Automotive Two wheelers Market
Automotive Two wheelers Market Size, Share & Industry Analysis, By Vehicle Type (Motorcycles, Scooters, Mopeds), By Engine Capacity (Up to 125cc, 126-250cc, 251-500cc, Above 500cc), By Propulsion Type (ICE, Electric), By End-User (Personal, Commercial), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa) - Share, Size, Outlook, and Opportunity Analysis, 2024-2031.
Market Overview:
The global Automotive Two-wheelers Market is projected to grow at a CAGR of XX% from 2024 to 2031, reaching a value of USD YY by 2031.
Asia-Pacific currently dominates the market, with key metrics indicating strong growth in electric two-wheelers and increasing demand for personal mobility solutions. The market is experiencing robust expansion driven by urbanization, rising disposable incomes in developing countries, and the growing emphasis on fuel-efficient and eco-friendly transportation options.
Market Dynamics:
Market Trend: Rapid adoption of electric two-wheelers driven by environmental concerns and government incentives
The automotive two-wheeler industry is quickly transitioning to electric vehicles (EVs), as consumers and governments prioritise environmental sustainability. This trend is being driven by increased awareness of carbon emissions, stronger emission standards, and attractive government incentives for EV adoption. For example, in India, the FAME II (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) program provides subsidies of up to INR 15,000 per kWh to electric two-wheelers, making them more cheap to consumers.
Major two-wheeler manufacturers are addressing this trend by introducing new electric models and investing in battery technology. Between 2024 and 2031, the global electric two-wheeler market is predicted to expand at a CAGR of more than 7%, with Asia-Pacific and Europe leading the way.
Market Driver: Increasing urbanization and traffic congestion driving demand for efficient personal mobility solutions
The growing rate of urbanisation, particularly in developing nations, is a major driver of the automotive two-wheeler market. As cities become more crowded and traffic congestion worsens, two-wheelers provide a convenient and cost-effective means of personal transportation. The United Nations projects that by 2050, 68% of the global population will live in cities, up from 55% in 2018. This urbanisation trend is especially significant in Asia, where megacities are quickly growing.
Two-wheelers account for more than 80% of total vehicle population in Indonesia, Vietnam, and Thailand due to their low cost and ability to traverse congested city streets. Two-wheelers are gaining popularity, especially among young urban workers and students, due to their ease and reduced operating costs when compared to automobiles.
Market Restraint: Safety concerns and lack of adequate infrastructure in some regions hampering market growth
Despite the growing popularity of two-wheelers, safety issues remain a major impediment to industry growth. Two-wheeler riders are more prone to accidents and injuries than car passengers.
According to the World Health Organisation, motorbike riders account for 28% of all road traffic fatalities worldwide. The lack of proper infrastructure, such as clearly defined two-wheeler lanes and enough road lighting, exacerbates safety concerns, especially in developing countries. Furthermore, in some areas, a lack of stringent compliance with helmet legislation and other safety norms exacerbates safety concerns. These difficulties can dissuade potential purchasers, particularly in nations where safety awareness is rising, and may limit overall growth of the two-wheeler market in some regions.
Segment Overview:
The motorcycles segment dominates the automotive two-wheelers market, driven by their versatility, performance, and popularity across various consumer segments.
Motorcycles dominate the automotive two-wheeler market due to their wide range of applications, which include everyday commuting, recreational riding, and sports. This segment's supremacy originates from features such as increased engine power, fuel efficiency, and the ability to travel further than other two-wheeler models. Motorcycles are frequently used as the major form of transportation in poor countries, providing a low-cost alternative to automobiles.
Recent innovations in the motorbike segment have strengthened its market domination. In 2023, a major motorcycle manufacturer launched a new line of smart-connected motorcycles with capabilities such as GPS navigation, smartphone integration, and real-time diagnostics, aimed at tech-savvy customers. This development has increased the popularity of motorcycles among young people and urban professionals seeking modern conveniences in their vehicles.
