Two-Wheeler Market to Reach $260.60 Billion, Globally, by 2032 at 6.4% CAGR: Allied Market Research

The increase in demand for two-wheelers due to traffic congestion and growth in investment by manufacturers in the two-wheeler industry for superior performance and comfort drive the growth of the global two-wheeler market.

WILMINGTON, Del., Nov. 29, 2023 /PRNewswire/ -- 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.

Prime determinants of growth

Two-wheelers are a significant segment of the automotive industry, with manufacturers continually innovating to meet the evolving demands of consumers seeking convenient and sustainable mobility solutions. The growth of the market is driven by an increase in demand for two-wheelers due to traffic congestion, growth in investment by manufacturers in two-wheeler industry for superior performance and comfort, and rise in adoption of electric two-wheelers. However, factors such as the high risk of accidents and high cost associated with sports bikes restrain the market growth. On the contrary, the incorporation of cutting-edge technology in motorcycles and the rising popularity and evolution of motorcycle events in developing economies are expected to provide lucrative growth opportunities for market growth.

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Report Coverage & Details:

Russia-Ukraine War Impact Analysis

• The war disrupted the supply of rare earth elements, which are essential for the manufacturing of electric two-wheelers batteries and motors. This has, in turn, impacted the production and affordability of electric scooters and motorcycles on a global scale, potentially slowing down the transition to cleaner and more sustainable transportation options.
• The global response to the Ukraine crisis has brought increased attention to renewable energy sources and alternative fuels. As nations look to reduce their reliance on fossil fuels, there is growing support for electric two-wheelers as a cleaner and more sustainable mode of transportation.

The motorcycle segment to maintain its leadership status throughout the forecast period

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.

The ICE segment to maintain its leadership status throughout the forecast period

Based on propulsion, the ICE segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period, due to the rising integration of internal combustion engines (ICEs) with the fuel-efficient system of motorcycles which is one of the major factors driving the growth across the globe. However, the electric segment is projected to manifest the highest CAGR of 7.5% from 2023 to 2032, owing to an increase in demand for fuel-efficient, high-performance, and low-emission vehicles along with stringent government rules and regulations toward vehicle emission, which is increasing the demand for electric two-wheelers across the globe.

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The low segment to maintain its lead position during the forecast period

Based on price, the low-price segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period, due to the fact that two wheelers are cheap to buy as well as offer advanced safety features such as ABS. Moreover, these motorcycles provide great efficiency and are fuel efficient, which boosts the growth of the segment in the global market. However, the medium segment is projected to manifest the highest CAGR of 6.8% from 2023 to 2032, due to an increase in the income of consumers across the globe. The availability of a wider range of mid-priced two-wheelers that are equipped with advanced safety technologies boosts the growth of the segment.

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.

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.

Key Highlights of the Report:

• The two-wheeler market study encompasses 14 countries, conducting regional and segment analysis for each country in terms of value ($million) over the projected period of 2023-2032.
• Integrating high-quality data, professional insights, and critical independent perspectives, the study adopts a research approach aimed at providing a comprehensive and balanced view of global markets. The goal is to assist stakeholders in making well-informed decisions to achieve their ambitious growth objectives.
• The research involved the thorough review of over 3,700 product literature, annual reports, industry statements, and comparable materials from major industry participants. This extensive review enhances understanding and insight into the market dynamics.

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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.

Similar Reports We Have on Automotive Industry:

Two-Wheeler Motorcycle Market Research Report 2023-2032

Motorcycle Market Research Report 2023-2032

Electric Scooter and Motorcycle Market Research Report 2023-2032

Cruiser Bikes Market Research Report 2023-2032

300cc Motorcycle Market Research Report 2023-2032

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