Motorcycles - Guatemala

Guatemala

Highlights

The Motorcycles market in Guatemala is projected to generate a revenue of US$75.29m in 2024.
This is expected to grow at an annual rate of 1.04% (CAGR 2024-2029), resulting in a projected market volume of US$79.28m by 2029.
The largest segment in the market is On-road Motorcycles, which is projected to reach a market volume of US$42.27m in 2024.
In terms of unit sales, Motorcycles market is expected to reach 21.94k motorcyles units in 2029.
The volume weighted average price of Motorcycles market in Guatemala is projected to be US$3.53k in 2024.
Among the motorcycle brands, Honda Motorcycles is expected to have the highest market share in the selected region, with a share of 20.3% in 2024.
Additionally, the value market share of Honda Motorcycles is projected to be 17.4% in 2024.
From an international perspective, India is expected to generate the highest revenue in the Motorcycles market, with US$32.11bn in 2024.
The motorcycle market in Guatemala is experiencing a surge in demand for off-road bikes due to the country's diverse terrain and popularity of adventure tourism.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Motorcycles market in Guatemala has been experiencing steady growth in recent years, driven by several factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Guatemalan consumers have shown a growing preference for motorcycles due to their affordability, fuel efficiency, and versatility. Motorcycles are often seen as a more cost-effective mode of transportation compared to cars, especially in a country where income levels are relatively low. Additionally, motorcycles are well-suited for navigating through traffic congestion in urban areas, making them a popular choice for commuting.

Trends in the market: One of the key trends in the Guatemalan motorcycle market is the increasing demand for electric motorcycles. As environmental consciousness grows worldwide, consumers in Guatemala are also becoming more aware of the need for sustainable transportation options. Electric motorcycles offer a cleaner and more eco-friendly alternative to traditional gasoline-powered motorcycles, and this trend is expected to continue in the coming years. Another trend in the market is the growing popularity of off-road motorcycles. Guatemala's diverse terrain and natural landscapes make it an ideal destination for outdoor enthusiasts and adventure seekers. Off-road motorcycles provide the necessary capabilities to explore these rugged terrains, attracting both locals and tourists who are looking for thrilling experiences.

Local special circumstances: Guatemala's infrastructure, particularly in rural areas, is often underdeveloped, with limited access to paved roads. This presents a unique opportunity for motorcycles, as they are more maneuverable and can navigate through rough terrain more easily compared to cars. Motorcycles are also more affordable to maintain and repair, making them a practical choice for individuals living in remote areas.

Underlying macroeconomic factors: Guatemala has experienced steady economic growth in recent years, which has contributed to an increase in consumer spending power. As the middle class expands, more people are able to afford motorcycles as a means of transportation. Additionally, the country has witnessed a rise in urbanization, leading to increased demand for efficient and affordable modes of transportation. These macroeconomic factors have created a favorable environment for the growth of the motorcycle market in Guatemala. In conclusion, the Motorcycles market in Guatemala is developing due to customer preferences for affordable and versatile transportation options, trends such as the demand for electric and off-road motorcycles, local special circumstances such as underdeveloped infrastructure, and underlying macroeconomic factors including economic growth and urbanization. As these factors continue to shape the market, the motorcycle industry in Guatemala is expected to experience further growth in the coming years.

Data coverage:

Data encompasses B2C enterprises. Figures are based on motorcycle sales and revenue excluding scooters/mopeds under 50cc category.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use manufacturer websites, national statistics offices, motorcycle associations, motorcycles sales websites. Next we use relevant key market indicators and data from country-specific associations such as GDP per capita, consumer price index, consumer spending, and population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the forecasting is done on a make level for Motorcycles, using a mix of standard approaches, e.g., exponential smoothing, and uses parameters which best fit the historical data. The main drivers are GDP per capita, consumer price index, consumer spending, and population.

Additional Notes:

The market is updated once a year.