New Delhi: India could overtake China to become the world's largest twowheeler market by 2024, a report said on Friday.
Counterpoint Research said that due to strong economic growth rate, twowheeler customers' first preference for short distances and increasing demand for twowheelers in the shared mobility space, India will overtake China to become the world's largest market by 2024.
Twowheeler sales grew by less than one percent yearonyear in 2023. However, electric twowheeler sales are seeing a sharp increase. More than 25 percent of twowheelers sold in 2024 are expected to be electric.
Senior analyst Soumen Mandal said that the twowheeler market is moving towards maturity, but people's inclination towards electric vehicles is going to increase especially after 2025. The trend of electric twowheelers will increase rapidly in South East Asian countries and India in the coming times.
The report further said that three of the top 10 electric twowheelers (Ola Electric, TVS Motors and Ather Energy) are from India, which shows that the electric twowheeler market in India is growing rapidly. Ola and Ather are greenfield 'EVfirst' twowheeler companies competing with TVS, Bajaj and Hero.
The report said that companies such as Ultraviolet, Revolt Motors, Energica Motors, Damon and ARC are entering the market to compete with Harley Davidson, Enfield, Yamaha and others in the twowheeler premium segment.
The report further said that globally, electric vehicles will account for 44 per cent of twowheeler sales by 2030. Along with this, the use of semiconductors in twowheelers will increase to 15 per cent by 2030.
Neil Shah, Vice President and Partner, Counterpoint Research, says that like the fourwheeler market, the twowheeler market will also see changes in the coming times. Electrification will play an important role in this.
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– / Written By Top News Bulletin
Image Credit: KhasKhabar.