Indian 2-Wheeler Market To Reach 25.6 Million Unit By 2025, Growing At A Cagr Of 2.6% During 2020-2025 Period
Indian 2-wheeler market in terms of volume sale would reach 25.6 million by 2025, growing at a CAGR of 2.6% during the forecast period 2020-2025, from sales of 21.2 million units in 2019. India is the 2nd 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. In 2018, the Indian two-wheeler market accounted for 20.2 million units. 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. Based on source type, the Indian 2-wheeler market is segmented into ICE (Internal Combustion Engine) and E2W (Electric 2-Wheeler). Currently penetration of E2W in India is low compared to the conventional ICE 2-wheelers. However, as per the government plans, penetration of E2W is expected to grow at an exponential rate. The government wants to increase the adoption of electric vehicle to 100% by 2030. However, majority of vehicle manufacturers have different view. As per the automotive experts, electric vehicle has huge opportunity, however the conversion should be in phases. The increasing concerns toward greenhouse gas emissions (GHG), leading to various government initiatives and the formulation of strict emission regulations, are some of the key factors responsible for the growth of the electric 2-wheeler market in India. In addition, the entrance of new and existence of established manufacturers, as well as the introduction of various new variants of electric scooters, are projected to augment the market growth during the forecast period.
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Currently majority of 2-Wheelers manufactured in India are for domestic market. Export account for low share, however, recently demand for 2-wheelers in oversea market have influenced the manufacturer to increase their concentration on export. There is lot of potential seen in countries such as Vietnam, Thailand, Indonesia, Middle East, Latin America East African nations. In the Automotive Mission Plan 2026, the government and industry set a target to triple industry revenues, to US$ 300 billion, and expand exports sevenfold, to US$ 80 billion. To meet these aims, it is estimated that the sector could contribute more than 60 million additional direct and indirect jobs, and the result could be improved manufacturing competitiveness and reduced emissions. In 2018, after two consecutive years of decline in its export volumes, BAL’s motorcycle exports (~33% of total volumes) are witnessing signs of growth revival, resulting in higher demand for BAL’s products. Management expects its 2W export volumes to grow at 15% CAGR over the next 3 years.
For detailed analysis of the overall development in the Indian 2W industry, browse through https://univdatos.com/report/-india-2-wheeler-market-current-scenario-and-forecast-2020-2025
Based on source type, we have segmented the market 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. 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. An increased demand from urban and semi-urban areas for motorcycle and a relatively low cost of ownership are some of the leading factors propelling the growth of the motorcycle market in India.
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Some of the major players profiled in the global electric motor market study include Hero MotoCorp, Honda, TVS, Bajaj, Royal Enfield, Yamaha, Suzuki, Piaggio, Mahindra, Kawasaki, Harley Davidson and Triumph. These industry players are entering into several mergers & acquisitions and partnerships for the expansion of their reach and increasing their hold on the market. The Indian 2-Wheeler industry is dominated by 3 major players, which account for more than 80% share in the industry.
Indian 2-Wheeler Market Segmentation
Market Insights, by Source Type
- ICE (Internal Combustion Engine)
- E2W (Electric 2-Wheeler)
ICE 2W Market Insights, by Vehicle Type
- Performance Bike
- Other Models
ICE 2W Market Insights, by Vehicle Class
- Other Models
Top Company Profiles
- Hero MotoCorp
- Royal Enfield
- Harley Davidson