New Delhi . India has overtaken China to become the world's largest twowheeler market. This information has been given in a report released on Friday.
India has emerged as the largest twowheeler market due to factors such as increasing demand in rural areas, favorable monsoon conditions and government initiatives for rural development.
According to Counterpoint Research, twowheeler sales have registered a 4 percent yearonyear growth in the first half of 2024 globally.
Growth in twowheeler sales was seen not only in India, but also in Europe, North America, Latin America, the Middle East and Africa. However, twowheeler sales declined in China and South East Asia (SEA).
Senior analyst Soumen Mandal said that India's twowheeler market has seen a tremendous growth of 22 percent in the first half of this year.
“With this strong performance, India has overtaken China to become the world's largest twowheeler market,” he said.
Twowheelers in India recorded strong doubledigit growth on an annual basis in the second quarter of this financial year.
At the same time, twowheelers with capacity less than 125 cc remain popular in China, but customers are choosing ecycles instead of motorcycles and scooters for daily use.
This change has caused a temporary slowdown in the Chinese twowheeler 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 twowheeler sales.
Additionally, cautious attitude of customers amid economic uncertainty has impacted twowheeler sales.
Top 10 global twowheeler manufacturers account for more than 75 percent of sales during the first half of 2024.
Honda continues to lead the global twowheeler 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 yearonyear. At the same time, Yadia witnessed the biggest decline with a decline of 29 percent on an annual basis and the company slipped to the fifth position.
Neel Shah, Vice President of Research, said that electrification is increasing and we estimate that 4 out of 10 twowheelers sold by 2030 will be electric.
“The twowheeler segment is also seeing rapid adoption of embedded cellular connectivity. As the automotive industry moves towards CV2X technology, the twowheeler segment will also move on the same path,” he said.
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Image Credit: KhasKhabar.