IMARC Group, a leading market research company, has recently releases report titled “Two-Wheeler Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global two-wheeler market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the two-wheeler market?
The global two-wheeler market size reached US$ 121.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 181.6 Billion by 2028, exhibiting a growth rate (CAGR) of 7.00% during 2023-2028.
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What is a two-wheeler?
Two-wheelers are widely employed vehicles for convenient travel over short distances, particularly in congested areas. They include mopeds, motorcycles, electric two-wheeler, and scooters, operated manually, or powered by gasoline, petrol, diesel, compressed natural gas (CNG), liquified petroleum gas (LPG), and electric-based motors. They cater to several needs, such as long-distance travel, cruising, racing, or off-road riding. Additionally, they provide numerous operational advantages, including their compact design, reduced maintenance, minimal carbon emissions, improved fuel efficiency, and affordability. Moreover, two-wheelers reduce dependence on public transportation systems and contribute to shorter travel times. Nowadays, they are easily available through online or offline distribution channels and are used for personal and commercial use across the globe.
What are the growth prospects and trends in the two-wheeler industry?
The market is primarily driven by the expanding automotive industry. Additionally, the rising demand for affordable and quick commute options with last-mile connectivity and the growing popularity of personal vehicle ownership generally among millennials is contributing to the market growth. In line with this, the growing number of female drivers, due to the rising participation in the workplace, is promoting the leading players to launch customized vehicles designed to cater to their preferences, influencing the market growth. Moreover, several governments are extensively promoting the adoption of electric and hybrid two-wheelers using economic incentives and supportive policies to achieve their committed emission targets to combat climate change, which represents another major growth-inducing factor. Besides this, the rising fuel prices and the numerous advantages of two-wheelers, such as sleek design, lightness, ease of parking, and the ability to reach the destination on time while occupying less space during parking, are accelerating the product adoption rate. Along with this, the extensive use of electric two-wheelers by logistics organizations to offer convenient and quick delivery services due to the expanding e-commerce industry is propelling market growth. Apart from this, the two-wheeler market is growing at different rates in numerous regions, with Asia Pacific being the largest market due to the increasing number of female drivers, escalating demand for quick and last-mile connectivity commute options, and widespread adoption of electric and hybrid two-wheelers across the region.
Moreover, the industry is expected to face competition in the upcoming years as numerous key players are implementing competitive strategies to sustain their presence in the market. For instance, in January 2023, Bajaj collaborated with Triumph Motorcycles to produce mid-capacity motorcycles for the Indian and international markets, which is expected to assist Bajaj in delivering mid-range motorcycles in the international market. Furthermore, the growing travel and tourism sector, the emergence of bike rental services, and several technological advancements, including anti-braking systems, ride-by-wire, and traction control/wheelie control, are creating a positive market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
- Electric Two-Wheeler
Engine Capacity Insights
Fuel Type Insights
Distribution Channel Insights
- Offline Channels
- Online Channels
Breakup by Region:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Harley Davidson
- Hero MotoCorp Ltd.
- Honda Motor Co., Ltd.
- Suzuki Motor Corporation
- Yamaha Motor Co., Ltd.
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