Introduction
In the ever-evolving landscape of the Indian two-wheeler Market, a comprehensive analysis by TechSci Research, as presented in the report titled “India Two-Wheeler Market – Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028F,” sheds light on the intricate dynamics shaping this thriving industry. This report offers invaluable insights into the factors fueling the market’s growth, technological advancements, and the key players contributing to the transformation.
Driving Factors for Two-Wheeler Market Growth
1. Cost-Effective and Convenient Mobility
The Indian two-wheeler market is poised to reach an impressive USD 26,638.49 million by 2028, boasting a remarkable Compound Annual Growth Rate (CAGR) of 9.88%. This upward trajectory can be attributed to several compelling factors. Two-wheelers, renowned for their low maintenance, exceptional fuel efficiency, and agility in navigating congested urban terrains, have become the preferred choice for daily commuters. Their ability to provide a swift and cost-effective means of travel in bustling cities has bolstered their demand.
2. Technological Advancements and Safety Standards
Two-wheeler companies have responded to the pressing issue of pollution in India by introducing cutting-edge technologies. Features such as fuel injection and slippery clutch technology not only enhance performance and fuel efficiency but also elevate the overall functionality of these vehicles. These innovations promote ride stability, protect the vehicle’s gearbox, and ensure a smooth journey, even on India’s challenging terrains. Moreover, the availability of affordable loans and budget-friendly maintenance options further encourages the adoption of two-wheelers.
3. Delivery and Logistics
The seamless movement and swiftness of two-wheelers have made them the go-to choice for many e-commerce and food delivery giants. These companies rely on two-wheelers for their fast and reliable delivery services, catering to the ever-increasing demand for convenience.
4. Electric Two-Wheelers on the Rise
The advent of electric vehicles has also made a significant impact on the two-wheeler market. Electric two-wheelers are gaining rapid popularity due to their cost-effectiveness, connectivity options, and improved performance dynamics. To boost the adoption of electric two-wheelers, the government is providing subsidies under the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME II) initiative, coupled with state-level electric vehicle policies. The introduction of the battery swapping policy further supports the infrastructure development for electric vehicles, fostering optimism for increased demand.
Market Segmentation
The Indian two-wheeler market can be segmented into several categories to better understand its dynamics:
1. Vehicle Type
- Motorcycles: Currently dominating the market, motorcycles are favored for their power, aesthetics, and superior wheel stability.
- Scooters/Mopeds: This segment is poised to grow at a remarkable 10.39% CAGR by 2028, driven by the increasing number of female riders and their storage capacity needs.
2. Transmission Type
- Manual Transmission: Manual transmission two-wheelers are the frontrunners, capturing more than 60% of the market share. Emerging players have introduced advanced technology, promising better fuel efficiency, speed, versatility, and overall performance.
3. Propulsion Type
- Internal Combustion Engines: This segment currently holds more than 90% market share due to the abundant availability of raw materials, supporting infrastructure, and limited substitutes. Forecasts suggest that this trend will persist as electric engines and their infrastructure require time to establish a strong foothold.
4. Region
- West Region: With heavy traffic, a substantial population, and higher per capita income, the western region boasts the highest presence of two-wheelers.
Browse more than 35 market data Figures spread through 70 Pages and an in-depth TOC on “India Two-Wheeler Market” – https://www.techsciresearch.com/report/indian-two-wheeler-market/13028.html
Recent Developments in the Indian Two-Wheeler Market
The Indian two-wheeler market has been abuzz with recent product launches and technological advancements, signaling a dynamic and ever-evolving industry. These developments not only reflect the market’s vibrancy but also showcase the industry’s commitment to meeting the diverse needs of Indian consumers.
- December 2022: Tiger 1200 Roars into India
In December 2022, a prominent two-wheeler company unveiled the much-anticipated Tiger 1200 in India. This thrilling addition to the market comes equipped with a slew of cutting-edge technologies, including a blind-spot radar system, a showa semi-active suspension set-up, a seven-inch TFT display, up to six distinct riding modes, and a convenient keyless system. These advanced features not only enhance rider safety but also elevate the overall riding experience, demonstrating the commitment of manufacturers to meeting the evolving demands of Indian riders.
- October 2022: Dominar 400 – Tailor-Made for Touring Enthusiasts
In October 2022, another noteworthy launch hit the market in the form of the new Dominar 400 upgrade. This sports tourer comes with factory-fitted touring accessories, catering to riders who prioritize robust touring essentials. This launch underscores the industry’s recognition of the growing segment of touring enthusiasts in India and their unique requirements.
- August 2022: Yamaha’s Exciting Line-up
In August 2022, Yamaha Motor Pvt. Ltd. introduced an exciting line-up of 2022 Monster Energy Yamaha MotoGP Edition models in India. This impressive range includes the Supersport YZF-R15M, the Dark Warrior MT-15 V2.0, the Maxi-sports Scooter AEROX 155, and the RayZR 125 Fi Hybrid scooter. These models bring style, performance, and innovation to the Indian two-wheeler market, catering to a diverse range of rider preferences.
Market Insights
Motorcycles in India cater to a broad spectrum of consumer needs, from daily commuting to long-distance travel and recreational riding. They offer versatile utility, making them the preferred choice for a diverse demographic. Notably, motorcycles often come with a lower initial purchase price compared to scooters or other two-wheeler variants. In a price-sensitive market like India, this affordability aligns well with the budget constraints of many Indian consumers, particularly those in the middle-class and lower-income segments. Moreover, motorcycles are renowned for their durability and robustness, vital considerations in India’s varied terrains and challenging road conditions. Fuel efficiency is another significant advantage, and in the face of rising fuel prices, this feature has become increasingly attractive to consumers, further propelling the segment’s growth.
