Colombian Motorcycles Market in 2024 fast recovered. Full Year sales have been 804.955 (+19.4%), the second best result ever, thanks to strong second half acceleration. Yamaha is market leader, while Honda is fast growing.
Economic Outlook
Macroeconomic imbalances that surfaced during a strong post-pandemic economic recovery are correcting rapidly, with declining inflation and fiscal and external deficits. The economy expanded 0.6% in 2023, as the needed unwinding of stimulus policies and heightened policy uncertainty affected fixed investment.
Colombia’s GDP showed an annual growth of 2.1% in the second quarter of 2024. This result significantly exceeded the 1.3% average annual growth expected by analysts surveyed by the nation’s central bank, the Banco de la República. While this is an encouraging outcome (elaborated later in this article), and several disaggregated indicators have improved (the private sector, which accounts for approximately 75% of GDP, grew by 1.5% annually), caution remains, as key sectors await reactivation for long-term economic performance.
Motorcycle Market Trend and Perspectives
The motorcycles market was very dynamic in the post-pandemic period, with huge growth scored in 2022, peaking the new all-time record and then a deep fall in 2023, hit by currency depreciation and high prices increases.
In 2024, when the currency value recovered over US dollar and inflation rate declined, the two wheeler market was able to fast recover.
Full Year 2024 sales have been 804.955 (+19.4%), the second best result ever, thanks to strong second half acceleration.
Sales increased both in the motorcycles (+19.5%) and scooter (+19.1%) segments, while the motorcycle remains by far the most relevant.
Looking at top manufacturer’s performance, Yamaha is market leader with new all-time sales record and a 22.6% increase.
In second place AKT (+23.5%), at record as well, followed by the indian Bajaj Auto (+11.5%).
In 4th place Suzuki +25.4%, while Honda in 5th place gains a deep 38.4%
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.