The scooter segment, albeit smaller than motorcycles, is rapidly expanding, particularly in metropolitan areas. Scooters are popular with a wide spectrum of users, including students and working professionals, because of their ease of use, storage capacity, and manoeuvrability. In India, for example, scooter sales have grown faster than motorcycle sales in recent years, with a market share increasing from 25% in 2014 to more than 30% by 2023. The arrival of electric scooters has further boosted this market, with many consumers preferring these environmentally friendly options for short-distance mobility.
Regional Outlook:
Asia-Pacific leads the global automotive two-wheelers market, driven by large populations, increasing urbanization, and rising disposable incomes in countries like India, China, and Indonesia.
Asia-Pacific's dominance in the automotive two-wheeler industry is mostly due to the region's large population, rapid urbanization, and the fact that two-wheelers are the predominant form of transportation in many nations. The area accounts for more than 80% of the worldwide two-wheeler market, with India, China, Indonesia, and Vietnam playing significant roles. Two-wheeler sales in India alone are expected to exceed 15 million by 2023, demonstrating the region's immense market potential.
Recent news illustrates the region's ongoing leadership in two-wheeler innovation. In early 2024, a top Indian two-wheeler manufacturer announced the release of a new electric motorcycle with a range of more than 250 km on a single charge, eliminating the range anxiety difficulties commonly associated with electric two-wheelers. This program is anticipated to speed up the spread of electric two-wheelers across the region.
Key figures show Asia Pacific's market supremacy. From 2024 to 2031, the regional two-wheeler market is predicted to grow at a CAGR of more than 7%. China, the world's largest electric two-wheeler market, sold over 30 million units in 2023, with additional rapid growth expected in the next few years.
The commercial sector in Asia-Pacific is also contributing to significant growth in the two-wheeler market. The rise of e-commerce and food delivery services has boosted demand for two-wheelers for last-mile delivery. For example, between 2019 and 2023, the number of motorcycle-based delivery riders in Southeast Asian nations like Indonesia and Thailand more than doubled, owing to the expansion of platforms such as Grab and GoJek.
Competitive Intelligence:
The automotive two-wheeler market is characterised by fierce competition between existing players and new entrants, with an emphasis on product innovation, electrification, and development into emerging countries. Honda Motor Co., Ltd., Hero MotoCorp Ltd., Yamaha Motor Co., Ltd., Bajaj Auto Limited, and TVS Motor Company are among the market's top rivals, each accounting for a sizable share.
Honda Motor Co., Ltd., a significant industry player, forecasts global motorcycle sales of 17.03 million units in fiscal year 2023, with robust performance in Asian countries. The business has made significant investments in electric two-wheeler technology, intending to debut ten new electric motorcycle models internationally by 2025.
Hero MotoCorp Ltd., the world's largest manufacturer of motorbikes and scooters by unit sales, is expanding into new markets and investing in EV technology. The company recently announced a strategic relationship with Gogoro, a Taiwanese company, to develop electric two-wheelers and battery swapping infrastructure in India.
Yamaha Motor Co., Ltd. focusses on product innovation and premium offerings. In 2023, the business will introduce many new models in the 150-250cc segment, aimed at youthful urban consumers in Asian countries. Yamaha has also expanded its electric two-wheeler offerings, particularly in Europe.
Looking ahead, the competitive landscape will undoubtedly change as more firms enter the market, notably in the electric two-wheeler segment. To remain competitive in the industry, established enterprises are expected to focus on the development of complicated technologies such as linked automobiles and alternative powertrains.
Analyst Opinion:
The automotive two-wheeler market is likely to undergo substantial upheaval in the next few years, driven by electrification, connectivity, and shifting consumer preferences. The transition to electric two-wheelers is projected to accelerate, especially in urban areas where worries about air pollution and charging facilities drive adoption.
The integration of artificial intelligence and Internet of Things technology into two-wheelers is a fascinating development to follow. Some manufacturers are creating smart two-wheelers that include predictive maintenance, adaptive cruise control, and even self-balancing capabilities. The convergence of mobility and technology is projected to open up new economic opportunities, especially in developed countries where consumers are willing to pay more for advanced services.
Major Players:
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Honda Motor Co., Ltd.
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Hero MotoCorp Ltd.
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Yamaha Motor Co., Ltd.
