New Delhi: India has become the world’s largest two-wheeler market by overtaking China. This information has been given in a report released on Friday. India has emerged as the largest two-wheeler market due to factors such as increasing demand in rural areas, favorable monsoon conditions and government initiatives for rural development. According to Counterpoint Research, globally two-wheeler sales have registered a growth of 4 percent year-on-year in the first half of 2024. Not only India, Europe, North America, Latin America, the Middle East and Africa are the biggest in two-wheeler sales. An increase was also observed. However, two-wheeler sales declined in China and South East Asia (SEA). Senior analyst Soumen Mandal said that India’s two-wheeler market has seen a tremendous growth of 22 percent in the first half of this year. He said that with this strong performance, India overtook China and became the world’s largest two-wheeler market.
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Two-wheelers in India recorded strong double-digit growth on an annual basis in the second quarter of this financial year. At the same time, two-wheelers with capacity less than 125 cc remain popular in China, but customers are choosing e-cycles instead of motorcycles and scooters for daily use. This change has caused a temporary slowdown in the Chinese two-wheeler market, especially in the electric segment.
In Southeast Asia, geopolitical trade tensions and stringent lending norms in key markets such as Indonesia, Vietnam, Philippines, Thailand and Malaysia have led to a decline in two-wheeler sales. Additionally, cautious attitude of customers amid economic uncertainty has impacted two-wheeler sales.
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Who is the top company
Top 10 global two-wheeler manufacturers account for more than 75 percent of sales during the first half of 2024. Honda continues to lead the global two-wheeler market, followed by Hero MotoCorp, Yamaha, TVS Motor and Yadia. Among the top 10 brands, TVS Motor was the fastest growing brand with 25 percent growth year-on-year. At the same time, Yadia declined the most with a decline of 29 percent on an annual basis and the company slipped to fifth position.
Neel Shah, Vice President of Research, said that electrification is increasing and we estimate that 4 out of 10 two-wheelers sold by 2030 will be electric. “The two-wheeler segment is also seeing rapid adoption of embedded cellular connectivity,” he said. As the automotive industry moves towards C-V2X technology, the two-wheeler segment will also move on the same path.