India Triumphs: Exciting New Milestone As World’s Largest Two-Wheeler Market Surpasses China
India has emerged as the world’s largest two-wheeler market, overtaking China, according to a recent report by Counterpoint Research. This shift is attributed to increasing demand in India’s rural regions, spurred by favorable monsoon conditions and government-driven rural development initiatives. In the first half of 2024, global two-wheeler sales grew by 4% year-on-year, with significant growth in regions like India, Europe, North America, Latin America, and the Middle East and Africa. Conversely, China and Southeast Asia experienced a downturn in sales.
India’s two-wheeler market witnessed an impressive 22% year-on-year growth during the first half of the year. Senior Analyst Soumen Mandal credits this surge as the reason India eclipsed China in the global two-wheeler standings. The country experienced strong double-digit growth in the second quarter of the fiscal year.
In China, while two-wheelers under 125cc remain in demand, there’s a noticeable shift towards e-bicycles for daily commuting. This change has led to a temporary slowdown in the Chinese market, particularly in the electric segment. Southeast Asian markets, including Indonesia, Vietnam, the Philippines, Thailand, and Malaysia, faced declining sales due to geopolitical trade tensions, stricter lending conditions, and cautious consumer spending amid economic uncertainties.
In the first half of 2024, the top ten global two-wheeler manufacturers captured over 75% of sales. Honda retained its global leadership, followed by Hero MotoCorp, Yamaha, TVS Motor, and Yadea. TVS Motor emerged as the fastest-growing brand among these, with a 25% year-on-year increase, while Yadea saw a significant 29% decline.
As electrification trends gain momentum, Neil Shah, Vice President of Research, projects that by 2030, four out of ten two-wheelers sold will be electric. This shift is also driving the adoption of embedded cellular connectivity, aligning with the automotive industry’s move towards C-V2X technology.
Original Story https://www.morungexpress.com/india-surpasses-china-to-become-largest-two-wheeler-market-globally
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