The Latin American motorcycle market continues to expand, albeit at a slightly slower pace in 2023. Sales reached 5.6 million units, marking a 4.6% increase over the previous year and setting a new record for the 12th consecutive year. It’s important to note that the reported data covers a broad spectrum of the motorcycle industry, including not just two- and three-wheeled vehicles like mopeds, scooters, and motorcycles, but also other types of vehicles such as ATVs.
Market Trends Over the Past Decade
The motorcycle industry in Latin America has been on an upward trajectory for over a decade, despite economic challenges faced by some individual countries, particularly Argentina and Brazil. Over the last ten years, the market has grown significantly, increasing from 3.7 million units in 2012 to 5.6 million in 2023.
During this period, the market landscape has seen substantial changes. Brazil, after years of decline, has regained its previous strength, while new markets like Guatemala, Colombia, Peru, and Ecuador have experienced rapid growth. Mexico, with its consistent year-on-year growth, has risen to join the ranks of the top 10 motorcycle markets globally.
2023 Regional Market Performance
In 2023, the motorcycle market across the region, from Mexico to Argentina’s Tierra del Fuego, saw a record 5.67 million two-wheelers sold, representing a 4.6% increase over the previous year.
Brazil, with a strong 21.3% growth, reclaimed its position as the largest market, surpassing Mexico, which recorded a modest 2.5% increase in sales.
Colombia ranked third, although it experienced a significant 16.8% decline following its record-setting performance in 2022.
Argentina showed signs of recovery, with sales increasing by 15.5%, placing it in fourth position.
Guatemala, with an 11.1% increase, set a new record and overtook Peru, which continued its downward trend with an 8.8% decline.
Ecuador saw a 21.8% rise in sales, securing the seventh spot, followed by Honduras and the Dominican Republic, both of which also set new records with 13.1% and 22.9% increases, respectively.
On the other hand, Bolivia and Paraguay experienced significant declines, with sales dropping by 22.4% and 31.0%, respectively.
