Spain March. Electric scooter maker, Askoll, at 1.9% share in market booming 19%

Spanish Motorcycles Market started the 2019 with a huge +19.1% in the first quarter, accelerating the pace after the four-year positive trend. On top of the list, Honda further increased the share incorporating the lost reported by the second, Yamaha. However, the news is the boom of electric vehicles maker Askoll, which already sold more than in the entire 2018.

 

Economic Environment

Following robust growth in the final quarter of 2018, available data suggests that Spanish economy momentum carried over into early 2019. Industrial production rebounded solidly in January and while the manufacturing PMI dipped in February, signaling a slowdown in the industry, the services sector held its ground. On the demand front, private consumption should remain solid in the first quarter, propped up by healthy employment growth and higher purchasing power thanks to low inflation and households tapping into their savings.

The economy is expected to lose some traction this year amid a maturing economic cycle. Nevertheless, growth should remain healthy, underpinned by still-solid private consumption and improving exports activity. The possibility of a no-deal Brexit, the ongoing slowdown of the vital tourism industry and political uncertainty cloud the outlook, however.

 

Market Trend

According to data released by the Spanish Minister of Transportations, the start of the 2019 was really positive.

Actually the Spanish market stands as the fourth biggest in Europe,  after France, Italy and Germany, which overtook Spain last year for peanuts. Behind there is Turkey.

At Global level the market is only 25th, ahead of Guatemala , Turkey and Paraguay and behind Germany, Democratic Republic of Congo and Kenya.

Before entering on recent trends details, it is the case to highlight as the market is in a positive mood since four years. Indeed, after having peaked down in the 2014 with a record low volume of 135.082, the market has progressively recovered in the last four years, ending the 2018 with 182.814 registrations. This data is still far from the market potential, considering that is still 23.1% (or near 50.000 units) below the 2012 level.

In these years the market changed, with the sharp decline of the 50 cc model demand, the growth of above 50cc scooters, tricycles and quadricycles and the growth of motorbike sector, fueled not only by the traditional Spanish love for this products but also by a strong recovering economy, with growth spending power for leisure goods. 

In terms of volumes and comparing final figures between the 2014 and the 2018, the scooter/moped 50cc segment grew up 14%, the 50cc + scooter/tricycles +18% and the motorbikes +69%, being the only segment with higher volumes in the 2018 compared with 2012.

Within the motorcycles segment, the fastest growing category (2018 vs 2014) is the Adventure (+121%), followed by Street (+89%) and Sport Touring (+62%). 

Following this evolutions, the 2019 is started with a great speed. 

According to data received by the Minister of Transportation, sales has been 13.405 (+9.5%) in March, 12.711 (+20.9%) in February and 16.983 (+26.4%) in March. The first quarter figures were 43.099 (+19.1%).

In terms of mix, the previous years trend was confirmed while, replacing the 50cc fueled combustion scooters, the electric scooter segment is fast growing (but still with low numbers).

 

Competitive Arena

Spanish market is almost concentrated with the Top 10 brands holding 73.6% of the total volume, while 178 brands have registered at least one units in the 2018.

As in the past, in the Q1 2019 the market leader is Honda with 8.057 sales in the 2018 (+30.6%) holding 18.7% of share (+1.3 points from full year 2018). Honda is market leader uninterruptedly since years and just in the 2014 risked to be surpassed by Yamaha, while in recent years the gap over all the followers grew up again.

Indeed, the second best-selling brand is Yamaha with Q1 sales at 5.325 (+0.2%) and with 12.4% (-1.5 points of share) of market share.

In third place Piaggio has overtaken Kymco selling 3.739 units (+26.4%) with 8.7% of market share. However, the Kymco has not yet given up for the podium and follows few units below (3.715 sales, +22.6%).

Best premium brand is BMW with 2.866 sales (+24.4%).

Selling already more than during the entire 2018, the new star is the Italian electric scooter maker, Askoll, selling 823 units in the quarter with 1.9% of total market share.

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