Argentine Motorcycles Market on roller coaster in 2024. Following the first half double digit lost, finally in July (+7.6%) and in August (+28.6%) the market recovered momentum and YTD August sales were 297.789 (-6.2%).
Argentina’s motorcycle industry trend and perspectives
The International Monetary Fund (IMF) has changed its forecast for Argentina’s economy and now estimates that GDP will shrink by 3.5% in 2024. The data from the July World Economic Outlook (WEO) report, published Tuesday, shows the multilateral organization expects the recession to worsen over the upcoming months in Argentina: in April, it had estimated GDP to drop 2.8% during this year.
The Fund also predicted a 140% annual inflation rate for 2024, a correction to its April estimate of 149.4%. Argentina’s prices went up by 211% during the 2023 calendar year. However, there are better hopes for 2025: the report forecasts the national economy will grow by 5%. It is the same forecast made in its previous WEO report from April and one of the most optimistic for the region.
The motorcycle industry, one of the most relevant in the country, in the first quarter 2024 inverted the outstanding positive pathway taken in the previous 36 months, suffering a double-digit decline.
While the government, aiming at supporting the automotive industry, removed the import duties imposed by the previous administration, several original equipment manufacturers (OEMs) are facing troubles on cash and have not been able to keep the growing speed.
In the second quarter the sales trend was again negative, ending the first half with a -14.6%.
Finally in July (+7.6%) and in August (+28.6%) the market recovered momentum and YTD August sales were 297.789 (-6.2%).
The market decline was driven by both the motorcycle segment (-9.8%) and the scooters (-3.7%).
A peculiarity of this market is that the electric segment is still very small, with just over a thousand sales per year. In the first eight months of 2024 it was also down 28.4%.
Looking at top manufacturer’s performance, Honda is still on top, losing less than the market (-6.6%).
Behind them, with almost half the sales of Honda, there are four local manufacturers: Motomel (-2.3%), Corven (-14.9%), Gilera (-3.8%) and Zanella (-20.0%). All other big manufacturers are losing sales volumes.
