The India 2-Wheeler Market was valued at approximately USD 18.5 Billion in 2023 and is expected to grow at a robust CAGR of around 10.1% during the forecast period (2024-2032) owing to the rising urbanization, affordability, increasing disposable income, and the shift towards electric mobility. As the Indian economy continues to grow at the fastest pace as compared to other major economies of the world, the disposable income in India is also witnessing rapid improvement, which in turn is leading to a faster rise in discretionary spending by its population. Two-wheelers are one of the most versatile forms of transportation. The adaptive ability of a motorized two-wheeler can be characterized by its usage. The sheer pleasure of riding a motorbike with the wind blowing on the face, while on a pleasure ride is one of the most compelling reasons to own a two-wheeler. In India, the three top reasons for ownership of a two-wheeler are the low cost of ownership and maintenance, compact size, and ease of learning and use.
The Indian two-wheeler industry since its beginning has evolved many folds in technology and, in the numbers being manufactured and produced. It has seen tremendous growth in about half a century, in comparison to other countries where two-wheelers are a major component of transportation. The inception of the industry dates to 1955 when the first ‘350 cc Bullet’ bikes were commissioned by the Indian army. The rough terrains and harsh conditions with narrow passage-ways needed strong motorcycles for the Western and Northernmost regions of India. These bikes were manufactured by the ‘Royal Enfield’ company of the United Kingdom and assembled in Chennai. During the 1970s, the decade that the two-wheeler industry received encouragement for foreign Collaborations. The production was controlled by the government with licensing, to meter the number of units being produced in the plants. The decade 1970-80s, perceived an increase in the overall growth of the industry, on an average of about 15% per annum. During 1974-79, sales of two-wheelers increased by 60%. The ’70s saw a surge in the number of local players in manufacturing units. During the 1980-90s, the policies again saw a shift towards allowing foreign collaboration for below 100cc.
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Since the post-economic liberalization, with reforms and policies allowing Foreign Direct Investments into India, the two-wheeler industry has seen a drastic increase in domestic sales within the country. Today, India is the second-largest producer and manufacturer of two-wheelers in the world and stands next only to China in terms of the number of two-wheelers produced and domestic sales respectively. The demand for two-wheelers is highly dependent on the economic stability and the average income levels of the country. In emerging economies like China & India, two-wheelers are an affordable alternative to walking, riding a bicycle and public transit systems, etc. The rising fuel prices can also be a growth driver for two-wheelers due to their higher fuel efficiency. Major players in this market are Honda, Yamaha, Hero Moto Corp., Bajaj Auto, and Suzuki.
Based on source type, India 2-wheeler market has been categorized as ICE (Internal Combustion Engine) and Electric 2-wheeler. Of the two, ICE (Internal Combustion Engine) dominated the market and is expected to hold the largest market share by the year 2025. However, the Electric 2-wheeler segment is expected to grow rapidly over the analysed period. The major factor driving the India 2-wheeler market includes the strategy of Marketers, who provide a range of product or service choices to meet diverse consumer interests, consumers are satisfied and their overall happiness, satisfaction, and quality of life are ultimately enhanced.
Based on the ICE vehicle type, India 2-wheeler market has also been segmented into Motorcycle, Scooter, Moped, Performance Bike, and Other Models. Motorcycle segment enjoys the monopoly of the India 2-wheelers market as the nation’s youths that earn an income to support the ownership of a two-wheeler prefer motorcycle to ride from one place to another. Also, motorcycle sales in the country have grown significantly in the past couple of years, leaving China behind. Based on the ICE vehicle class, the market is also bifurcated into Economy, Executive, Premium, and Other Models. Of these, the economy segment accounted for the largest share in the India 2-wheeler market in 2018 and is expected to remain to dominate over the forecast period. However, premium segment motorcycles are likely to do well going ahead also as the consumer affordability improves and strong product launches and upgrades leading to the constant shift in consumer preference towards-high end bikes.
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The report also covers in-detailed competitive landscape including company profiles of key players operating in the India 2-wheeler market. Some of the key players' Hero MotoCorp, Honda, TVS, Bajaj, Royal Enfield, Yamaha, Suzuki, Piaggio, Mahindra, Kawasaki, Harley Davidson, and Triumph. The in-detailed view of the competitive landscape includes key mergers & acquisitions, future capacities, financial overview, new product launches, new product developments, partnerships, collaborations, and other developments with company key facts. Three major players dominate the Indian 2-Wheeler market, which accounts for more than 80% of the industry share.
India 2-wheeler Market Segmentation
Market Insights, by Source Type
· ICE (Internal Combustion Engine)
· E2W (Electric 2-Wheeler)
ICE 2W Market Insights, by Vehicle Type
- Motorcycle
- Scooter
- Moped
- Performance Bike
- Other Models
ICE 2W Market Insights, by Vehicle Class
- Economy
- Executive
- Premium
- Other Models
Top Companies Profiled
- Hero MotoCorp
- Honda
- TVS
- Bajaj
- Royal Enfield
- Yamaha
- Suzuki
- Piaggio
- Mahindra
- Kawasaki
- Harley Davidson
- Triumph
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