From a burgeoning global market racing past $180 billion to India's production lines humming with over 20 million units a year, the two-wheeler industry is shifting gears into an electrifying and expansive future.
Key Takeaways
- In 2023, the global two-wheeler market was valued at USD 180.47 billion and is projected to reach USD 263.47 billion by 2030, growing at a CAGR of 5.5% from 2024 to 2030
- India's two-wheeler market size stood at 17.27 million units in FY23, reflecting a 10% year-on-year growth from FY22
- The Asia-Pacific region dominated the global two-wheeler market with a 62.5% share in 2023, driven by high demand in India and China
- In FY23, India's two-wheeler production reached 20.48 million units, up 18% YoY
- Hero MotoCorp produced 5.56 million two-wheelers in FY23
- Bajaj Auto manufactured 4.02 million two-wheelers in FY23 across all plants
- In FY23, India's domestic two-wheeler sales were 17.27 million units, with motorcycles at 80%
- Hero MotoCorp sold 5.56 million two-wheelers domestically in FY23
- Honda sold 4.22 million scooters and motorcycles in India FY23
- India's two-wheeler exports reached 4.07 million units in FY23, up 28% YoY
- Bajaj Auto exported 2.34 million two-wheelers in FY23 to 79 countries
- Hero MotoCorp exports grew 35% to 0.45 million units in FY23
- Electric two-wheeler sales projected to reach 10 million units globally by 2030
- 75% of Indian two-wheeler buyers prefer fuel-injected models in 2023
- ABS adoption in premium two-wheelers in India reached 85% in FY23
The global two-wheeler market is growing strongly, led by Asia-Pacific demand and a rising electric segment.
Exports & International Trade
- India's two-wheeler exports reached 4.07 million units in FY23, up 28% YoY
- Bajaj Auto exported 2.34 million two-wheelers in FY23 to 79 countries
- Hero MotoCorp exports grew 35% to 0.45 million units in FY23
- TVS Motor exported 0.81 million two-wheelers in FY23, 28% growth
- Royal Enfield exports hit 0.28 million units in FY23 to 60+ countries
- Honda Motorcycle India exports 0.97 million units in FY23
- Top export destination for Indian two-wheelers: Nigeria with 0.32 million units FY23
- US imported 0.25 million two-wheelers from India in 2023
- Latin America received 1.2 million Indian two-wheeler exports in FY23
- Africa imported 1.5 million two-wheelers from India FY23
- Colombia imported 0.18 million units from Hero in 2023
- Bangladesh two-wheeler imports from India 0.22 million units FY23
- Nepal imports 0.15 million Indian two-wheelers annually
- UK two-wheeler imports from India grew 22% to 0.08 million units in 2023
- Mexico imported 0.12 million Bajaj two-wheelers in 2023
- Philippines imports from India 0.10 million units FY23
- UAE received 0.09 million Indian two-wheelers in 2023
- Argentina imports 0.11 million units from Bajaj FY23
- Global two-wheeler trade value USD 25 billion in 2022
- Yamaha exports from India 0.32 million units in FY23
- Suzuki exports from India 0.18 million units FY23
- Middle East exports from India 0.35 million two-wheelers FY23
- Europe imports 0.15 million Indian two-wheelers annually
- Sri Lanka imports 0.08 million units from India FY23
- Kenya top African destination with 0.25 million imports FY23
- Peru imports 0.09 million Bajaj units 2023
- South Africa imports 0.12 million two-wheelers FY23
- Exports contributed 19% to India's two-wheeler production in FY23
Exports & International Trade Interpretation
India's two-wheelers are conquering the world one kick-start at a time, proving that while we may debate traffic at home, our bikes have seamlessly become the trusted workhorses and joyful rides from the bustling streets of Lagos to the mountain passes of Colombia.
