The demand for two-wheelers is increasing due to the growing number of private companies heavily investing in the development of more efficient and smart motorcycles and scooters. The young generation of consumers is quite selective when it comes to the comfort and performance for riding, which encourages manufacturers to use appealing marketing techniques when they launch new two-wheeler models. For instance, in August 2022, BMW AG improved its SS 1000 R with improvements in the aerodynamic field. The newly created exterior fairing a composed of visible carbon fiber and has a wider windscreen that considerably enhances maximum speed while lowering aerodynamic drag and improving flow around the rider.
Allied Market Research published a report, titled, “Two-Wheeler Market by Vehicle Type (Scooter and Motorcycle), Propulsion (ICE and Electric), and Price (Low, Medium, and High): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global two-wheeler industry size generated $143.30 billion in 2022 and is estimated to reach $260.60 billion by 2032, exhibiting a CAGR of 6.4% from 2023 to 2032.
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Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022 and is expected to portray the largest CAGR of 7.1% from 2023 to 2032. The region dominates the global market due to high demographic growth, larger middle and lower-middle-class income populations, and an increasing inclination toward private transportation over public transport. In addition, developed countries like China have strengthened their industry leadership by making profits across all scopes of the supply side of electric motorcycles including current and projected production of e-motorcycles and their components, such as electric motors and lithium-ion battery cells.
In personal travel, two-wheelers play a vital role in providing affordable and efficient mobility solutions to people around the world. Its compact size, fuel efficiency, and movability make two-wheelers ideal choices for personal traveling, especially in heavily populated urban and semi-urban areas. Moreover, the rising population in several countries has led to a higher necessity for convenient and economical transportation modes. Also, their affordability makes them accessible to a broader segment, including students and lower-income individuals. Furthermore, the shift towards e-scooters and eco-friendly transportation has further driven the industry’s growth. In addition, the integration of smart features technology in two-wheelers, such as connectivity, GPS navigation, and smartphone integration.
Key Developments:
Leading companies are implementing various strategies such as acquisitions, agreements, expansions, partnerships, contracts, and product launches to reinforce their market positions.
- In October 2023, Honda Motor Co., Ltd. introduced the Honda E-Clutch for motorcycles. This automatic clutch control system for multi-gear manual motorcycle transmissions enables seamless starting, shifting gears, and stopping without requiring the rider to operate the clutch lever.
- In November 2022, Kawasaki Heavy Industries, Ltd., through its subsidiary Kawasaki Motors, Ltd., developed prototype battery electric vehicles and a hybrid motorcycle, aligning with a policy aimed at achieving carbon neutrality.
- In April 2021, Suzuki Motor Corporation launched the GSX-S1000, a street fighter model known for its exhilarating acceleration and agile maneuverability. The essence of this model originated from the street-tuned engine and chassis of the SuperSport model GSX-R1000.
- In April 2020, TVS Motor Company acquired Norton, a UK-based sport motorcycle manufacturing company. Norton Motorcycles is renowned for its classic models and diverse range of luxury motorcycles, spanning from authentic retro classic reboots of the famous Commando to contemporary 200 bhp, 1200cc V4 super-bikes.
Based on vehicle type, the motorcycle segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, owing to youth consumers being very selective about the performance and comfort of motorcycles, which leads to attractive marketing strategies by manufacturers with the launch of various designs of motorcycles. However, the scooter segment is projected to manifest the highest CAGR of 6.9% from 2023 to 2032, due to shift towards more environmentally friendly transportation options which has driven the demand for electric scooters, as they offer a cleaner and quieter alternative to traditional gasoline-powered models.
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The two-wheeler industry is also characterized by continuous innovation, with manufacturers introducing advanced features, improved safety standards, and cutting-edge technology to attract consumers. Therefore, the two-wheeler sector remains an important and dynamic part of the automotive industry, contributing to economic growth and providing diverse transportation options to meet the changing needs of consumers.
The market growth is supplemented by factors such as increase in government initiatives toward electric mobility, rise in fuel prices, and consumer inclination toward use of e-bikes as an eco-friendly & efficient solution for commute which propels the growth of the two-wheeler market. However, high initial cost of e-bikes and scooters and ban on use of e-bikes in major cities of China are the factors expected to hamper the growth of the electric scooter and motorcycle market. In addition, improvement in infrastructure and growth in advancement in battery technology create market opportunities for the key players operating in the two-wheeler market.
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Leading Market Players: –
- Honda Motor Co., Ltd.
- Bajaj Auto Ltd.
- BMW AG
- Hero Moto Corp.
- Kawasaki Motors Corp., U.S.A.
- Piaggio & C. SpA
- Suzuki Motor Corporation
- Triumph Motorcycles
- TVS Motor Company
- Yamaha Motors Co.
The report provides a detailed analysis of these key players in the global two-wheeler market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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