Guatemala Motorcycles keeps to run fast in 2024. YTD sales have been 279.065 (+11.7%). After a very fast first half (+16.8%) the speed is now lower, but even almost positive. Honda dominates, while CF Moto is fast growing up.
Guatemala has built a strong track record of prudent macroeconomic, fiscal and financial management over the years, with real GDP growth +3.3% on average in the 2000s and +3.54% on average in the 2010s. The Guatemalan economy was remarkably resilient during the pandemic with GDP slightly contracting by -1.8% in 2020.
Underpinned by a favorable external environment and the authorities’ swift, comprehensive and coordinated policy response, Guatemala has experienced a robust recovery, posting growth rates of +8.0% in 2021 and +4.1% in 2022. The increase in 2022 was primarily driven by a +3.7% surge in domestic private and public consumption, a result of the sustained macroeconomic stability maintained through disciplined monetary and fiscal policies. Despite this resilience, social indicators are likely to have deteriorated during the pandemic and global inflationary pressures may persist stubbornly. Overall, we expect Guatemala will increase 3.5% in 2024 from +2.9% in 2023.
Following a rocketing last decade growth, nowadays the Guatemalan motorcycles industry is one of the largest in the Latin America and, however, there are no signs that the escalade is near to end.
Indeed, looking at the first 10 months sales figures, the 2024 will establish a new all-time record, the 14th in a row.
According to data released by the Minister of Transport and Infrastructure, YTD sales have been 279.065 (+11.7%). After a very fast first half (+16.8%) the speed is now lower, but even almost positive.
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.
In 2024 Guatemala was the fifth largest market in Latin America after Brazil, Mexico, Argentina and Colombia. Globally, Guatemala last year was 21st, up 2 spots from the previous year.
The growth is solid both in scooter (+17.1%) and motorcycle (+11.0%) segment, while the EV segment is still in its infancy.
Looking at the competitive arena, the market leader is Honda, having boosted market share thanks to the +24.9% increase in sales.
In second place Suzuki (+9.2%) ahead of Bajaj Auto (-2.3%) and Italika (-6.7%).
Two OEMs are fast gaining terrain: CF Moto, 16th with sales up 180.2%) and TMR, 19th with sales up 546%.
