New Delhi: In a landmark achievement, India has overtaken China to become the largest two-wheeler market in the world. This milestone, driven by robust rural demand and favorable government initiatives, marks a significant shift in the global automotive landscape.
According to a report by Counterpoint Research, India’s two-wheeler market experienced a remarkable 22% year-on-year growth in the first half of 2024. This surge in demand has been attributed to several factors, including a strong monsoon season, which boosted rural incomes, and various government schemes aimed at promoting rural development.
Honda continues to lead the global two-wheeler market, with TVS Motor showing significant growth and emerging as one of the fastest-growing brands. The report also highlighted a decline in two-wheeler sales in major Southeast Asian markets like Indonesia and Vietnam, further solidifying India’s position at the top.
Senior analyst Soumen Mandal commented, “India’s strong performance in the two-wheeler segment is a testament to the country’s economic resilience and the increasing preference for two-wheelers as a mode of transport, especially in rural areas”.
The shift in market dynamics is also influenced by changing consumer preferences in China, where there is a growing trend towards electric bicycles over traditional motorcycles and scooters. This transition has led to a temporary slowdown in the Chinese two-wheeler market, particularly in the electric segment.
Looking ahead, the global two-wheeler market is expected to see continued growth, with a significant push towards electrification. By 2030, it is anticipated that four out of ten two-wheelers sold will be electric, reflecting the broader trend towards sustainable transportation.
