2/3 wheelers as moped, scooter, motorcycles, but even other vehicles, like ATVs, usually included in this industry. 

As far as the Latin America two-wheeler market, we actually cover a wide range of 17 countries, Mexico, Brazil, Bolivia, Argentina, Colombia, Peru, Guatemala, Paraguay, Ecuador, Costa Rica, Honduras, Nicaragua, Chile, Uruguay, El Salvador and Panama. So when reporting data on the region, we mean the total of these countries.


Motorcycles Market Trend

The motorcycles industry in Latin America is fast growing since over a decade although single countries have struggled for a period for local crisis (Argentina and Brazil more than others). In the last ten years the industry grew up from 3.7 million (2012) to 5.6 million (2023).

In this decade the market really changed, with historical countries, like Brazil, be back at the previous splendor after few years of decline, and new markets booming, like Guatemala, Colombia, Peru, Ecuador.

Mexico scored a long series of year-on-year records up to join the top 10 market club worldwide.

In 2023 the market, at regional level from Mexico to the terra del fuego in Argentina, reported 5.67 million 2-wheeler sold, a new record, 4.6% above the previous year.

Thanks to a roaring +21.3%, Brazil is back the largest market, overtaking Mexico , second with sales up a little 2.5%.

The third market is Colombia, although sales declined in double-digit (-16.8%) following the record established in 2022.

In fourth place a recovering Argentina (+15.5%).

The fifth is Guatemala hitting the new record, increasing 11.1% and overtaking Peru.

Peru , keeps declining, as in 2022, losing another 8.8%.

In seventh place there is Ecuador (+21.8%), followed by Honduras (at record with +13.1%) and Dominican Republic (at record as well with +22.9%), Bolivia -22.4%) and then Paraguay(-31.0%).