Off-road Motorcycles - Guatemala

Guatemala

Highlights

The projected revenue for the Off-road Motorcycles market segment in Guatemala is estimated to reach US$23.70m in 2024.
It is expected to experience an annual growth rate of 0.87% (CAGR 2024-2029), resulting in a projected market volume of US$24.75m by 2029.
By 2029, the unit sales of Off-road Motorcycles market in Guatemala are expected to reach 3.63k motorcyles.
The volume weighted average price of Off-road Motorcycles market in Guatemala in 2024 is anticipated to be US$6.66k.
When considering the international market, it is evident that Brazil is projected to generate the highest revenue of US$1.36bn in 2024.
Guatemala's off-road motorcycle market is experiencing a surge in demand as the country's rugged terrain and adventurous culture fuel the passion for off-roading.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Off-road Motorcycles market in Guatemala is experiencing steady growth due to the increasing popularity of outdoor recreational activities and the rising demand for off-road vehicles.

Customer preferences: Customers in Guatemala have shown a strong preference for off-road motorcycles due to their versatility and ability to navigate through rough terrains. The off-road motorcycles are designed to withstand challenging conditions, making them ideal for adventurous individuals who enjoy exploring the country's diverse landscapes. Additionally, the affordability of off-road motorcycles compared to other off-road vehicles such as ATVs and UTVs has contributed to their popularity among customers.

Trends in the market: One of the key trends in the Off-road Motorcycles market in Guatemala is the growing interest in off-road motorcycle racing. The country has seen a rise in the number of off-road motorcycle racing events, attracting both professional and amateur riders. This trend has significantly contributed to the sales of off-road motorcycles as enthusiasts seek high-performance bikes for competitive racing. Another trend in the market is the increasing demand for electric off-road motorcycles. As environmental concerns and sustainability become more important globally, customers in Guatemala are also showing interest in eco-friendly alternatives. Electric off-road motorcycles offer a quieter and emission-free riding experience, making them appealing to environmentally conscious consumers.

Local special circumstances: Guatemala's diverse and rugged terrain provides ample opportunities for off-road motorcycle enthusiasts. The country is known for its scenic landscapes, including mountains, forests, and volcanoes, which attract adventure seekers and off-road riders. The popularity of off-road motorcycle tours and guided expeditions has also contributed to the growth of the market, as tourists and locals alike seek thrilling experiences in the country's natural beauty.

Underlying macroeconomic factors: The growing economy and increasing disposable income in Guatemala have played a significant role in the development of the Off-road Motorcycles market. As more individuals have the financial means to pursue recreational activities, the demand for off-road motorcycles has risen. Additionally, the government's focus on improving infrastructure and promoting tourism has created a favorable environment for the growth of the off-road motorcycle market. In conclusion, the Off-road Motorcycles market in Guatemala is witnessing steady growth due to the preferences of customers for versatile and affordable off-road vehicles. The increasing popularity of off-road motorcycle racing and the demand for electric off-road motorcycles are key trends in the market. Guatemala's diverse terrain and the rise of adventure tourism have also contributed to the market's development. The growing economy and increasing disposable income in the country are underlying macroeconomic factors that have further fueled the growth of the Off-road Motorcycles market.

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.