India Two-Wheeler Market to Reach 86.4 Million Units by 2032, Propelled by Emerging Trend of Vehicle Ownership

February 14, 2023 | Automotive Industry

According to the latest report by IMARC Group, titled “India Two-Wheeler Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032," finds that the India two-wheeler market reached a volume of 21.4 Million Units in 2023. A two-wheeler is a lightweight and highly maneuverable vehicle utilized for traveling short distances and on highly congested roads. It includes motorcycles, mopeds, scooters, cruisers, and dirt bikes as common product types. A two-wheeler comprises several components, such as an engine, tires, brakes, clutch, fuel tank, battery, chain, frame, headlamp, taillight, and handlebars. It is widely used for commuting, cruising, racing, off-road riding, and package delivery. Two-wheeler is a cost-effective, durable, and highly fuel-efficient vehicle that offers better reliability, enhances convenience, minimizes travel time, and reduces dependency on public transport. It is also easy to operate, eco-friendly, reduces carbon emissions, provides better mileage, requires lower maintenance, and offers enhanced performance in rugged road conditions.

India Two-Wheeler Market Trends:

The rising consumer awareness regarding various product benefits, such as affordability, lower maintenance, higher fuel economy, minimum repair costs, better mileage, excellent maneuverability, enhanced convenience, and lower insurance costs, are among the key factors driving the market growth in India. Furthermore, the escalating demand for compact mobility solutions, such as two-wheelers, is positively influencing the market growth. Additionally, the introduction of vehicle-to-everything (V2X) connectivity that offers digital visibility to bikers, enhances vehicle safety, and reduces the risk of accidents is providing an impetus to the market growth. Moreover, the widespread adoption of electric two-wheelers as they are eco-friendly, rechargeable, cost-effective, noise-free, and minimize harmful gas emissions is acting as another growth-inducing factor. In line with this, various initiatives by the Government of India (GoI), such as faster adoption and manufacturing of electric and hybrid vehicles (FAME) India scheme, which promotes electric two-wheelers among consumers through subsidies, are favoring the market growth. Other factors, including rising expenditure capacities of consumers, rapid urbanization, significant growth in the e-commerce industry, increasing female workforce participation, and the recent development of solar-powered two-wheelers, are anticipated to drive the market growth. On account of the aforementioned factors, the market is expected to reach a volume of 86.4 Million Units by 2032, exhibiting a CAGR of 16.29% during 2024-2032.

Market Summary:

  • On the basis of the type, the market has been divided into scooters, mopeds, motorcycle, and electric two-wheeler. Among these, motorcycle represents the largest segment.
  • Based on technology, the market has been bifurcated into ICE and electric. At present, ICE accounts for the largest market share.
  • On the basis of the transmission, the market has been classified into manual and automatic. Among these, manual represents the largest segment.
  • Based on the engine capacity, the market has been divided into <100cc, 100-125cc, 126-180cc, 181-250cc, 251-500cc, 501-800cc, 801-1600cc, and >1600cc. Currently, 100-125cc accounts for the largest market share.
  • On the basis of the fuel type, the market has been categorized into gasoline, petrol, diesel, LPG/CNG, and battery. Among these, petrol represented the largest segment.
  • Based on the end-user, the market has been bifurcated into personal and commercial. At present, personal accounts for the largest market share.
  • On the basis of the distribution channel, the market is classified into offline and online channels. Among these, offline channels represent the largest segment.
  • On a regional basis, the market has been categorized into North, West and Central, East, and South India. At present, West and Central India accounts for the largest market.?
  • The competitive landscape of the industry has also been examined, with some of the key players being Bajaj Auto Ltd., Hero MotoCorp Ltd., Honda Motorcycle & Scooter India Pvt. Ltd., Maruti Suzuki India Limited, TVS Motor Company, etc.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units Million Units
Segment Coverage Type, Technology, Transmission, Engine Capacity, Fuel Type, End-user, Distribution Channel, Region
Region Covered North India, West and Central India, East India, South India
Companies Covered Bajaj Auto Ltd., Hero MotoCorp Ltd., Honda Motorcycle & Scooter India Pvt. Ltd., Maruti Suzuki India Limited, TVS Motor Company, etc.
Customization Scope 10% Free Customization
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India Two-Wheeler Market to Reach 86.4 Million Units by 2032, Propelled by Emerging Trend of Vehicle Ownership
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