India Two-Wheeler Market: Current Analysis and Forecast (2022-2028)

India Two-Wheeler Market: Current Analysis and Forecast (2022-2028)

The India two-wheeler market is likely to showcase a growth of around 3% during the forecast period. Key factors influencing the growth of India’s two-wheeler market are favorable macroeconomic and demographic trends, increasing workforce participation, improvement in rural income/disposable income and rising government and private sector initiatives for EV adoption. India is a massive market for two-wheelers which accounts for 70% of the 200 million total vehicles running across the length and breadth of this huge nation. This common man’s commute is also responsible for over 20% of the total CO2 emissions, and about 30% of the particulate emissions in urban areas (PM2.5). Since this segment is bound to grow further, there is an urgent need to switch to a cleaner mode, mainly in the urban areas, as 7 of the 10 most polluted cities across the world are in India.

Insights Presented in the Report
"Amongst vehicle type, motorcycle category held prominent market share in 2020”

Based on vehicle type, the market has been segmented into motorcycle, scooter, and moped. The motorcycle was the largest segment in 2021, with almost XX million units sold while performance bike sales merely reached XX million units for the same year India is the second-largest two-wheeler market in the world. It stands next only to China and Japan in terms of the number of two-wheelers produced and the sales of two-wheelers respectively. In 2018, the Indian two-wheeler market accounted for XX million units, and have industry has witnessed a CAGR (Compound Annual Growth Rate) growth of 10.03% over the last three decades. The average number of two-wheelers per 1000 people in India is 31. The urban market for two-wheelers is largely penetrated with nearly 57 of every 100 youths that earn an income to support the ownership of a two-wheeler. The Indian 2-Wheeler industry is dominated by 3 major players, which account for more than 80% share in the industry. 
"Amongst source, internal combustion engine category held prominent market share in 2020”

Based on the source type, the market has been segmented into ICE (Internal Combustion Engine) and E2W (Electric 2-Wheeler). ICE (Internal Combustion Engine) segment accounts for the maximum share with nearly XX million ICE 2-wheeler sold in 2021 while only XX million electric 2-wheeler sold in the same year. Currently, the penetration of E2W in India is low compared to the conventional ICE 2-wheelers. However, as per the government plans, the penetration of E2W is expected to grow at an exponential rate. The government wants to increase the adoption of electric vehicles to 100% by 2030. However, most vehicle manufacturers have a different view. As per the automotive experts, the electric vehicle has a huge opportunity; however, the conversion should be in phases.
"North India is expected to witness a significant growth during the forecast period”

India is a massive market for two-wheelers which accounts for 70% of the 200 million total vehicles running across the length and breadth of this huge nation. This common man’s commute is also responsible for over 20% of the total CO2 emissions, and about 30% of the particulate emissions in urban areas (PM2.5). Since this segment is bound to grow further, there is an urgent need to switch to a cleaner mode, mainly in the urban areas, as 7 of the 10 most polluted cities across the world are in India. For instance, 2W penetration in states like Delhi has much higher than the pan-India penetration due to the relatively higher degree of urbanization in the states. With urbanization expected to rise progressively, around 89 million people are estimated to be added to India’s urban spaces over the next decade (78 million people are estimated to have got added over the last decade), which could potentially be one of the most defining changes likely to transpire the 2W Market over the forecast period.

Some of the major players operating in the market include Hero MotoCorp Ltd, Bajaj Auto Ltd, TVS Motor Company, Honda Motorcycle, and Scooter India, Pvt. Ltd, India Yamaha Motor Pvt. Ltd, Suzuki Motorcycle India, Pvt. Ltd, Mahindra, Royal Enfield Motors Ltd, Piaggio Vehicles Pvt. Ltd, Triumph Motorcycles (India) Pvt. Ltd, Hero Electric, Okinawa, Ather Energy, Ampere Vehicles, Revolt, Ola Electric Mobility among others.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive country-level analysis of the industry

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