Market Forecast By Vehicle Type (Motorcycle, Scooter/Moped), By Engine Capacity (Up to 125cc, 126-250cc, 251-500cc, Above 500cc) And Competitive Landscape
Product Code: ETC014864 | Publication Date: Aug 2023 | Updated Date: Feb 2024 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 | |
India Two Wheeler Market registered a growth of 1.22% in value shipments in 2022 as compared to 2021 and a decrease of -0.58% CAGR in 2022 over a period of 2017. In Two Wheeler Market India is becoming less competitive as HHI index in 2022 was 6354 while in 2017 it was 3012. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market. India has reportedly relied more on domestic production to meet its growing demand in Two Wheeler Market.
India is shifting towards local production to meet its demand as we see the trend is shifting towards reducing imports. The import factor of Two Wheeler Market in 2022 was 0.01 while in 2017 it was 0.02. Thailand, Japan, Germany, China and USA were among the top players of the market in 2022, where Thailand acquired the largest market share of 78.77% with a shipment value of 25.06 million USD in 2022 Thailand also offered the product above the average market price, but remained at the leadership position indicating the trust it holds in the Two Wheeler Market. In 2017 Thailand had the largest market share of 40.58% with the shipment value of 13.21 million USD. The country was offering its product with an average price which is higher than the average market price offered in the country. Although Thailand offers its product above the market average price, it remained at the leadership position indicating the brand value it holds in the India Two Wheeler Market in 2017.
India Two-Wheeler Market report thoroughly covers the market by vehicle type and by engine capacity. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
India Two-Wheeler Market is estimated to surge in the coming years due to increasing consumer preference for affordable and fuel-efficient modes of transport. Growing urbanization and improved economic conditions are expected to drive the growth of the Indian two-wheeler market in the coming years. The growing adoption of electric vehicles is also anticipated to augment the demand for two-wheelers in India during this forecast period. Furthermore, various government initiatives such as tax exemptions, and subsidies on electric vehicles will further propel sales of two-wheelers in India over the coming years.
According to 6Wresearch, theTwo-Wheeler Market size in India is estimated to expand at a CAGR of around 17.82% during the forecast period 2023-2029 and it will reach the volume of 48.4 Million. The market growth is influenced by various growing aspects such as rapid urbanization, increasing electric two wheeler mobility, and increasing demand by the rural population. The rising economic growth and income levels have resulted in increased consumer spending, especially in the middle-class segment. This has surged two-wheeler demand across the country as an affordable and convenient mode of transportation. Two-wheelers, especially motorcycles and scooters, are known for their fuel efficiency. With fuel prices being a concern for many Indian consumers, two-wheelers provide a cost-effective means of transportation. The rising demand for two-wheelers in rural areas has seen owing to improved road infrastructure, and connectivity to nearby towns and markets. This factor is estimated to India two-wheeler market share in the country in the upcoming years. Many manufacturers are integrating connected features like GPS navigation, smartphone connectivity, and app-based services into their two-wheelers, which enhances the overall riding experience, leading to high two-wheeler adoption.
The COVID-19 had left an adverse impact on the India Two-Wheeler Market growth. As the pandemic cause the major interruption in sourcing raw materials led to a delay in the manufacturing process. In addition to this, people were only spending on the essential items due to facing financial constraints. Also, with the financial instability had delayed the people purchasing decision for two wheelers. This had resulted in a major decline in the product demand simultaneously market shares.
Some of the major players operating in the market are mentioned below in the list:
India two-wheeler industry analysis research report reflects a massive growth of the market in the country with the introduction of favourable government policies. For instance, Bharat Stage (BS) Emission Standards launched by the government to reduce the GHG emission releases by the vehicles. Manufacturers are required to adhere to these standards, which have become progressively stricter over the years. The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) India scheme was launched for promoting the adoption of electric and hybrid vehicles, which include electric two-wheelers. The scheme facilitates incentives and subsidies to both manufacturers and consumers to make EVs more affordable. The government offers incentives and subsidies for electric two-wheelers to encourage their adoption, contributing to the market expansion.
According to Ravi Bhandari, Research Head, 6Wresearch, Both the motorcycle and scooter segments have their own dedicated customer bases. Nevertheless, motorcycle adoption is increasing in the country with the rising motorcycle users and moto vloggers.
The report offers a comprehensive study of the subsequent market segments:
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 India Two Wheeler Market Overview |
3.1 India Country Macro Economic Indicators |
3.2 India Two Wheeler Market Revenues & Volume, 2019 & 2029F |
3.3 India Two Wheeler Market - Industry Life Cycle |
3.4 India Two Wheeler Market - Porter's Five Forces |
3.5 India Two Wheeler Market Revenues & Volume Share, By Vehicle Type, 2022 & 2029F |
3.6 India Two Wheeler Market Revenues & Volume Share, By Engine Capacity, 2022 & 2029F |
4 India Two Wheeler Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 India Two Wheeler Market Trends |
6 India Two Wheeler Market, By Types |
6.1 India Two Wheeler Market, By Vehicle Type |
6.1.1 Overview and Analysis |
6.1.2 India Two Wheeler Market Revenues & Volume, By Vehicle Type, 2019-2029F |
6.1.3 India Two Wheeler Market Revenues & Volume, By Motorcycle, 2019-2029F |
6.1.4 India Two Wheeler Market Revenues & Volume, By Scooter/Moped, 2019-2029F |
6.2 India Two Wheeler Market, By Engine Capacity |
6.2.1 Overview and Analysis |
6.2.2 India Two Wheeler Market Revenues & Volume, By Up to 125cc, 2019-2029F |
6.2.3 India Two Wheeler Market Revenues & Volume, By 126-250cc, 2019-2029F |
6.2.4 India Two Wheeler Market Revenues & Volume, By 251-500cc, 2019-2029F |
6.2.5 India Two Wheeler Market Revenues & Volume, By Above 500cc, 2019-2029F |
7 India Two Wheeler Market Import-Export Trade Statistics |
7.1 India Two Wheeler Market Export to Major Countries |
7.2 India Two Wheeler Market Imports from Major Countries |
8 India Two Wheeler Market Key Performance Indicators |
9 India Two Wheeler Market - Opportunity Assessment |
9.1 India Two Wheeler Market Opportunity Assessment, By Vehicle Type, 2022 & 2029F |
9.2 India Two Wheeler Market Opportunity Assessment, By Engine Capacity, 2022 & 2029F |
10 India Two Wheeler Market - Competitive Landscape |
10.1 India Two Wheeler Market Revenue Share, By Companies, 2022 |
10.2 India Two Wheeler Market Competitive Benchmarking, By Operating and Technical Parameters |
11 Company Profiles |
12 Recommendations |
13 Disclaimer |