Market Size & Growth
- In 2023, the global two-wheeler market was valued at USD 180.47 billion and is projected to reach USD 263.47 billion by 2030, growing at a CAGR of 5.5% from 2024 to 2030
- India's two-wheeler market size stood at 17.27 million units in FY23, reflecting a 10% year-on-year growth from FY22
- The Asia-Pacific region dominated the global two-wheeler market with a 62.5% share in 2023, driven by high demand in India and China
- Electric two-wheeler segment is expected to grow at a CAGR of 11.2% from 2023 to 2030, reaching USD 65.6 billion globally
- China's two-wheeler market volume reached 15.8 million units in 2022, accounting for 35% of global sales
- The premium two-wheeler segment (above 150cc) in India grew by 18% in 2023 to 1.2 million units
- Global two-wheeler production reached 58.2 million units in 2022, with a projected CAGR of 4.8% till 2028
- Indonesia's two-wheeler market expanded to 5.4 million units in 2023, up 6% from previous year
- The scooter segment held 42% of the global two-wheeler market share in 2023
- India's two-wheeler industry contributed 80% of total automobile production in FY23
- Global two-wheeler aftermarket size was USD 52.3 billion in 2023, expected to grow at 5.2% CAGR
- Vietnam's two-wheeler sales hit 2.9 million units in 2023, with 7% growth
- The mid-size motorcycle segment (125-250cc) is forecasted to grow at 6.1% CAGR globally till 2030
- Thailand's two-wheeler market volume was 1.7 million units in 2023
- Electric scooters accounted for 15% of two-wheeler sales in Europe in 2023
- Global two-wheeler market revenue projected to hit EUR 140 billion by 2027
- Brazil's two-wheeler production reached 1.3 million units in 2023, up 12%
- The women's two-wheeler segment in India grew 25% YoY to 4.5 million units in FY23
- Southeast Asia two-wheeler market expected to grow at 5.3% CAGR to 2030
- US two-wheeler market size was USD 8.5 billion in 2023, CAGR 4.2% projected
- Hero MotoCorp held 31% market share in India's two-wheeler segment in FY23
- Global motorcycle market to reach 64 million units by 2028, CAGR 4.5%
- Philippines two-wheeler sales 1.6 million units in 2023
- Latin America two-wheeler market CAGR 6.8% from 2023-2030
- Bajaj Auto's market share in India was 10.5% for two-wheelers in FY23
- Africa two-wheeler market volume to grow 7.2% CAGR till 2030
- TVS Motor's share reached 18% in Indian two-wheeler market FY23
- Europe two-wheeler market valued at USD 15.2 billion in 2023
- Middle East two-wheeler market to grow at 4.9% CAGR to 2030
- Royal Enfield's premium bike sales grew 45% to 0.9 million units globally in FY23
Market Size & Growth Interpretation
The world is running on two wheels, with Asia firmly gripping the handlebars as the market accelerates into an electric, premium, and increasingly diverse future, proving that simplicity often rides circles around complexity.
Production & Manufacturing
- In FY23, India's two-wheeler production reached 20.48 million units, up 18% YoY
- Hero MotoCorp produced 5.56 million two-wheelers in FY23
- Bajaj Auto manufactured 4.02 million two-wheelers in FY23 across all plants
- TVS Motor produced 3.17 million two-wheelers in FY23, with 40% from Hosur plant
- Honda Motorcycle & Scooter India produced 5.19 million units in FY23
- Global two-wheeler production capacity utilization was 72% in 2022
- China's two-wheeler production hit 17.2 million units in 2022, led by Lifan and Zongshen
- Yamaha Motor produced 4.8 million motorcycles globally in 2023
- Suzuki Motorcycle India output was 2.05 million units in FY23
- Piaggio Group's two-wheeler production reached 0.45 million units in 2023, mainly Vespa scooters
- India's two-wheeler OEMs invested INR 25,000 crore in capacity expansion in 2023
- Kawasaki Heavy Industries produced 0.52 million motorcycles in FY23
- Indonesia's two-wheeler production was 6.2 million units in 2023, dominated by Honda and Yamaha
- BMW Motorrad manufactured 0.19 million units in 2023, up 11% YoY
- Thailand produced 3.1 million two-wheelers in 2023
- Royal Enfield's production capacity expanded to 1 million units annually by 2023
- Vietnam's two-wheeler production reached 3.1 million units in 2023
- Harley-Davidson produced 0.17 million motorcycles in 2023
- Mahindra Two Wheelers output was 0.12 million units in FY23
- Global two-wheeler engine production was 55 million units in 2022
- Ducati produced 0.06 million motorcycles in 2023
- Brazil two-wheeler production 1.4 million units in 2023
- KTM AG output 0.24 million units in 2023
- India's ancillary industry for two-wheelers employs 1.2 million people in 2023
- Triumph Motorcycles produced 0.08 million units globally in FY23
- US two-wheeler production was 0.65 million units in 2023
- Hero's Guadalajara plant in Colombia produced 0.1 million units in 2023
- Bajaj's Pantnagar plant output 2.1 million two-wheelers in FY23
Production & Manufacturing Interpretation
Despite the global two-wheeler stage boasting an impressive cast of high-performance and luxury marques, the plot—much like a bustling Indian market road—is utterly dominated by a few colossal domestic heroes who are investing heavily to ensure their production juggernauts keep the world's wheels turning.