Preference for Internal Combustion Engine (ICE) Two-Wheelers
Internal combustion engine (ICE) two-wheelers remain the preferred choice of Indian consumers due to their affordability and familiarity. Traditional ICE-powered two-wheelers are generally more cost-effective to manufacture and purchase compared to their electric counterparts, making them accessible to a broader segment of the population, especially in a price-sensitive market like India. The well-established infrastructure for fossil fuels, such as petrol and diesel, ensures easy access to fuel for ICE vehicles across the country. While electric two-wheelers are gaining traction, the widespread adoption of charging infrastructure and cost parity with ICE vehicles remains a work in progress, contributing to the continued dominance of ICE-powered two-wheelers in India.
Manual Transmission’s Appeal
Manual transmission two-wheelers, including motorcycles and scooters, are typically more affordable to manufacture and purchase compared to automatic variants. This affordability resonates with the budget constraints of a significant portion of Indian consumers, making manual models the preferred choice for those seeking economical transportation solutions. Additionally, manual two-wheelers provide riders with a greater sense of control and engagement, appealing to automotive enthusiasts. While automatic transmissions offer convenience, the cost-conscious Indian market continues to favor manual transmission two-wheelers for their accessibility and riding experience. Moreover, the fuel efficiency of manual transmissions is another major factor driving the segment’s growth, particularly in the context of rising fuel prices.
The Resilience of the 100-125cc Segment
Two-wheelers in the 100-125cc range strike a balance that resonates with a broad spectrum of Indian consumers, especially for daily commuting. This segment offers relatively lower upfront costs, making it an appealing option for the middle-class population, who form a substantial portion of the market. Additionally, these motorcycles provide impressive fuel efficiency, a critical consideration in a country where fuel costs can significantly impact household budgets. Well-suited for city commutes, they offer hassle-free and economical transportation, making them a practical choice for daily riders. This segment also caters to first-time buyers, who often seek reliable and easy-to-handle vehicles. All these factors combined stimulate the growth of the 100-125cc segment, representing the perfect balance between cost-effectiveness and practicality.
The Preeminence of Petrol-Powered Two-Wheelers
Petrol-powered two-wheelers continue to dominate the Indian market due to several key factors. The availability and affordability of petrol make it the most accessible fuel option across the country. The well-established petrol infrastructure ensures easy access to fuel even in remote areas, crucial for the vast Indian population. Furthermore, petrol two-wheelers are generally more affordable to purchase compared to their electric counterparts, aligning well with budget-conscious Indian consumers. The lower initial cost of petrol two-wheelers represents another major factor driving the segment’s growth. Additionally, the lack of comprehensive EV charging infrastructure, coupled with the relatively higher upfront cost of electric vehicles, continues to favor petrol-powered two-wheelers, making them the preferred choice for the majority of Indian consumers.
Browse more than 35 market data Figures spread through 70 Pages and an in-depth TOC on “India Two-Wheeler Market” – https://www.techsciresearch.com/report/indian-two-wheeler-market/13028.html
Versatility and Affordability: A Winning Combination
Two-wheelers, with their versatility and affordability, have emerged as the preferred mode of personal transportation for millions of Indians. They cater to a wide range of personal mobility needs, making them an ideal choice for diverse consumer demographics. As India’s middle-class population continues to grow, coupled with increasing urbanization, the demand for personal mobility options, particularly in congested urban areas, has led to the surge in two-wheeler sales. The availability of financing options and easy loan schemes has further eased the process of purchasing two-wheelers, contributing to the segment’s growth. In a country where traffic congestion and limited parking space are common challenges, two-wheelers offer a flexible and budget-friendly solution, making them the go-to choice for personal transportation. Their affordability, fuel efficiency, and ease of maneuverability continue to drive the two-wheeler market’s expansion.
Some of the major players operating in the India Two Wheeler Market include:
- Hero MotoCorp Limited
- Honda Motorcycle & Scooter India Private Limited
- Yamaha Motor India Private Limited
- Eicher’s Motor Limited
- Bajaj Auto Limited
- TVS Motor Company
- Suzuki Motorcycle India, Private Limited
- Piaggio Vehicles Pvt. Ltd.
- Hero Electric Pvt. Ltd.
- Okinawa Autotech Pvt. Ltd.
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“Many companies are investing in advanced technological research and development, which will introduce innovative and technologically advanced products that will not only increase the efficiency but also improve the overall functionality, “said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Two Wheeler Market by Vehicle Type (Motorcycles, Scooters), By Transmission Type (Manual, Automatic), By Propulsion (ICE, Electric), By Region, by top 10 states Competition Forecast & Opportunities, 2018- 2028F, has evaluated the future growth potential of India Two-Wheeler Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India brakepad market.
Who Will Benefit from This Report
This report is a vital resource for a diverse set of stakeholders, including:
- Manufacturers and industry players seeking insights to make informed business decisions.
- Investors looking for potential opportunities in the Indian two-wheeler market.
- Policy makers and government bodies interested in understanding the market’s impact and the role of subsidies in promoting electric two-wheelers.
- Market analysts and researchers in need of a well-rounded perspective on the two-wheeler market’s current state and future prospects.
- Logistics and delivery service providers aiming to optimize their operations with efficient two-wheeler solutions.
Anyone interested in the intricate dynamics of the Indian two-wheeler market and the driving forces behind its growth.
Download Free Sample Report- https://www.techsciresearch.com/sample-report.aspx?cid=13028
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