The Indian market has set a new record in terms of two-wheeler sales. In fact, India has become the world’s largest two-wheeler market, leaving China behind. The main reasons for this are increasing demand in rural areas, favorable monsoon conditions and government initiatives towards rural development. Two-wheeler sales are expected to grow 4% year-on-year globally during the first half of 2024, according to Counterpoint Research.
The peculiarity is that an increase in sales was recorded in India, Europe, North America, South America, West Asia and Africa, while a decrease in sales was recorded in China and Asia from the South-East. Honda has retained its leading position in the global two-wheeler market. After this, Hero MotoCorp, Yamaha, TVS Motor and Yadia got the slot.
While the Indian market showed strong performance in the global market, South East Asian countries Indonesia, Vietnam, Philippines, Thailand and Malaysia recorded a decline in sales of two- wheels due to geopolitical tensions, strict lending standards and cautious consumer spending. . Has been. The top 10 global two-wheeler manufacturers accounted for over 75% of total sales in the first half of the current financial year. TVS Motor was the fastest growing brand among the top 10 brands. It grew by 25% on an annual basis.
Senior analyst Somne Mandal said this time the Indian two-wheeler market recorded a growth of 22% in the first half of this year. He said this strong performance helped India overtake China and become the world’s largest two-wheeler market. Two-wheelers in India witnessed strong double-digit growth (y-o-y) in the second quarter of this fiscal. Two-wheelers with a capacity of less than 125 cc remain popular in China, but people are now choosing electric bikes over motorcycles and scooters to get around.