Brazilian Motorcycles Market is skyrocketing. During the first ten months of 2024 sales of new motorcycles have reached 1.55 million (+18.2%), a huge increase after the +21.3% scored last year Shineray is shining.
Fitch raised its 2024 real GDP growth forecast for Brazil to 2.8% from 1.7% in its recent Global Economic Outlook. Activity has proven resilient to tight monetary policy, credit growth has resumed, labor market indicators are strong, and the impact of severe flooding in May was limited.
The administration of President Luiz Inacio “Lula” da Silva is targeting gradual fiscal consolidation in 2024-2026 after letting the deficit rise in 2023 to accommodate increased social spending. It aims to do so by substantially increasing revenues and containing spending so it does not outpace economic growth, but faces difficulties on both fronts.
In such economic environment, the 2-Wheeler industry is building on the significant growth observed in recent years, with the domestic market expanding from under 1 million units in 2018 to 1.57 million units in 2023, securing its position as the seventh largest in the world, it appears that the demand for new two-wheelers remains robust.
It is anticipated that we will witness yet another record-breaking year.
Indeed, during the first ten months of 2024 sales of new motorcycles have reached 1.55 million (+18.2%), a huge increase after the +21.3% scored last year and the midterms perspectives are still positive.
While the motorcycle segment is growing at a rapid pace, with sales up 14.5% year-on-year, the scooter segment accelerated even more and is up 25.5% this year, so far.
Looking at the top manufacturer’s performance, Honda is still on top with sales up 14.5% surpassing half a million vehicles sold.
Yamaha follows in second place, also showing growth (+11.6%).
Following the local plant capacity expansion, the Chinese Shineray is skyrocketing, gaining the third plate with sales up 130.5%.
Behind, the local manufacturer Mottu slipped in fourth place with a sales rise of 59.0% and is followed by the Chinese Haojue (+20.5%), Royal Enfield (+43.0%), Avelloz (+78.5%) and BMW (+13.1%).
