India Two Wheeler Market to Grow with a CAGR of 10.29% in India through to 2029
The major drivers for the India Two
Wheeler Market Urbanization and Congestion and Government Regulations and
Policies and Economic Factors.
According to TechSci Research report, “India Two
Wheeler Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2029”, the India Two Wheeler Market stood at USD 16.63 Billion
in 2023 and is anticipated to grow with a CAGR of 10.29% in the forecast
period, 2024-2029. A
two-wheeled vehicle, often propelled by an internal combustion engine or an
electric motor, is referred to as a two-wheeler. These vehicles comprise
several motorbikes, scooters, and moped models, each of which serves a
different consumer demographic and function. For instance, whereas scooters are
suitable for short commutes and city driving, motorbikes are frequently linked
with long-distance travel and sport. Two-wheelers are also essential in
developing nations like India since they offer a cheap and effective form of
mobility. The importance of two-wheelers in facilitating mobility is growing as
urbanization and traffic congestion both continue to expand. The fact that
two-wheelers use less gasoline, cost less to buy, and emit fewer greenhouse
gases—especially electric versions—has helped them become quite popular in
India recently. One of the main drivers propelling the expansion of the
two-wheeler market in India is the rise in vehicle ownership, which is coupled
with a rising young population with a natural propensity toward personal
mobility solutions that are both practical and fashionable. Moreover, another
important component that promotes expansion is the simplicity of funding.
Consumer-friendly lending programs, low interest rates, and flexible payment
choices are being offered by financial institutions around the nation to lessen
the financial load on the buyer.
These financing options enable potential
owners to make purchases more quickly and with fewer hurdles to entry.
Additionally, two-wheelers are becoming more appealing to consumers thanks to
technology developments and breakthroughs in fuel efficiency, safety features
like anti-lock brake systems (ABS), and smart features like GPS navigation.
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through XX Pages and an in-depth TOC on "India
Two Wheeler Market.”
The Indian two-wheeler market stands as one of the
largest and most dynamic in the world.
Historically, the two-wheeler market in India has been
deeply ingrained in the nation's transportation landscape. Motorcycles and
scooters have long been the go-to choice for millions of Indians, offering
affordability, ease of maneuverability in congested traffic, and fuel
efficiency. Bajaj Auto, Hero MotoCorp, TVS Motor, and Royal Enfield are some of
the traditional giants in this sector, with each contributing to the rich
tapestry of India's two-wheeler culture. However, the market has witnessed
significant changes in recent years. The rise of new-age startups, like Ola
Electric and Ather Energy, is shifting the dynamics towards electric
two-wheelers. Electric scooters, with their eco-friendly appeal and lower
operating costs, are gaining traction, particularly in urban areas where
pollution and congestion are acute issues.
Further, the Indian government's push for
electrification is playing a pivotal role in reshaping the market. Incentives,
subsidies, and infrastructure development for electric vehicles are bolstering
the electric two-wheeler segment. Initiatives like the Faster Adoption and
Manufacturing of Hybrid and Electric Vehicles (FAME) scheme have provided
impetus for manufacturers to invest in electric mobility.
While electric two-wheelers are gaining momentum, the
conventional gasoline-powered market continues to evolve. Manufacturers are
focusing on innovation, introducing more feature-rich and fuel-efficient models
to cater to the diverse preferences of consumers. The premium and performance
segments, characterized by brands like KTM and Royal Enfield, are expanding,
targeting enthusiasts who seek more than just basic transportation. However,
the industry is not without its challenges. Safety concerns remain a significant
issue, with India's roads ranking among the deadliest in the world. The absence
of stringent safety regulations, coupled with lax enforcement, results in
accidents and fatalities. Manufacturers are increasingly incorporating safety
features into their models, but it is an ongoing process, and improving road
safety requires concerted efforts from various stakeholders.
Another challenge is the urban-rural divide. While
urban areas embrace two-wheelers for convenience, rural areas still rely on
them as a primary mode of transportation. Catering to this dual market and
addressing the varied needs of consumers from different regions is a complex
task for manufacturers. It involves developing models suited for rural terrain
and at the same time, offering urban customers advanced features and design. Market
competition is intense, with both domestic and international players vying for
market share. Foreign companies like Honda, Suzuki, and Yamaha have made
significant inroads into the Indian market, bringing with them advanced
technology and global expertise. This competition has led to innovation and has
resulted in an array of choices for consumers.
The used two-wheeler market is also an essential
facet. Many consumers in India opt for pre-owned vehicles due to their lower
cost. This segment presents opportunities for both buyers and sellers, although
it also comes with challenges related to quality, transparency, and safety.
Environmental sustainability is an emerging trend.
With increasing awareness about climate change and pollution, consumers are
showing more interest in electric two-wheelers. This trend is expected to grow
as the charging infrastructure for electric vehicles improves and battery
technology advances.
The future outlook of the Indian two-wheeler market is
poised for significant transformation. The adoption of electric two-wheelers is
expected to rise, driven by both consumer choice and government policies. As
charging infrastructure becomes more widespread, electric vehicles will become
even more accessible. Additionally, the market is likely to see a shift towards
connected two-wheelers with smart features, offering improved safety,
navigation, and convenience. The export potential of Indian two-wheelers is
also on the rise. Several manufacturers have expanded their global reach,
exporting their models to various countries. This not only boosts revenue but
also elevates the stature of "Made in India" vehicles in
international markets.
In conclusion, the Indian two-wheeler market is a
dynamic and ever-evolving sector that holds a special place in the daily lives
of millions of Indians. While the traditional gasoline-powered models continue
to thrive, the market is experiencing a gradual shift towards electric
two-wheelers. Safety, competition, and catering to diverse consumer needs are
some of the industry's challenges. The future of the market promises greater
sustainability, technological advancements, and a broader international footprint.
As India continues to grow, so will the two-wheeler market, adapting to
changing consumer demands and regulatory landscapes.
Major companies operating in India India Two
Wheeler Market are:
- Hero MotoCorp
- Honda Motorcycle &
Scooter India
- Yamaha motor
- Eicher’s Motor
- Bajaj Auto
- TVS Motor Company
- Suzuki Motorcycle India,
Private Limited
- Piaggio vehicles Pvt ltd
- Hero Electric
- Okinawa
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“The Indian
two-wheeler market, deeply ingrained in the country's transportation culture,
is experiencing a significant shift. Traditional players like Hero MotoCorp and
Bajaj Auto continue to dominate, but the emergence of electric two-wheelers
from startups like Ola Electric and Ather Energy reflects a growing interest in
sustainable mobility. Government incentives and the Faster Adoption and
Manufacturing of Hybrid and Electric Vehicles (FAME) scheme are pushing
electric adoption. Safety remains a concern, with efforts to improve
regulations and safety features. The market is intensely competitive, with
domestic and international players vying for dominance. The future is marked by
electric growth, increasing export potential, and a shift towards connected, eco-friendly
two-wheelers, aligning with India's evolving consumer preferences and global
environmental goals.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“India Two Wheeler Market By Vehicle Type
(Scooter/Moped, Motorcycles), By Propulsion Type (ICE, Electric), Competition,
Forecast & Opportunities, 2019-2029”, has evaluated the future growth
potential of India Two Wheeler Market and provides statistics & information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in India
Two Wheeler Market.
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