Sales & Domestic Market
- In FY23, India's domestic two-wheeler sales were 17.27 million units, with motorcycles at 80%
- Hero MotoCorp sold 5.56 million two-wheelers domestically in FY23
- Honda sold 4.22 million scooters and motorcycles in India FY23
- TVS Motor domestic sales reached 2.89 million units in FY23, up 20% YoY
- Bajaj Auto domestic two-wheeler sales 1.95 million units in FY23
- Rural India accounted for 55% of two-wheeler sales in FY23
- Scooter sales in India hit 6.1 million units in FY23, 35% market share
- Entry-level motorcycles (75-110cc) sold 8.9 million units in India FY23
- Premium motorcycle sales in India reached 0.96 million units in FY23, up 38%
- Women's two-wheeler sales in India were 4.67 million units in FY23
- Electric two-wheeler domestic sales in India surged to 0.95 million units in FY23
- Dealer network for two-wheelers in India exceeds 50,000 outlets in 2023
- Online two-wheeler sales in India grew 40% to INR 15,000 crore in FY23
- Motorcycle sales in China domestic market 13.5 million units in 2022
- Indonesia domestic two-wheeler sales 5.3 million units in 2023
- Urban areas contributed 45% to India's two-wheeler sales in FY23
- Yamaha India sold 1.68 million units domestically in FY23
- Royal Enfield domestic sales 0.85 million units in FY23
- Suzuki domestic sales 1.87 million units in India FY23
- Festival season sales boosted two-wheeler dispatches by 25% in Q4 FY23
- Used two-wheeler market in India valued at INR 45,000 crore in FY23
- Maharashtra led state-wise two-wheeler sales with 2.1 million units in FY23
- Uttar Pradesh two-wheeler registrations 2.0 million units in FY23
- Karnataka sales 1.3 million two-wheelers in FY23
- Tamil Nadu two-wheeler sales 1.7 million units FY23
- Delhi-NCR region sales 0.8 million two-wheelers FY23
- Bihar state recorded 1.1 million two-wheeler sales FY23
- Gujarat two-wheeler sales 1.0 million units FY23
- West Bengal sales 0.9 million two-wheelers FY23
- Andhra Pradesh two-wheeler sales 0.95 million units FY23
- Rajasthan sales 0.85 million two-wheelers FY23
Sales & Domestic Market Interpretation
Despite Hero MotoCorp's lead, the Indian two-wheeler market is a roaring, diverse beast where rural roads are ruled by entry-level motorcycles, city streets are increasingly shared by women riders and electric vehicles, and the entire country seemingly agrees that the best way to celebrate a festival is to buy a new bike.
Trends & Innovations
- Electric two-wheeler sales projected to reach 10 million units globally by 2030
- 75% of Indian two-wheeler buyers prefer fuel-injected models in 2023
- ABS adoption in premium two-wheelers in India reached 85% in FY23
- Women buyers increased to 28% of total two-wheeler purchases in India FY23
- Average age of two-wheeler buyer in India dropped to 27 years in 2023
- Scooter penetration rose to 38% in urban India sales FY23
- 40% of new two-wheeler sales in India financed via loans in 2023
- Bluetooth-connected two-wheelers sales up 150% YoY in premium segment 2023
- Emission BS-VI compliant models 100% of sales in India since 2020
- Rental two-wheeler market in India grew to USD 500 million in 2023
- 65% consumers prefer 100-125cc for daily commute in India 2023 survey
- Subscription models for two-wheelers launched by 5 OEMs in India 2023
- Fuel efficiency over 60 kmpl demanded by 70% buyers in India
- Adventure touring bikes sales up 50% globally in 2023
- 55% two-wheeler owners use ride-sharing apps daily in urban India
- Customization demand rose 30% in aftermarket two-wheeler parts 2023
- Youth under 30 years account for 62% of two-wheeler purchases globally
- LED lighting standard in 95% new two-wheelers sold worldwide 2023
- Digital instrument clusters in 40% premium two-wheelers India FY23
- Sustainability concerns drive 25% buyers to electric options in urban areas
- Gearless scooters preferred by 80% female buyers in India 2023
- Navigation-integrated helmets sales up 200% in 2023
- 50% rise in maxi-scooter sales in Europe 2023
- Online reviews influence 70% two-wheeler purchase decisions India
- Hydrogen two-wheeler prototypes tested by 3 OEMs in 2023
- 35% growth in adventure bike accessories market 2023
- Voice-assisted controls in 15% new premium models 2023
- Shared mobility two-wheelers fleet reached 1 million globally 2023
- 45% buyers prioritize safety features like traction control 2023 survey
- Retro-styled motorcycles sales up 28% in India FY23
Trends & Innovations Interpretation
The electric future is being shaped by a tech-savvy, safety-conscious, and surprisingly young urban rider, who demands their connected, efficient scooter to be as stylish as it is sensible.
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