Press Release Description
Advancing Need for Compact Commuting Solutions Pushing the Two-wheeler Market
The Global Two Wheeler Market is projected to grow at a CAGR of 9.0% in the forecast period of 2023-28, cites Markntel Advisors in the recent research report. Government subsidies, tax breaks, and growing environmental concerns have all contributed to an increase in demand for electric two-wheelers that has accelerated the market recovery after the pandemic and is expected to continue. Besides, the growing interest in leisure and recreational activities such as racing, cruising, and sports has maximized the sales of two-wheelers, driving the industry.
Moreover, the fact that these vehicles may be used efficiently for short-distance travel and low-noise operations may favorably impact the expansion of the two-wheeler industry in the ensuing years. Additionally, the development of anti-lock braking systems (ABS), made with state-of-the-art features that offer comfort, elegance, and safety, is popular with customers and increases sales of two-wheelers worldwide, further states the research report, “Global Two Wheeler Market Analysis, 2023.”
The market is broadly divided into Fuel, Vehicle, Application, and Engine Capacity. The Fuel is further classified into Gasoline, Petrol, Diesel, CNG/LPG, Electric, and Battery. Likewise, Vehicle has three sub-segments Moped, Motorcycle, and Scooter. Further, Applications are classified as Commercial and Personal Use. Lastly, based on Engine Capacity, the market is categorized into Up to 125 ccs, 126 to 250 cc, 251 to 500 cc, and Above 500 cc.
Introduction of Electric–Powered Variants for Personal Use Driving the Motorcycles, Among Others
Motorcycles gained the highest share, and in the forecast period, they are expected to increase significantly. It is because motorcycles, particularly electric vehicles have become more common, giving benefits like faster acceleration, high torque, and extended range on a single charge. In addition, incentives and subsidies fuel government initiatives to promote electric vehicles in response to public concerns about pollution and emissions. As a result, electric two-wheelers are anticipated to outperform traditional motorbikes in several aspects, such as through non-polluting, silent operation, and low noise, spurring market expansion.
Asia-Pacific Dominates the Market with The Largest Share Through 2028
India and China are likely to gain a significant portion of the two-wheeler industry in Asia-Pacific throughout the forecasted timeframe. Low-movement motorbikes and mopeds have seen an enormous increase in demand over the past several years because of the problems with COVID-19 infection on public transit, traffic congestion, and the rise in single-person homes in Asia.
As a result, it opened the door for the creation of legislation to limit emissions. For instance, the Chinese government has implemented restrictions on gasoline-powered automobiles as part of its aggressive effort to reduce vehicular pollution by implementing limitations on gasoline-powered vehicles. These aspects are backing the market enlargement in the coming years.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Hero Moto Corp., Yamaha Motor Co., Ltd., Harley Davidson, TVS Motors, BMW Motorrad, Piaggio & C.S. p.A, Bajaj Auto Ltd., Kawasaki Heavy Industries, Ltd, Suzuki Motor Corporation, Honda Motor Co., Ltd. are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends that have shaped the industry to its current form?
- What key factors would propel and impede the Global Two Wheeler Market across the region?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition shaped across various countries, followed by their comparative factorial indexing?
- How have buying behavior, customer inclination, and expectations from Two Wheeler manufacturers evolved during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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