The India 2-wheeler Market, valued at nearly USD 18.5 billion in 2023, is on track for strong expansion with a projected CAGR of around 10.1% from 2024 to 2032. This growth is being driven by rapid urbanization, rising disposable incomes, increasing affordability, and a steady shift toward electric mobility. As India continues to outpace major global economies in terms of growth, the purchasing power of its population is rising, resulting in higher discretionary spending—particularly in personal mobility.

Two-wheelers remain one of the most convenient and versatile modes of transportation in India. Alongside being easy to learn and maneuver, they offer a unique riding experience, which has long appealed to Indian consumers. Notably, the top three reasons for two-wheeler ownership in India are affordability, low maintenance costs, and compact size, making them ideal for navigating dense urban environments.

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Evolution of India’s Two-Wheeler Industry

India's two-wheeler sector has undergone remarkable transformation since its early days. The industry’s origins can be traced back to 1955, when the Indian Army commissioned the iconic 350cc Bullet motorcycles from Royal Enfield (UK), assembled in Chennai. These rugged bikes were essential for navigating challenging terrains in northern and western India.

A major shift occurred in the 1970s, when the industry began adopting foreign collaborations under a government licensing regime. This decade saw local manufacturers gain traction, and between 1974 and 1979, sales grew by an impressive 60%, with overall industry growth averaging 15% annually. The momentum continued into the 1980s and 1990s, when policy changes opened the door for international collaboration for sub-100cc vehicles.

India’s economic liberalization in the early 1990s accelerated the industry’s trajectory. With increasing FDI inflows and favorable regulatory reforms, domestic production skyrocketed. Today, India stands as the world’s second-largest producer of two-wheelers, following China.

Demand has continued to be shaped by economic stability, income levels, and practical considerations. In emerging markets like India and China, two-wheelers serve as an affordable and fuel-efficient alternative to walking, cycling, or relying on public transport—especially as fuel prices rise.

Major brands dominating the landscape include Honda, Yamaha, Hero MotoCorp, Bajaj Auto, and Suzuki.

Market Segmentation

1. By Source Type

• ICE (Internal Combustion Engine)
• Electric 2-Wheelers (E2W)

The ICE segment currently leads and is expected to maintain dominance through 2025. However, electric two-wheelers are poised for rapid growth as India pushes toward cleaner mobility and consumers adopt greener alternatives.

A wide product portfolio from manufacturers enables customers to choose models that best match their lifestyle and budget—ultimately enhancing consumer satisfaction and improving quality of life.

2. ICE Segment – By Vehicle Type

• Motorcycle
• Scooter
• Moped
• Performance Bike
• Other Models

Motorcycles command the largest share, driven by strong demand among young, income-earning riders. Recent years have seen India surpass China in motorcycle sales—an important milestone for the industry.

3. ICE Segment – By Vehicle Class

• Economy
• Executive
• Premium
• Other Models

The economy class continues to dominate due to affordability. However, as consumer incomes rise and manufacturers launch new high-end models, the premium motorcycle segment is experiencing strong upward momentum.

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Competitive Landscape

The report provides a comprehensive look at key industry players through detailed company profiles, including:

• Hero MotoCorp
• Honda
• TVS
• Bajaj
• Royal Enfield
• Yamaha
• Suzuki
• Piaggio
• Mahindra
• Kawasaki
• Harley-Davidson
• Triumph

These brands collectively dominate the Indian market, with the top three players commanding over 80% of total market share.

Key insights include mergers and acquisitions, production capacities, new launches, technological advancements, collaborations, and other strategic initiatives that shape the industry’s competitive dynamics.

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