Guatemala Motorcycles skyrockets. In 2023 the market hit the 12th all-time record in a row advancing in 21st place in the world, with 296.865 sales (+11.1%).
Following a rocketing last decade growth, nowadays the Guatemalan motorcycles industry is one of the largest in the Latin America. The effects of the virus have been moderate and have further enhanced reasons to purchase a two-wheeler and the market kept posting annual record.
Indeed, according to data released by the Minister of Transport and Infrastructure, sales on the domestic market have more than tripled in recent years, going from 84.917 units sold in 2012 to an absolute record, the twelve in a row, reached in 2023 with 296.865 sales (+11.1%).
In 2023 Guatemala was the fifth largest market in Latin America after Brazil, Mexico, Argentina and Colombia. Globally, Guatemala ranks 21st, up 2 spots from the previous year.
There are several reasons behind the continuous expansion of this market. Probably the most relevant is the increase in per capita income, which grew by US$ 5.025 in 2023 (from US$ 3.463 in 2013) fueling the demand for individual mobility, easily satisfied by the two-wheeler industry.
Other factors are a favorable fiscal policy and the still low development of road infrastructure.
In addition, the number of motorcycles offered on the market has grown significantly in recent years. Until a decade ago the offer was mainly divided between Japanese brands (Honda, Suzuki, Yamaha, Kawasaki) and some local manufacturers, often using Chinese technology to produce CKD models.
A first “revolution” began with the arrival of the Mexican Italika, which offered a wide range of reliable motorcycles, supported by a solid image and offered at a competitive price compared to Japanese models. Italika exploded on the market reaching first place in a few years and closing 2018 in second place after Honda.
However, the arrival of Indian players changed the competitive landscape again. Hero, TVS and – above all – Bajaj Auto, very aggressive in pricing.
In 2023 Honda, with 56100 sales (+23.9%), was the market leader ahead of Suzuki (+0.6%), Bajaj (+13.1%) and Italika (-4.6%).
