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1、 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|1MarketLine Industry ProfileMotorcycles in MexicoAugust 2022ReferenceReference Code:Code:0071-04030071-0403PublicationPublication Date:Date:AugustAugust 20222022PrimaryPrimary NAICS:NAICS:336991336991WWW.MARKETLINE.COMWW
2、W.MARKETLINE.COMMARKETLINE.THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Motorcycles in MexicoIndustry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|21.Executive Summary1.1.Market valueThe Mexican motorcycles market grew by 15.9%in 2021 to
3、reach a value of$2,517.8 million.1.2.Market value forecastIn 2026,the Mexican motorcycles market is forecast to have a value of$4,019.8 million,an increase of 59.7%since 2021.1.3.Market volumeThe Mexican motorcycles market grew by 12.7%in 2021 to reach a volume of 531 thousand units.1.4.Market volum
4、e forecastIn 2026,the Mexican motorcycles market is forecast to have a volume of 720.7 thousand units,an increase of 35.7%since 2021.1.5.Category segmentationMotorcycles is the largest segment of the motorcycles market in Mexico,accounting for 81.6%of the markets total volume.1.6.Geography segmentat
5、ionMexico accounts for 18.8%of the Americas motorcycles market value.1.7.Market shareItalika is the leading player in the Mexican motorcycles market,generating a 70%share of the markets volume.1.8.Market rivalry Motorcycles in MexicoIndustry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND
6、 IS NOT TO BE PHOTOCOPIEDPage|3The presence of large,multinational companies with strong brands intensifies the rivalry level in this market.Diversification through product lines and geographical presence help to alleviate rivalry to an extent.1.9.Competitive LandscapeConcentration in the motorcycle
7、 market remains high,but competition has intensified,driven by existing manufacturers and emerging manufacturers.The markets landscape continues to change rapidly with players facing tighter environmental regulations and advancing technologies.Motorcycles in Mexico Industry Profiles MARKETLINE THIS
8、PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|4TABLE OF CONTENTS1.Executive Summary21.1.Market value.21.2.Market value forecast.21.3.Market volume.21.4.Market volume forecast.21.5.Category segmentation.21.6.Geography segmentation.21.7.Market share.21.8.Market rivalry.21.9.Competitiv
9、e Landscape.32.Market Overview82.1.Market definition.82.2.Market analysis.83.Market Data103.1.Market value.103.2.Market volume.114.Market Segmentation124.1.Category segmentation.124.2.Geography segmentation.145.Market Outlook155.1.Market value forecast.155.2.Market volume forecast.166.Five Forces An
10、alysis176.1.Summary.176.2.Buyer power.186.3.Supplier power.19Motorcycles in Mexico Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|56.4.New entrants.216.5.Threat of substitutes.236.6.Degree of rivalry.247.Competitive Landscape267.1.Market share.267.2.
11、Who are the leading players?.267.3.What strategies do leading players follow?.277.4.What are the competitive advantages of leading players?.277.5.Which are the most significant recent events in the market?.288.Company Profiles298.1.Grupo Elektra SAB de CV.298.2.Honda Motor Co.,Ltd.328.3.Yamaha Motor
12、 Co Ltd.389.Macroeconomic Indicators449.1.Country data.44Appendix46Methodology.469.2.Industry associations.479.3.Related MarketLine research.47About MarketLine.48Motorcycles in Mexico Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|6LIST OF TABLESTabl
13、e 1:Mexico motorcycles market value:$million,20162110Table 2:Mexico motorcycles market volume:thousand units,20162111Table 3:Mexico motorcycles market category segmentation:%share,by volume,2016202112Table 4:Mexico motorcycles market category segmentation:thousand units,2016-202112Table 5:Mexico mot
14、orcycles market geography segmentation:$million,202114Table 6:Mexico motorcycles market value forecast:$million,20212615Table 7:Mexico motorcycles market volume forecast:thousand units,20212616Table 8:Mexico motorcycles market share:%share,by volume,202126Table 9:Grupo Elektra SAB de CV:key facts29T
15、able 10:Grupo Elektra SAB de CV:Annual Financial Ratios30Table 11:Grupo Elektra SAB de CV:Key Employees31Table 12:Honda Motor Co.,Ltd.:key facts32Table 13:Honda Motor Co.,Ltd.:Annual Financial Ratios34Table 14:Honda Motor Co.,Ltd.:Key Employees35Table 15:Honda Motor Co.,Ltd.:Key Employees Continued3
