UnivDatos released a report titled, “India 2-Wheeler Market By Source Type (ICE (Internal Combustion Engine, E2W (Electric 2-Wheeler), ICE 2W Vehicle Type (Motorcycle, Scooter, Moped, Performance Bike, Other), ICE 2W Vehicle Class (Economy, Executive, Premium, Other) – Current Analysis and Forecast (2019-2025).” India 2-wheeler Market is expected to grow at a CAGR of 10.1% from 2024-2032 to reach a sales figure of 18.5 million units by 2025.
Opportunities and Market Drivers
At present, India is the second-largest 2-wheeler market across the world, only next to China and Japan in terms of 2-wheelers produced and sales respectively. As the Indian economy continues to grow at the fastest pace concerning 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. With increasing fuel prices, affordability, and an alternative mode to public transport, 2-wheeler vehicle segment posts healthy growth as both scooter and motorcycle segments grow significantly over the years. 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.
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Covid-19 impact on India 2-wheeler Market
According to data released by the Minister of Transportations, ending the first quarter of India 2-wheeler accounted for a sale of 3.66 million units, down 24.6% from the last year. In January and February, the India 2-wheeler market has witnessed a declined sales of 15.9% and 19.8% respectively. While in March and April, the 2-wheeler sales have declined further due to nationwide lockdown. According to ICRA, India 2-wheeler sales during the recently started fiscal year, are expected to be around 18 million units, an estimated decline of 11-13% against the previous year. Also, it is expected that post-lockdown, mass-market motorcycle, or scooter could become the preferred mode of transport for many commuters as daily commuters may prefer to avoid public transport, fearing the infection.
India 2-wheeler Industry Overview
Across the roads of India, nearly 200 million vehicles are plying, of which 2-wheelers account for 70% of these vehicles. Indian 2-wheeler industry has enormous potential inside the country. With population growth and change in their lifestyle pattern as a result of urbanization, demand for Indian 2-wheelers has gone up rapidly. The three main product segments in the 2-wheeler category are scooters, motorcycles, and mopeds. According to the estimates, over 124 million new bikes were sold in the country during the 2012-2018 period with an annual increase of 8 million units, which represents significant growth for a country with still low urban and extra-urban infrastructures.
Indian 2 Wheeler Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
Based on source type, the market is primarily bifurcated into
· ICE (Internal Combustion Engine)
· E2W (Electric 2-Wheeler)
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 in 2019 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 analyzed period as these vehicles outperform the conventional vehicle providing higher fuel economy, the convenience of charging at home, low carbon emission & maintenance, reduced sound from the engine and smoother drive.
Based on the ICE vehicle type, the market is primarily segmented into
- Motorcycle
- Scooter
- Moped
- Performance Bike
- Other Models
Motorcycle segment enjoys the monopoly of the India 2-wheelers market in 2019 as the nation’s youths that earn an income to support the ownership of a 2-wheeler prefer motorcycle as their mobility solutions.
Based on the ICE vehicle class, the market is primarily segmented into
- Economy
- Executive
- Premium
- Other Models
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Of these, the economy segment accounted for the lions share in the India 2-wheeler market in 2019 and is expected to lead the trail until the forecast period. However, premium segment motorcycles are likely to do well as strong product launches and upgrades in the premium motorcycle segment is expected to shift the consumer preference towards-high end bikes owing to improved consumer affordability.
The major players targeting the market includes
- Hero MotoCorp
- Honda
- TVS
- Bajaj
- Royal Enfield
- Yamaha
- Suzuki
- Piaggio
- Mahindra
- Kawasaki
- Harley Davidson
- 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. India 2-wheeler Market is majorly dominated by three players, which accounts for more than 80% of the market share.
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