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Bajaj Auto Limited
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TVS Motor Company
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Suzuki Motor Corporation
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Piaggio & C. SpA
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Harley-Davidson, Inc.
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Kawasaki Heavy Industries, Ltd.
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Ather Energy
Key Developments:
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July 2024: Honda Motor Co., Ltd. launches its first electric motorcycle in India, featuring a swappable battery system and a range of more than 150 kilometres aimed at urban commuters.
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In May 2024, Hero MotoCorp Ltd. announced a strategic collaboration with a major battery technology company to deliver fast-charging solutions for electric two-wheelers, with the goal of reducing charging times by up to 50%.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies list by Country) (Premium)
5. COMPANY PROFILES
5.1. Honda Motor Co., Ltd.
5.2. Hero MotoCorp Ltd.
5.3. Yamaha Motor Co., Ltd.
5.4. Bajaj Auto Limited
5.5. TVS Motor Company
5.6. Suzuki Motor Corporation
5.7. Piaggio & C. SpA
5.8. Harley-Davidson, Inc.
5.9. Kawasaki Heavy Industries, Ltd.
5.10. Ather Energy (LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Rapid adoption of electric two-wheelers driven by environmental concerns and government incentives
6.1.2. Integration of artificial intelligence and IoT technologies in two-wheelers
6.1.3. Growing popularity of premium and high-performance motorcycles
6.2. Market Drivers
6.2.1. Increasing urbanization and traffic congestion driving demand for efficient personal mobility solutions
6.2.2. Rising disposable incomes in developing countries
6.2.3. Technological advancements improving fuel efficiency and performance
6.3. Market Restraints
6.3.1. Safety concerns and lack of adequate infrastructure in some regions hampering market growth
6.3.2. Stringent emission regulations increasing production costs
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY VEHICLE TYPE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
7.1. Motorcycles
7.1.1. Sport bikes
7.1.2. Cruisers
7.1.3. Standard/Commuter bikes
7.2. Scooters
7.2.1. Electric scooters
7.2.2. Fuel-powered scooters
7.3. Mopeds
7.3.1. Electric mopeds
7.3.2. Fuel-powered mopeds
8. BY ENGINE CAPACITY (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
8.1. Up to 125cc
8.1.1. 50-100cc
8.1.2. 101-125cc
8.2. 126-250cc
8.2.1. 126-150cc
8.2.2. 151-250cc
8.3. 251-500cc
8.3.1. 251-350cc
8.3.2. 351-500cc
8.4. Above 500cc
8.4.1. 501-800cc
8.4.2. Above 800cc
9. BY PROPULSION TYPE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
9.1. ICE
9.1.1. Petrol
9.1.2. Diesel
9.2. Electric
9.2.1. Battery Electric Vehicles (BEV)
9.2.2. Hybrid Electric Vehicles (HEV)
10. BY END-USER (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
10.1. Personal
10.1.1. Individual commuters
10.1.2. Recreational riders
10.2. Commercial
10.2.1. Delivery services
10.2.2. Rental and sharing services
11. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
11.1. North America
11.1.1. United States
11.1.2. Canada
11.1.3. Mexico
11.2. South America
11.2.1. Brazil
11.2.2. Argentina
11.2.3. Rest of South America
11.3. Europe
11.3.1. Germany
11.3.2. United Kingdom
11.3.3. France
11.3.4. Italy
11.3.5. Spain
11.3.6. Russia
11.3.7. Rest of Europe
11.4. Asia-Pacific
11.4.1. China
11.4.2. Japan
11.4.3. India
11.4.4. Australia
11.4.5. South Korea
11.4.6. Rest of Asia-Pacific
11.5. Middle-East
11.5.1. UAE
11.5.2. Saudi Arabia
11.5.3. Turkey
11.5.4. Rest of Middle East
11.6. Africa
11.6.1. South Africa
11.6.2. Egypt
11.6.3. Rest of Africa
*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
By Vehicle Type:
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Motorcycles
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Scooters
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Mopeds
By Engine Capacity:
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Up to 125cc
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126-250cc
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251-500cc
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Above 500cc
By Propulsion Type:
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ICE
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Electric
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By End-User:
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Personal
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Commercial
By Region:
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa
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