The latest report by IMARC Group, titled “Latin America Two-Wheeler Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the Latin America two-wheeler market size reached a volume of 9.1 Million Units in 2021. Two-wheelers include scooters, motorcycles, and mopeds. They vary from one another based on different criteria such as long-distance travel, commuting, cruising, and sports like racing and off-road riding. Two-wheelers aid in easy maneuvering through congested roads, lower carbon emissions, offer higher fuel efficiency and are an economical mode of transportation compared to three or four-wheeled vehicles. As a result, they are gaining prominence as a versatile mode of transportation across Latin America.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Latin America Two-Wheeler Market Trends:
The market is primarily driven by the increasing prevalence of personal vehicle ownership, especially among the millennial population. Besides this, the increasing number of female commuters is also significantly impacting the market growth. As a result, regional manufacturers are launching specialized vehicles that cater to the preferences of the women population. Nowadays, the growing awareness among consumers regarding safety and security while driving and the rising number of road accidents are also facilitating the two-wheeler market in Latin America. Moreover, governments in different countries are extensively investing in improving the road infrastructure and promoting the adoption of electric and hybrid two-wheelers. Furthermore, advancement in technology and design has led to the introduction of two-wheelers that cover short distances and are fuel effective. Other factors, such as the rising urbanization, improving living standards and inflating disposable incomes, are propelling the demand for two-wheelers across the region. Looking forward, the market is expected to reach a volume of 20.9 Million Units by 2027, exhibiting a CAGR of 14.6% during the forecast period (2022-2027).
- Based on the vehicle type, the market has been segmented into motorcycle, scooter, and moped.
- On the basis of the fuel type, the market has been classified into gasoline and electric two-wheelers.
- The market has been categorized based on the engine capacity into less than 100 cc, 100-125 cc, 126-250 cc, 250-500 cc, and more than 500 cc.
- On the basis of technology, the market has been segregated into manual and automatic.
- Region-wise, the market has been divided into Brazil, Mexico, Colombia, Argentina, Peru, Ecuador, Chile, and others.
- The competitive landscape of the market has been examined, with some of the key players being Bajaj Auto Limited (Bajaj Group), Dafra Motos (Itavema S/A), Honda de México S.A. de C.V. (The Honda Motor Company Limited), Kawasaki Motors Manufacturing Corp. U.S.A. (Kawasaki Heavy Industries Limited), Lifan Industry (Group) Corporation Limited, Motomel S.A., Shineray Do Brasil SA, Suzuki Motor Corporation, TVS Motor México (TVS Motor Company Limited), Wanxin Group International, Yamaha Motor de México SA de CV (Yamaha Motor Corporation Limited), Zanella Hnos & Cia SACIFI., and Zongshen Automobile Industry Manufacturing Corporation Limited (Zongshen Industry Group Corporation Limited).
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