MOTORCYCLE MARKET COMMENT – YTD September 2024
As calendar year 2024 heads towards its conclusion, it appears that the motorcycle market will experience reasonable growth for the year. Based on YTD September 2024, a forecast of around 34 300 new units is likely for the full year. This will represent an increase of 10% on comparative 2023.
For the nine months ended September 2024, Segment performance reflects as follows. The commercial sector increased by 15%. Scooters increased by 8% after a very disappointing 35% decrease during the previous year. Small capacity leisure/commuter motorcycles increased by 8%. The higher priced and larger capacity (500cc+) leisure segments show an overall increase of 5%. ATV/Side x Side sales increased by 36% but this is largely attributable to the introduction of a new budget/small capacity Brand in the last quarter of 2023. Off road motorcycles decreased by 15%.
Electric motorcycles and 3 wheelers experienced rapid growth during 2023, and this trend has continued throughout 2024 for two wheeled EV’s, increasing by 261% YTD. Commercial applications make up 93% of the total sales.
Used motorcycle sales is up 4.5% on the corresponding period for 2023.
The industry is cautiously optimistic that the forecast of around 34 000 new units will be achieved, given a continuation of the impact that the absence of loadshedding has on the economy, and a continuation of the decrease in interest rates.
Issued by Arnold Olivier, National Director, AMID
