Largest Two Wheeler Market in The World: India as well as regions such as Europe, North America, South America, the Middle East and Africa witnessed positive growth in the first half of 2024.
According to a report, India has become the world’s largest two-wheeler market by surpassing China. Globally, two-wheeler sales during the first half of 2024 grew by 4 percent year-on-year, according to a Counterpoint Research report. Along with India, positive growth was seen in regions such as Europe, North America, South America, the Middle East and Africa.
However, significant declines were recorded in China and Southeast Asia. Several factors are responsible for the growth in our domestic market, including higher demand than ever in rural areas and a good monsoon season across the country. India’s two-wheeler market witnessed a remarkable 22 percent year-on-year growth in the first half of this calendar year.
Additionally, the second quarter witnessed strong double-digit growth for two-wheelers within the country, helping it achieve a unique position as the world’s largest two-wheeler market. In the first half of 2024, the top ten two-wheeler manufacturers will collectively account for more than 75 percent of global sales, leading to their dominance across multiple segments.
Honda has retained its top position in the global two-wheeler market, followed by India’s Hero MotoCorp, Yamaha, TVS Motor Company and Yadia. Among these leading brands, TVS displayed the fastest growth with a growth of 25 percent year-on-year. In contrast, Yadea saw the biggest decline in sales with a 29 percent decline.
Due to this he slipped to fifth place. In the Southeast Asian market, major countries such as Indonesia, Thailand, Vietnam, Malaysia and the Philippines recorded a decline in two-wheeler sales. This decline can be attributed to the political and economic issues faced by these countries.
In the Chinese market, while the appeal of small-capacity two-wheelers remains intact, there has been a significant shift in consumer preference towards electrified bicycles for everyday commuting and other purposes to reduce pollution levels. This growing preference is slowing the two-wheeler market, especially in the electric motorcycle and scooter segments.
