On-road Motorcycles - Guatemala

Guatemala

Highlights

The On-road Motorcycles market segment in Guatemala is projected to generate a revenue of US$42.27m in 2024.
It is expected to experience an annual growth rate (CAGR 2024-2029) of 0.88%, resulting in a projected market volume of US$44.16m by 2029.
The unit sales in the On-road Motorcycles market segment are expected to reach 12.30k motorcyles by 2029.
In 2024, the volume weighted average price of On-road Motorcycles market is estimated to be US$3.52k.
When looking at the international perspective, it is evident that India will generate the highest revenue, amounting to US$21.50bn in 2024.
The demand for high-performance motorcycles in Guatemala has been steadily increasing, with a growing number of riders seeking adrenaline-fueled adventures on the country's scenic roads.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The On-road Motorcycles market in Guatemala has been experiencing steady growth in recent years, driven by customer preferences for affordable and fuel-efficient transportation options.

Customer preferences: Guatemalan consumers have shown a strong preference for on-road motorcycles due to their affordability and fuel efficiency. With the rising cost of living and limited financial resources, many consumers are seeking cost-effective transportation solutions. On-road motorcycles offer an affordable alternative to cars and are more fuel-efficient than larger vehicles. Additionally, motorcycles are easier to maneuver through traffic congestion, making them a popular choice for urban commuters.

Trends in the market: One of the key trends in the Guatemalan on-road motorcycles market is the increasing demand for electric motorcycles. As environmental concerns become more prominent, consumers are looking for greener transportation options. Electric motorcycles offer a clean and sustainable alternative to traditional gasoline-powered motorcycles. The government has also implemented incentives to promote the adoption of electric vehicles, further driving the demand for electric motorcycles in the market. Another trend in the market is the growing popularity of higher-end motorcycles. As the economy improves and disposable incomes rise, consumers are willing to spend more on premium motorcycles that offer enhanced performance and features. This trend is particularly evident among motorcycle enthusiasts and young professionals who prioritize style and performance.

Local special circumstances: Guatemala has a unique geography with diverse terrains, including mountainous regions and rural areas with limited infrastructure. This has led to the popularity of off-road motorcycles in addition to on-road motorcycles. Off-road motorcycles are designed for rugged terrains and provide an efficient mode of transportation in areas where traditional vehicles may not be suitable. The demand for off-road motorcycles is particularly high among adventure enthusiasts and individuals living in rural areas.

Underlying macroeconomic factors: The growth of the on-road motorcycles market in Guatemala is also influenced by several macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable incomes. This has made motorcycles more affordable for a larger segment of the population. Additionally, the government has implemented policies to improve road infrastructure, making it easier for consumers to access and use motorcycles as a mode of transportation. In conclusion, the on-road motorcycles market in Guatemala is developing due to customer preferences for affordable and fuel-efficient transportation options. The growing demand for electric motorcycles and higher-end motorcycles reflects changing consumer preferences and improving economic conditions. The unique geography of Guatemala also contributes to the popularity of off-road motorcycles. Overall, the market is expected to continue growing as consumers seek cost-effective and environmentally-friendly transportation solutions.

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.