As we bid farewell to 2023, let’s take a look back at the tumultuous journey of bike prices in Pakistan, marked by significant fluctuations that shaped the landscape of the local automotive industry.
January Price:
The year kicked off with a jolt as Suzuki led the charge in a price hike trend on January 26, 2023. Pakistan Suzuki Motor Company (PSMC) increased prices across models such as Suzuki GD 110S, GS 150, GSX 125, and GR 150. With increments ranging from Rs. 20,000 to Rs. 25,000, Suzuki bikes became less affordable for the middle class, setting the tone for the months ahead.
On January 31, 2023, both Road Prince and Honda joined the bandwagon of price increases. Road Prince implemented hikes of up to Rs. 62,000, affecting various models, while Honda adjusted prices across its range, from CD 70 to CB 150F SE, with increases ranging between Rs. 5,000 and Rs. 30,000. The industry witnessed a collective surge, impacting consumers’ purchasing power.
Year-end Adjustment by Yamaha:
Closing the chapter on 2023, Yamaha made the final announcement of the year on December 6th, targeting the YBR 125 G variants. The Red/Black variant saw a notable increase from Rs. 453,000 to Rs. 471,000, while the Matt Grey/Orange variant experienced a jump from Rs. 456,000 to Rs. 474,000. This adjustment highlighted a substantial difference of 18,000 PKR for both versions, adding to the challenges faced by consumers.
Against the backdrop of economic uncertainties, inflation, and currency devaluation, Pakistan’s bike industry embarked on a rollercoaster journey throughout the year. The frequent and substantial price hikes raised concerns about the affordability and accessibility of motorcycles, particularly impacting the middle-class demographic.
As we reflect on the ups and downs of 2023, the local bike industry faced formidable challenges, leaving consumers grappling with the implications of these price fluctuations. The affordability and accessibility of motorcycles in Pakistan emerged as pressing concerns, emphasizing the need for a comprehensive understanding of the economic dynamics shaping the automotive landscape.