16、6Table 16:Honda Motor Co.,Ltd.:Key Employees Continued37Table 17:Yamaha Motor Co Ltd:key facts38Table 18:Yamaha Motor Co Ltd:Annual Financial Ratios39Table 19:Yamaha Motor Co Ltd:Key Employees40Table 20:Yamaha Motor Co Ltd:Key Employees Continued42Table 21:Yamaha Motor Co Ltd:Key Employees Continued
17、43Table 22:Mexico size of population(million),20172144Table 23:Mexico gdp(constant 2005 prices,$billion),20172144Table 24:Mexico gdp(current prices,$billion),20172144Table 25:Mexico inflation,20172144Table 26:Mexico consumer price index(absolute),20172145Table 27:Mexico exchange rate,20172145Motorcy
18、cles in Mexico Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|7LIST OF FIGURESFigure 1:Mexico motorcycles market value:$million,20162110Figure 2:Mexico motorcycles market volume:thousand units,20162111Figure 3:Mexico motorcycles market category segme
19、ntation:thousand units,2016-202113Figure 4:Mexico motorcycles market geography segmentation:%share,by value,202114Figure 5:Mexico motorcycles market value forecast:$million,20212615Figure 6:Mexico motorcycles market volume forecast:thousand units,20212616Figure 7:Forces driving competition in the mo
20、torcycles market in Mexico,202117Figure 8:Drivers of buyer power in the motorcycles market in Mexico,202118Figure 9:Drivers of supplier power in the motorcycles market in Mexico,202119Figure 10:Factors influencing the likelihood of new entrants in the motorcycles market in Mexico,202121Figure 11:Fac
21、tors influencing the threat of substitutes in the motorcycles market in Mexico,202123Figure 12:Drivers of degree of rivalry in the motorcycles market in Mexico,202124Figure 13:Mexico motorcycles market share:%share,by volume,202126Motorcycles in Mexico Industry Profiles MARKETLINE THIS PROFILE IS A
22、LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|82.Market Overview2.1.Market definitionThe motorcycles market consists of all classes of on and offroad motorcycles including scooters and mopeds.Mopeds are powered twowheeler vehicles with engine capacity of less than 50 c.c.,generally also equipped
23、 for nonmotorised propulsion and with restricted maximum speed.For the purposes of this profile,all powered twowheelers other than mopeds are classed as motorcycles.(The term scooter refers to a twowheeler of any capacity that has its engine as part of the rear suspension,and/or has a stepthrough ch
24、assis,thus depending on its engine capacity a scooter may fall into either moped or motorcycle category).Volumes reflect the number of new motorcycles sold each year.The market value is assessed at manufacturers list price.All market data and forecasts are represented in nominal terms(i.e.without ad
25、justment for inflation)and all currency conversions used in the creation of this report have been calculated using constant 2021 annual average exchange rates.For the purposes of this report,the global market consists of North America,South America,Europe,AsiaPacific,Middle East,South Africa and Nig
26、eria.North America consists of Canada,Mexico,and the United States.South America comprises Argentina,Brazil,Chile,Colombia,and Peru.Europe comprises Austria,Belgium,the Czech Republic,Denmark,Finland,France,Germany,Greece,Ireland,Italy,Netherlands,Norway,Poland,Portugal,Russia,Spain,Sweden,Switzerla
27、nd,Turkey,and the United Kingdom.Scandinavia comprises Denmark,Finland,Norway,and Sweden.AsiaPacific comprises Australia,China,Hong Kong,India,Indonesia,Kazakhstan,Japan,Malaysia,New Zealand,Pakistan,Philippines,Singapore,South Korea,Taiwan,Thailand,and Vietnam.Middle East comprises Egypt,Israel,Sau
28、di Arabia,and United Arab Emirates.2.2.Market analysisThe value of the Mexican motorcycles market hiked by 15.9%in 2021,building on growth of 25.4%in 2020.The market is projected to remain on a strong growth trajectory over the rest of the forecast period,albeit at a decelerated rate.The Mexican mot
29、orcycles market had total revenues of$2.5 billion in 2021,representing a compound annual growth rate(CAGR)of 11.7%between 2016 and 2021.In comparison,the US market declined with a CAGR of 0.7%,and the Canadian market increased with a CAGR of 6.1%,over the same period,to reach respective values of$4.
