Two-wheelers saw strong double-digit growth (year-on-year) in the second quarter of this fiscal in India.New Delhi: India has surpassed China to become the largest two-wheeler market in the world, driven by rising demand in rural areas, supported by favourable monsoon conditions and government initiatives for rural development, a report showed on Friday.
Globally, two-wheeler sales grew 4% (year-on-year) in the first half of 2024, according to Counterpoint Research.
Although India, Europe, North America, Latin America, and the Middle East and Africa saw growth, China and Southeast Asia (SEA) experienced a decline.
Senior analyst Soumen Mandal said that India's two-wheeler market saw a remarkable 22% YoY growth in the first half this year.
"This strong performance allowed India to surpass China and become the world's largest two-wheeler market," he mentioned.
Two-wheelers saw strong double-digit growth (year-on-year) in the second quarter of this fiscal in India.
In China, two-wheelers under 125cc remain popular, but consumers are increasingly opting for e-bicycles over motorcycles and scooters for daily commuting. This shift has led to a temporary slowdown in the Chinese two-wheeler market, particularly in the electric segment.
In South East Asia, major markets such as Indonesia, Vietnam, the Philippines, Thailand, and Malaysia saw a decline in two-wheeler sales due to geopolitical trade tensions, stricter lending criteria, and cautious consumer spending amid economic uncertainty.
The top-10 global two-wheeler manufacturers captured over 75% of sales during H1 2024.
Honda maintained its leading position in the global two-wheeler market, followed by Hero MotoCorp, Yamaha, TVS Motor and Yadea.
TVS Motor was the fastest-growing brand (up 25% YoY) among the top-10 brands while Yadea declined the most (down 29% YoY), slipping to fifth position.
Neil Shah, Vice President of Research, said that electrification is on the rise, and by 2030, we expect four out of 10 two-wheelers sold to be electric.
"This shift is also accelerating the adoption of embedded cellular connectivity in the two-wheeler segment. As the automotive industry advances toward C-V2X technology, the two-wheeler segment will follow suit," he noted.
--IANS
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