The Two-Wheeler Market In India is poised for significant growth, with a projected CAGR of around 3% during the forecast period. Several key factors are driving this upward trajectory, making it a sector to watch closely. These factors include favorable macroeconomic conditions, demographic trends, an increasing workforce, and improving rural income. Moreover, India's government and private sector are stepping up their efforts to promote electric vehicle (EV) adoption, contributing to the market's expansion.
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India's Two-Wheeler Landscape
India boasts a colossal two-wheeler market, home to 70% of the 200 million total vehicles that traverse the nation's vast expanse. These trusty steeds are the go-to mode of transport for the common man, but they come at a cost. Two-wheelers are responsible for over 20% of total CO2 emissions and nearly 30% of particulate emissions in urban areas (PM2.5). As this segment continues to grow, there is an urgent need to transition to cleaner modes of transportation, particularly in urban areas. India, unfortunately, houses seven of the ten most polluted cities in the world, further emphasizing the need for change.
Unveiling the Market Insights
- Dominance of Motorcycles: Among different vehicle types, motorcycles reign supreme, accounting for the largest market share in 2020. In 2021, India witnessed the sale of approximately million motorcycle units, overshadowing the million units sold for performance bikes. As the second-largest two-wheeler market in the world, India follows only China and Japan in terms of production and sales. Over the last three decades, the industry has experienced substantial growth, with a CAGR of 10.03%. With almost 57 out of every 100 income-earning youths owning a two-wheeler in urban areas, it's evident that two-wheelers have deeply penetrated the Indian market. The industry is dominated by three major players, collectively accounting for over 80% of the market share.
- Fuel Sources: India's two-wheeler market primarily relies on Internal Combustion Engines (ICE), with an astounding in million ICE 2-wheelers sold in 2021, while electric 2-wheelers numbered in million for the same year. However, the government's ambitious plans aim to increase the adoption of Electric 2-Wheelers (E2W) to 100% by 2030. Although there is a consensus on the immense potential of electric vehicles, experts recommend a phased approach to the transition.
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- North India's Potential: The northern regions of India are expected to witness significant growth. These areas harbor a considerable share of India's two-wheelers and are grappling with alarming pollution levels. With urbanization on the rise, India is estimated to add around 89 million people to its urban population over the next decade. The sheer scale of this shift makes it a defining factor in the two-wheeler market's evolution.
Key Players in the Industry
The major players in India's two-wheeler market include Hero MotoCorp Ltd, Bajaj Auto Ltd, TVS Motor Company, Honda Motorcycle, and Scooter India, Pvt. Ltd, among others. Additionally, the EV segment is making its presence felt, with companies like Hero Electric, Okinawa, Ather Energy, Ampere Vehicles, Revolt, and Ola Electric Mobility paving the way for cleaner and sustainable mobility.
In conclusion, the future of India's two-wheeler market holds exciting promise. With government initiatives, increasing consumer awareness, and a growing workforce, this market is on the brink of transformation. India's iconic two-wheelers are shifting gears, embracing cleaner technologies, and riding into a greener, more sustainable future.