30、0 billion and$949.8 million in 2021.The volume of sales in the Mexican market was up strongly in the past two years compared to other markets which witnessed sharp declines as a result of the COVID19 pandemic.The drivers behind this boom are stronger demand for motorcycles as an alternative to publi
31、c transport,a low interest rate environment that has boosted credit financing,and the increasing roll out of electric scooters and new models from the local emerging brand,Italika.Motorcycles in Mexico Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|9
32、Market consumption volume increased with a CAGR of 9.1%between 2016 and 2021,to reach a total of 531,000 units in 2021.The markets volume is expected to rise to 720,700 units by the end of 2026,representing a CAGR of 6.3%over 202126.The market registered strong growth in recent years,with rising dis
33、posable income through the expansion of the economy driving consumer spending.In most cases,cars are considered a luxury product in developing countries,rendering motorcycles a cheaper alternative with lower upkeep costs.Despite the largest part of the population having a low disposable income,deman
34、d in this market is significantly lowermotorcycles account for less than 10%of the Mexican vehicle fleetcompared to other developing markets.This is due to the fact that demand in the Mexican market is still emerging,with the adoption rate of motorcycles picking up only a decade ago.The expansion of
35、 the local brand Italika,which was founded only 15 years ago,has largely contributed to this dynamic.Motorcycles had the highest volume in the Mexican motorcycles market in 2021,with a total of 433,400 units,equivalent to 81.6%of the markets overall volume.In comparison,mopeds had a volume of 97,600
36、 units in 2021,equating to 18.4%of the market total.The performance of the market is forecast to decelerate,with an anticipated CAGR of 9.8%over 202126,which is expected to drive the market to a value of$4.0 billion by the end of 2026.Comparatively,the US and Canadian markets will grow with CAGRs of
37、 3.8%and 5.4%respectively,over the same period,to reach respective values of$4.9 billion and$1.2 billion in 2026.The gradual easing of containment measures and the immunization of the population will allow the recovery of economic activity,stimulating demand for transportation.Given this projection,
38、the volumes of sales in the Mexican motorcycles market is forecast to grow by 9.8%.The market is set to remain on a strong growth trajectory after 2021,given the increased pricesensitivity of consumers that will continue to favor motorcycles against cars.Motorcycles in Mexico Industry Profiles MARKE
39、TLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|103.Market Data3.1.Market valueThe Mexican motorcycles market grew by 15.9%in 2021 to reach a value of$2,517.8 million.The compound annual growth rate of the market in the period 201621 was 11.7%.TableTable 1 1:MexicoMexico mo
40、torcyclesmotorcycles marketmarket value:value:$million,million,20162016 2121Year$millionMXN million million%Growth20161,449.729,406.31,225.820171,527.130,975.81,291.35.3%20181,634.733,157.61,382.27.0%20191,731.735,125.71,464.25.9%20202,171.744,050.11,836.325.4%20212,517.851,071.92,129.015.9%CAGR:201
41、62111.7%SOURCE:SOURCE:MARKETLINE M A R K E T L I N EFigureFigure 1 1:MexicoMexico motorcyclesmotorcycles marketmarket value:value:$million,million,20162016 2121 SOURCE:SOURCE:MARKETLINE M A R K E T L I N EMotorcycles in Mexico Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NO
42、T TO BE PHOTOCOPIEDPage|113.2.Market volumeThe Mexican motorcycles market grew by 12.7%in 2021 to reach a volume of 531 thousand units.The compound annual growth rate of the market in the period 201621 was 9.1%.TableTable 2 2:MexicoMexico motorcyclesmotorcycles marketmarket volume:volume:thousandtho
43、usand units,units,20162016 2121Yearthousand units%Growth2016343.72017353.93.0%2018367.33.8%2019378.33.0%2020471.324.6%2021531.012.7%CAGR:2016219.1%SOURCE:SOURCE:MARKETLINE M A R K E T L I N EFigureFigure 2 2:MexicoMexico motorcyclesmotorcycles marketmarket volume:volume:thousandthousand units,units,
44、20162016 2121 SOURCE:SOURCE:MARKETLINE M A R K E T L I N EMotorcycles in Mexico Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|124.Market Segmentation4.1.Category segmentationMotorcycles is the largest segment of the motorcycles market in Mexico,acco
45、unting for 81.6%of the markets total volume.The Mopeds segment accounts for the remaining 18.4%of the market.TableTable 3 3:MexicoMexico motorcyclesmotorcycles marketmarket categorycategory segmentation:segmentation:%share,share,byby volume,volume,20162016 20212021Category201620172018201920202021Mot
46、orcycles83.9%83.9%83.9%83.9%81.5%81.6%Mopeds16.1%16.1%16.1%16.1%18.5%18.4%Total100%100%100%100%100%100%SOURCE:SOURCE:MARKETLINE M A R K E T L I N ETableTable 4 4:MexicoMexico motorcyclesmotorcycles marketmarket categorycategory segmentation:segmentation:thousandthousand units,units,2016-20212016-202
47、1Category2016201720182019202020212016-21 CAGR(%)Motorcycles288.4297.0308.3317.5384.2433.48.5%Mopeds55.256.959.060.887.197.612.1%Total343.6353.9367.3378.3471.35319.1%SOURCE:SOURCE:MARKETLINE M A R K E T L I N EMotorcycles in Mexico Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND I
48、S NOT TO BE PHOTOCOPIEDPage|13FigureFigure 3 3:MexicoMexico motorcyclesmotorcycles marketmarket categorycategory segmentation:segmentation:thousandthousand units,units,2016-20212016-2021 SOURCE:SOURCE:MARKETLINE M A R K E T L I N EMotorcycles in Mexico Industry Profiles MARKETLINE THIS PROFILE IS A
49、LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|144.2.Geography segmentationMexico accounts for 18.8%of the Americas motorcycles market value.The United States accounts for a further 30.3%of the Americas market.TableTable 5 5:MexicoMexico motorcyclesmotorcycles marketmarket geographygeography segm
50、entation:segmentation:$million,million,20212021Geography2021%United States4,049.830.3Mexico2,517.818.8Brazil1,354.010.1Canada949.87.1Rest of the Americas4,487.033.6Total13,358.499.9%SOURCE:SOURCE:MARKETLINE M A R K E T L I N EFigureFigure 4 4:MexicoMexico motorcyclesmotorcycles marketmarket geograph