Colombian Motorcycles Market in 2024 is in good shape. Indeed, year to date sales have been 635.863 (+13.6%) accelerating in the second half after a +8.2% reported in the first. Yamaha is market leader.
Macroeconomic imbalances that surfaced during a strong post-pandemic economic recovery are correcting rapidly, with declining inflation and fiscal and external deficits. The economy expanded 0.6% in 2023, as the needed unwinding of stimulus policies and heightened policy uncertainty affected fixed investment.
The official poverty and extreme poverty rates declined in 2023, marked by higher labor market earnings. The economy is projected to expand 1.5 percent in 2024 and slightly above the 2.9 percent potential growth rate in the following years, as inflation and interest rates recede.
Colombia holds the potential for sustained, moderate long-term growth, drawing on its abundant natural resources, a relatively advanced regulatory system for business and stronger institutions and policy frameworks compared to many other Latin American nations.
The motorcycles market was very dynamic in the post-pandemic period, with huge growth scored in 2022, peaking the new all-time record and then a deep fall in 2023.
This year, although the economic environment is expanding very moderately, the reduction in the inflation and loans rate is helping and the market is recovering in double-digit.
Indeed, year to date sales have been 635.863 (+13.6%) accelerating in the second half after a +8.2% reported in the first.
Sales increased both in the motorcycles (+13.5%) and scooter (+12.9%) segments.
Looking at top manufacturer’s performance, Yamaha is market leader with sales up 17.8%.
In second place AKT (+15.8%) followed by the local Bajaj Auto (+8.0%).
In 4th place Suzuki +17.3%, while Honda in 5th place gains a deep 34.6%
Colombian motorcycles industry heritage
In the last decade the Colombian motorcycle industry was completely transformed becoming not just a lifestyle sector, as in the past, but a key factor in the private mobility, thanks to the expansion of product offer, the fall of prices, the increased care for safety and the youngest generation love.
So today there is a wider range of consumers approaching the purchase of a motorcycle to transport themselves to the university, to their workplaces or working for the new fast developing category of delivery-men, people who use motorcycles to fast deliver everything, from food to goods.
Today in Colombia over 50% of vehicles park is on two-wheeler and in average there is a motorcycles each 5 people living in the country. These data allow to explain why motorcycles are actually an important tool for Colombians, for transportation, for lifestyle and for working as well.
To achieve these outstanding performance a brilliant job has been done by the government, which has progressively changed rules to guide the sector evolution, and by the manufacturers, which have made a tremendous effort to create local facilities and produce high quality-good priced vehicles and related products such as accessories, equipment and special clothing.
In Colombia there are six motorcycle manufacturers (the oldest is active since 1942) which operate assembling in partnership with top international firms, like Honda, Kawasaki, KTM, Kymco, Victory, Yamaha, Suzuki, Hero producing both for domestic market and export.
The Colombian motorcycles market is the third largest in Latin America after Brazil, Mexico and ahead of Argentina.
