According to Goldstein Research, “Rising urbanization and growing usage of motorcycles as a more convenient mode of transport than public transport and wide usage in business activities too are the major factors driving the growth of two wheelers market." Electric and conventional two wheeler manufacturers are paying attention to rising demand for the vehicles and focusing on rural areas since the penetration rates in rural areas are lower than the urban areas in developing regions.
“Global Two Wheelers Market Outlook 2024”
The global two wheelers market is segmented based on vehicle type and by fuel type. Vehicle type segment is further bifurcated into motorcycles, scooters and mopeds. In 2016, motorcycles accounted for the highest revenue share of more than 55% of total two-wheelers market owing to high fuel efficiency of motorcycles and the spurred demand will also be favoured by the high petroleum costs.
The global two wheelers market accounted for USD 90.1 billion in 2016 and is expected to reach USD 154.3 billion by the end of forecast period i.e. 2024. Further the market is anticipated to expand at a compound annual growth rate of 6.9% over the forecast period i.e. 2016-2024.
Geographically, Asia Pacific region is the largest two wheeler market with revenue share of more than 80% in 2016. India is the largest market for two wheelers in the region with sales increased 11.5% to more than 17 million vehicle sales, but China recorded 8.3% decline in volume to nearly 11 million units. Among the countries in the region Thailand, Malaysia and Philippines together accounted for the unit sales of 14.5 million in 2016. Singapore, Japan, Taiwan, New Zealand and Australia collectively accounted for 2 million units combines sales up by 1.2% in 2016 compared to 2015.
High End Motorcycles Variants Attracting New Consumer Base in Asia
The motorcycle market landscape has started to slowly shifting towards South East Asia after the region, undergoes structural change. Motorbikes with bigger engines in Countries such as Vietnam and Malaysia are outselling the bikes with smaller engines. After these noteworthy changes, many big market players are looking forward to enter these countries. For instance, Harley Davidson rolled out its entry-level motorcycle, the Street 750 in South East Asia in 2016. The 750cc model was a hit in India with sales accounting for 60% of company's total revenue in India after two months of its launch.
“Global Two Wheelers Market Outlook 2024” contains detailed overview of the global two wheelers market in terms of market segmentation by vehicle type and by fuel type.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Two Wheelers Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as Ducati Motor Holding S.p.A., Hero Motocorp Ltd., TVS Motor Company, Bajaj Auto Limited, Suzuki Motor Corporation, Harley-Davidson, Inc, BMW AG, Aprilia, Honda, Kawasaki, etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global two wheelers market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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