South America Motorcycle Market size was valued at US$ 28.46 Bn. in 2023 and is expected to grow at a CAGR of 8.33 % during the forecast period.
South America Motorcycle Market Overview
The motorcycle, commonly referred to as a motorbike, bike, cycle, or trike, is a two- or three-wheeled vehicle with a more robust frame than a bicycle, typically powered by a petrol engine ranging from 125 cc to over 1000 cc. Motorcycle designs are diverse, tailored for various uses, including long-distance travel, commuting, cruising, sports, and off-road riding.
The market for motorcycles is categorized by motorcycle type, engine capacity, and geography. In terms of motorcycle type, the market is divided into Adventure, Cruiser, Mopeds, Sports, Standard, and Touring. When it comes to engine capacity, segmentation includes up to 150 CC, 151-300 CC, 301-500 CC, 501-800 CC, 801-1000 CC, 1001-1600 CC, and above 1600 CC. The geographical analysis encompasses major South American countries like Brazil, Colombia, Venezuela, Chile, and other regions in South America, with market sizing and forecasts provided in terms of value (USD million/billion).
Market Dynamics
The motorcycle market in South America has experienced rapid growth over the past decade, despite economic challenges in countries like Argentina and Brazil. From 3.7 million units in 2012, the industry surged to 5.2 million units by 2021, showcasing a notable increase of 23.9% that year, marking the strongest growth globally. Brazil emerged as the largest market, despite being 20% below its historical peak.
The rising population of vehicles and increasing traffic congestion in urban areas are driving the demand for motorcycles and their corresponding tires. Furthermore, the continuous expansion of leading motorcycle tire manufacturers and ongoing research and development efforts for innovative, cost-effective, and efficient tires are set to heighten competition in the motorcycle tire sector across South America during the forecast period.
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Market Segment Analysis
The motorcycle market is segmented by type, with the Mopeds segment gaining traction due to the growing introduction of new moped models appealing to female riders. This trend is a significant factor contributing to the segment’s growth throughout the forecast period.
Recent Developments
In 2022, the motorcycle market in Peru recorded solid performance, maintaining last year’s sales volume. In the first quarter, two-wheeler sales reached 84,444 units, remaining consistent with the previous year, while the electric segment saw a 98% increase with 808 sales. Argentina’s motorcycle market also thrived, with 119,900 sales (+36.8%) in the first quarter of 2022, marking the fastest growth in Latin America. The electric market experienced remarkable growth, particularly in the L1 and L3 segments, with increases of 520% and 1225%, respectively. Brazil’s market showed a 33.4% increase in scooter and motorcycle sales, with 272,793 units sold in early 2022.
Impact of COVID-19
The COVID-19 pandemic adversely affected the motorcycle market in South America, particularly due to supply chain disruptions that hindered the availability of raw materials necessary for production. Despite these challenges, the market is anticipated to rebound, with a shift toward cleaner mobility post-pandemic. Major motorcycle manufacturers like Honda, Harley-Davidson, and Triumph Motors have noted a growing perception of two-wheelers as ideal transportation options in urban settings. Notably, motorbike sales in Brazil surged by 85% in March 2021, indicating a promising future for the electric motorcycle sector as well.
Market Objective
This report aims to provide a comprehensive analysis of the South America Motorcycle Market, offering insights into the predominant trends that will shape business investments and market growth throughout the forecast period. The report also assists in understanding market dynamics and the competitive landscape by analyzing key players and their market positions.
The qualitative and quantitative data presented in the report will aid stakeholders in identifying high-growth market segments and regions, understanding factors influencing market trends, and pinpointing key opportunities for growth. Additionally, the report examines the competitive landscape of major industry players, detailing their recent developments.
Analytical Frameworks
The report includes Porter’s Five Forces Model, which is instrumental in formulating effective business strategies. This model assesses the competitive rivalry, identifying existing competitors and evaluating product quality within the market. Furthermore, it investigates market accessibility for new entrants, considering the competitive landscape and whether the market is dominated by a few key players.
Additionally, a PESTEL Analysis is incorporated to help in strategic planning. Political factors reveal government influences on the motorcycle market, while economic factors provide insights into performance drivers affecting market dynamics. The analysis also considers the impact of environmental concerns on the motorcycle sector.
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Market Scope
- Market Size in 2023: USD 28.46 Billion
- Market Size in 2030: USD 49.84 Billion
- CAGR (2024-2030): 8.33%
- Historic Data: 2018-2022
- Base Year: 2023
- Forecast Period: 2024-2030
Segmentation
- By Motorcycle Type: Adventure, Cruiser, Mopeds, Sports, Standard, Touring
- By Engine Capacity: Up to 150 CC, 151-300 CC, 301-500 CC, 501-800 CC, 801-1000 CC, 1001-1600 CC, Above 1600 CC
- By Country: Brazil, Argentina, Rest of South America
Key Players in the Market
- Honda Motors (Minato City, Tokyo, Japan)
- Hero MotoCorp (New Delhi, India)
- Yamaha (Hamamatsu, Shizuoka, Japan)
- Dafra (Manaus, Brazil)
- Suzuki (Hamamatsu, Shizuoka, Japan)
- Bajaj (Pune, India)
- Shineray (Chongqing, China)
- Motor Uno (Place de la Concorde)
- Kawasaki (Minato City, Tokyo, Japan)
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Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024-2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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