India has overtaken China to become the largest two-wheeler market in the world, driven by rising demand in rural areas. Favorable monsoon conditions and government initiatives aimed at rural development have further fueled this growth, according to a recent report.
Global two-wheeler sales increased by 4% in the first half of 2024, with India showing a remarkable 22% year-on-year growth. This strong performance allowed India to surpass China as the top market for two-wheelers. Other regions such as Europe, North America, Latin America, and the Middle East also experienced growth, while China and Southeast Asia saw a decline.
Analysts attributed China's slowdown to a growing preference for e-bicycles over motorcycles and scooters, especially for daily commuting. This shift, particularly in the electric segment, has temporarily impacted the Chinese two-wheeler market.
In Southeast Asia, countries like Indonesia, Vietnam, and the Philippines faced a drop in two-wheeler sales due to trade tensions, stricter lending policies, and cautious consumer spending amid economic uncertainties.
The world's top 10 two-wheeler manufacturers captured over 75% of global sales in the first half of 2024. Honda led the market, followed by Hero MotoCorp, Yamaha, TVS Motor, and Yadea. TVS Motor showed the fastest growth among these brands with a 25% year-on-year increase, while Yadea saw the sharpest decline, dropping 29%.
As electrification accelerates in the automotive industry, experts predict that by 2030, four out of ten two-wheelers sold globally will be electric. This shift is also driving the adoption of advanced technologies like embedded cellular connectivity in the two-wheeler segment.
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