(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Sep 24, 2021, 01:06 /Comserve / -- The two-wheeler industry in India has grown rapidly since the announcement of the process of liberalization in 1991.
Indian 2 Wheeler Market unit sales stood at 21.2 million units in 2019 and would reach sale of 26.6 million units by 2025 displaying a reasonable CAGR of 2.6% over the forecast period (2020-2025). The two-wheeler industry in India has grown rapidly since the announcement of the process of liberalization in 1991. Previously, there were only a handful of two-wheeler models available in the country. Currently, India is the second largest producer of two-wheelers in the world next only to China. One of the chief factors of more 2W ownership in India is poor public transport facility in many parts of India. Additionally, two-wheelers offer a great deal of convenience and mobility for the Indian family. The change in the government's policy owning to pollution control norms and the Kyoto agreement saw the phasing out of two stroke two-wheelers from production. Currently the top 10 two-wheeler manufacturers in the country includes Bajaj, Hero, Hero, Honda, Royal Enfield, Suzuki, TVS, Mahindra, Piaggio and Yamaha. The latest trend in the two-wheeler market is the introduction of electrically operated 2W from a range of manufacturers such as Indus and Hero. The electric 2W are rechargeable from convenient household electrical points. The only disadvantage is speed, which is restricted to some miles per hour. Motorcycle sales in India skyrocketed over the past few years, making the country the biggest motorcycle market in the World overtaking China since the 2016 and achieving a record volume of 20.2 million units in the 2018. During the 2012-2018 cumulative period, sales stood at more than 100 million bikes, a too fast growth for a country with still poor urban and extra-urban infrastructures. According to the data released by the Society of Indian Automobile Manufacturers (SIAM) two-wheeler domestic wholesales grew by 4.86 per cent in the financial year 2018-19 at 21,181,390 units compared to 20,200,117 units dispatched in the previous fiscal.
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Motorcycle and scooter sales in India is expected to grow significantly over the analysed period amid positive demand drivers, supported by growing per capita income over the last few years. In Addition, increase in rural income would support motorcycle demand and scooters' demand is expected to be led by rapid urbanisation, increased affordability and greater penetration through targeted product launches.
“Amongst Source Type, ICE (Internal Combustion Engine) segment is projected to hold the largest market share”
Based on source type, the market is fragmented into ICE (Internal Combustion Engine) and Electric 2-wheeler. ICE segment holds lion's share in the Indian 2-wheeler market while electric segment expected to grow considerably over the analyzed period. The growth of the electric 2-wheeler market is attributed to the availability of supportive government subsidies, the rising concern towards the environment, as well as introduction of stringent emission norms.
“Amongst ICE Vehicle Type, motorcycle is expected to dominate the market during the analyzed period”
Based on vehicle type, the ICE 2-wheeler market is mainly bifurcated into Motorcycle, Scooter, Moped, Performance Bike and Other Models. Motorcycle sales in India skyrocketed over the past few years, making the country the biggest motorcycle market in the World overtaking China since the 2016. The motorcycle sales in India will continue to follow its trend and will keep dominating the Indian 2-wheeler market
“Amongst ICE Vehicle Class, Economy segment is expected to dominate the market during the analyzed period”
Based on ICE 2W class type, the Indian 2-wheeler market is mainly bifurcated into Economy, Executive, Premium and Other Models. Economy vehicle segment dominated the market in 2019 and would lead the market during the forecast period.
Competitive Landscape-Top 10 Market Players
Hero MotoCorp, Honda, TVS, Bajaj, Royal Enfield, Yamaha, Suzuki, Piaggio, Mahindra, Kawasaki, Harley Davidson and Triumph are some of the prominent players operating in the Indian 2-Wheeler Market. These companies have entered into several M & A's along with partnerships to facilitate costumers with hi-tech and innovative products.
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Current and future market size from 2020 to 2025 in terms of volume (Unit)
Combined analysis of deep dive secondary research and input from primary research through Key Opinion Leaders of the industry
Country level details of the overall adoption of 2-Wheeler
A quick review of overall industry performance at a glance
An In-depth analysis of key industry players
A detailed analysis of government initiative, drivers, restraints, key trends and opportunities prevailing in the industry
Examination of industry attractiveness with the help of Porter's Five Forces analysis and start ups
The study comprehensively covers the market across different segments and sub-segments of the market
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