Two Wheeler Market

Two Wheeler Market

Growth Factors of Two-Wheeler Market

The two-wheeler market size was valued at USD 114.36 billion in 2023, and the market is now projected to grow from USD 120.36 billion in 2024 to USD 201.42 billion by 2032, exhibiting a CAGR of 6.6% during the forecast period of 2024-2032.

The COVID-19 pandemic brought worldwide financial downturn and lockdowns in numerous parts of the world provisionally plummeted universal product sales. The pandemic was suggestively challenging for the producers through the world. Temporarily locked manufacturing facilities interrupted the supply chain and the scarcity of raw materials expressively, thereby affected the development of the two wheeler industry.

The inhabitants in urban areas is growing at a prompt speed. The urban inhabitants has augmented intensely over the prior years. It is normally greater in the developed nations than in the emerging economies. It is observed that over the preceding years, development has been most prominent in emerging regions. Growing demand for dense mobility solutions such as 2Ws in developed and emerging economies due to road blocking, absence of parking places, and other difficulties related with growth are probable to progress the two-wheeler market growth in the upcoming years.

The absence of EV charging infrastructure is one of the major hurdles to EV penetration in the emerging economies. Then, EV charging infrastructural improvement initiatives will probable to generate beneficial prospects for electric two-wheelers in the immediate prospect. The Indian government is taking initiatives to quicken up automotive electrification in the area. The government also declared that the center would present a new plan for battery exchange to boost EV use. Therefore, growing government emphasis on electric infrastructural progress and the EV ecology will likely generate beneficial prospects for the market in the forthcoming years.

Comprehensive Analysis of Two-Wheeler Market

The market can be segmented in various ways, depending on the focus of analysis such as by type, by engine displacement and by propulsion. Based on type, the market is categorized into scooters, motorcycles, and mopeds. Based on engine displacement, the market is divided into below 125cc, 126cc – 155cc, 156cc – 200cc, 201cc – 500cc, and above 500cc. Based on propulsion, the market is divided into electric and internal combustion engine (ICE).

Asia Pacific region is dominating the two-wheeler market share due to growing the necessity for compact, effective conveyance solutions. As cities develop and traffic turn into more crowded, two-wheelers offer a practical substitute for navigating congested streets, providing a economical, rapid, and supple mode of transport for day-to-day commuters and urban populations.

The key players are enthusiastically contributing in planned events that are targeted at maintaining durable market position and growing market share by merger, partnerships and others. These players include Honda Motor Co., Ltd. (Japan), TVS Motor Company Ltd. (India), Bajaj Auto Ltd. (India), Yamaha Motors Co. (Japan), Suzuki Motor Corporation (Japan), Triumph Motorcycles (U.K.), Bayerische Motoren Werke (BMW) AG (Germany), Harley-Davidson, Inc. (U.S.), Hero MotoCorp Ltd. (India), Kawasaki Motors Corp. (Japan) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.

In December 2023, Triumph Motorcycles unveiled the TF 250-X, boasting a top-tier power to weight ratio and the most wide-ranging specification package 250cc motocross in market.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 6.6% from 2024-2032

Unit Value (USD Billion)

Segmentation ByType

Scooter

Motorcycle

• Standard
• Sports
• Cruiser
• Touring
• Others

Moped

By Engine Displacment

Below 125cc

126cc – 155cc

156cc – 200cc

201cc – 500cc

Above 500cc

By Propulsion

ICE

Electric

By Geography

North America (By Type, By Engine Displacement, and By Propulsion)

• U.S. (By Type and By Propulsion)
• Canada (By Type and By Propulsion)

Europe (By Type, By Engine Displacement, and By Propulsion)

• U.K. (By Type and By Propulsion)
• Germany (By Type and By Propulsion)
• France (By Type and By Propulsion)
• Rest of Europe (By Type and By Propulsion)

Asia Pacific (By Type, By Engine Displacement, and By Propulsion)

• China (By Type and By Propulsion)
• India (By Type and By Propulsion)
• Japan (By Type and By Propulsion)
• ASEAN (By Type and By Propulsion)

- Indonesia (By Type and By Propulsion)

- Vietnam (By Type and By Propulsion)

- Thailand (By Type and By Propulsion)

- Rest of ASEAN (By Type and By Propulsion)

• Rest of Asia Pacific (By Type and By Propulsion)

Latin America (By Type, By Engine Displacement, and By Propulsion)

• Brazil (By Type and By Propulsion)
• Mexico (By Type and By Propulsion)
• Rest of Latin America (By Type and By Propulsion)

Rest of the World (By Type, By Engine Displacement, and By Propulsion)