Brazilian Motorcycles Market is skyrocketing. Although the already strong growth reported in the previous years, during the 2024 the 2-wheeler market scored an amazing +16.5% with 1.83 million. Shineray is shining.
Fitch raised its 2024 real GDP growth forecast for Brazil to 2.8% from 1.7% in its recent Global Economic Outlook. Activity has proven resilient to tight monetary policy, credit growth has resumed, labor market indicators are strong, and the impact of severe flooding in May was limited.
The administration of President Luiz Inacio “Lula” da Silva is targeting gradual fiscal consolidation in 2024-2026 after letting the deficit rise in 2023 to accommodate increased social spending. It aims to do so by substantially increasing revenues and containing spending so it does not outpace economic growth, but faces difficulties on both fronts.
In such economic environment, the motorcycle industry is building on the significant growth observed in recent years, with the domestic market expanding from under 1 million units in 2018 to over 1.8 million in 2024, securing its position as the sixth largest in the world, while demand for new two-wheelers should remain robust even in the next years.
Although the already strong growth reported in the previous years, during the 2024 the 2-wheeler market scored an amazing +16.5% with 1.83 million, gaining one place in the global ranking.
While the motorcycle segment is growing at a rapid pace, with sales up 13.5% year-on-year, the scooter segment accelerated even more and is up 22.1% this year, so far.
Looking at the top manufacturer’s performance, Honda is still on top with sales up 12.0% surpassing half a million vehicles sold.
Yamaha follows in second place, also showing growth (+12.9%).
Following the local plant capacity expansion, the Chinese Shineray is skyrocketing, gaining the third plate with sales up 117%.
Behind, the local manufacturer Mottu slipped in fourth place with a sales rise of 78.2% and is followed by the Chinese Haojue (+17.1%), Royal Enfield (+34.7%), Avelloz (+72.3%) and BMW (+11.7%).
