Market Size of india two wheeler Industry
|
Study Period | 2017 - 2030 |
|
Market Size (2024) | USD 299.2 Billion |
|
|
Market Size (2030) | USD 335.1 Billion |
|
Largest Share by Propulsion Type | ICE |
|
|
CAGR (2024 - 2030) | 1.91 % |
|
|
Fastest Growing by Propulsion Type | Hybrid and Electric Vehicles |
Major Players |
||
|
||
|
*Disclaimer: Major Players sorted in no particular order |
India Two Wheeler Market Analysis
The India Two Wheeler Market size is estimated at 299.2 billion USD in 2024, and is expected to reach 335.1 billion USD by 2030, growing at a CAGR of 1.91% during the forecast period (2024-2030).
299.2 Billion
Market Size in 2024 (USD)
335.1 Billion
Market Size in 2030 (USD)
2.42 %
CAGR (2017-2023)
1.91 %
CAGR (2024-2030)
Largest Segment by Propulsion Type
92.71 %
value share, ICE, 2023
ICE two-wheelers dominate due to their affordability, widespread availability, and well-established refueling infrastructure, making them a popular choice among consumers.
Fastest-growing Segment by Propulsion Type
21.12 %
Projected CAGR, Hybrid and Electric Vehicles, 2024-2030
Electric two-wheelers are growing rapidly due to government incentives, rising fuel prices, and increasing consumer awareness of the benefits of sustainable transportation options.
Leading Market Player
31.38 %
market share, Hero MotoCorp Ltd., 2023
Hero Moto Corp Ltd is the major player in the Indian market which concentrated on new innovations and partnerships in the past few years and has grown at a CAGR of 4.4% during the historical period.
Second leading Market Player
23.22 %
market share, Honda Motorcycle & Scooter India Pvt. Ltd., 2023
Honda Motorcycle is the second leading player in the Indian two-wheeler market due to its focus on customer satisfaction and technological advancements.
Third Leading Market Player
16.83 %
market share, TVS Motor Company Limited, 2023
TVS Motor Company Ltd. is the third leading player in the Indian two-wheeler market due to its focus on design innovation, technological advancements, and strong customer service.
India's two-wheeler market growth from 2024 to 2030 reflects rising EV adoption, driven by tech, policy, and a shift in consumer preferences
- In 2023, the total sales for two-wheelers in India showed positive growth, reaching 16,999,920 units, an increase from 15,862,087 units in 2022. This growth demonstrates a rebound in the two-wheeler market, reflecting a recovering economy and an increasing consumer demand for personal mobility solutions. The projections for 2024 indicate a further increase to 17,843,445 units, hinting at a continued upward trend. This positive momentum is likely driven by a combination of factors, including urbanization, the need for affordable transportation, and a growing young population.
- The Indian government's support for sustainable transportation, particularly through incentives for electric vehicle (EV) purchases and infrastructure development, has significantly impacted the two-wheeler market. These initiatives, alongside the rising fuel prices, have accelerated the shift toward electric and hybrid two-wheelers, making them a more appealing option for consumers. The market's growth is also supported by the introduction of new models with advanced features, catering to a wide range of consumer preferences and needs.
- From 2024 to 2030, the Indian two-wheeler market is projected to witness consistent growth, with sales hitting 22,764,730 units by 2030. This forecast underscores the compounding impact of sustained economic growth, urbanization, and technological advancements in the market. The surge in electric two-wheelers will be a pivotal driver as hybrid and electric variants gain prominence due to their eco-friendly attributes, cost efficiency, and favorable government policies.
India Two Wheeler Industry Segmentation
Hybrid and Electric Vehicles, ICE are covered as segments by Propulsion Type.
- In 2023, the total sales for two-wheelers in India showed positive growth, reaching 16,999,920 units, an increase from 15,862,087 units in 2022. This growth demonstrates a rebound in the two-wheeler market, reflecting a recovering economy and an increasing consumer demand for personal mobility solutions. The projections for 2024 indicate a further increase to 17,843,445 units, hinting at a continued upward trend. This positive momentum is likely driven by a combination of factors, including urbanization, the need for affordable transportation, and a growing young population.
- The Indian government's support for sustainable transportation, particularly through incentives for electric vehicle (EV) purchases and infrastructure development, has significantly impacted the two-wheeler market. These initiatives, alongside the rising fuel prices, have accelerated the shift toward electric and hybrid two-wheelers, making them a more appealing option for consumers. The market's growth is also supported by the introduction of new models with advanced features, catering to a wide range of consumer preferences and needs.
- From 2024 to 2030, the Indian two-wheeler market is projected to witness consistent growth, with sales hitting 22,764,730 units by 2030. This forecast underscores the compounding impact of sustained economic growth, urbanization, and technological advancements in the market. The surge in electric two-wheelers will be a pivotal driver as hybrid and electric variants gain prominence due to their eco-friendly attributes, cost efficiency, and favorable government policies.
| Propulsion Type | |
| Hybrid and Electric Vehicles | |
| ICE |
India Two Wheeler Market Size Summary
The India Two Wheeler Market is experiencing a positive trajectory, driven by a recovering economy and increasing consumer demand for personal mobility solutions. The market is witnessing a shift towards electric and hybrid two-wheelers, spurred by government incentives and infrastructure development aimed at promoting sustainable transportation. This transition is further supported by rising fuel prices and the introduction of new models featuring advanced technologies, catering to diverse consumer preferences. The market's growth is underpinned by urbanization, the need for affordable transportation, and a burgeoning young population, all contributing to the upward trend in two-wheeler sales.
Looking ahead, the Indian two-wheeler market is projected to continue its growth, with electric variants playing a crucial role due to their eco-friendly and cost-efficient attributes. Government initiatives, such as the Fame India scheme and the Vehicle Scrappage Policy, are pivotal in driving vehicle electrification and reducing pollution. The market is fairly consolidated, with major players like Bajaj Auto Ltd., Hero MotoCorp Ltd., and Honda Motorcycle & Scooter India Pvt. Ltd. dominating the landscape. Recent developments, including new product launches and strategic mergers, indicate a dynamic market environment poised for further expansion in the coming years.
India Two Wheeler Market Size - Table of Contents
-
1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
-
1.1 Propulsion Type
-
1.1.1 Hybrid and Electric Vehicles
-
1.1.2 ICE
-
-
India Two Wheeler Market Size FAQs
How big is the India Two Wheeler Market?
The India Two Wheeler Market size is expected to reach USD 299.18 billion in 2024 and grow at a CAGR of 1.91% to reach USD 335.10 billion by 2030.
What is the current India Two Wheeler Market size?
In 2024, the India Two Wheeler Market size is expected to reach USD 299.18 billion.
