Two-wheeler Market to Reach USD 181.11 Billion by 2030; Rising Adoption of Electric Two-Wheelers Worldwide to Drive Market Expansion

The global two-wheeler market size was valued at USD 108.58 billion in 2022. Fortune Business Insights in its report titled “Two-wheeler Market Size, Share & COVID-19 Impact Analysis, By Type (Scooter, Motorcycle, and Moped), By Technology (ICE and Electric), and Regional Forecast, 2023– 2030” states that the market is projected to grow from USD 114.46 billion in 2023 to USD 181.11 billion by 2030 at a CAGR of 6.8% during the forecast period. The rising traffic congestion in metropolitan cities in tandem with growing fuel prices encourages users to opt for two-wheelers (2W) as the preferred option for traveling. Two-wheelers have higher fuel efficiency than cars and are easy to navigate through traffic congestion, thus aiding market growth.

Triumph Announced the Completion of TE-1 Electric Motorcycle Testing 

In June 2022, Triumph Motorcycles, a British manufacturer, announced the completion of the TE-1 electric motorcycle project after four testing phases spanning across two years. The manufacturer claims that the TE-1 prototype has a peak torque rating of 109Nm with a maximum power output of 177 PS. It weighs 220 kg, which is 25% lighter than other electric motorcycles. It has a range of 161 kilometers in one charge.

Closure of Manufacturing Facilities Inhibited Market Proliferation Amid the Pandemic

The COVID-19 pandemic impacted all regions and economies differently with a few regions recording a substantial fall in 2W sales while others witnessed increased motorcycle sales. As per the European Association of Motorcycle Manufacturers, the total number of motorcycle registrations in France, Italy, Spain, Germany, and the U.K. fell by 37.9% in March 2020 as compared to the same month in 2019. Additionally, the situation worsened further in April 2020, when combined registrations in the largest markets fell by roughly 74.9%, with some economies witnessing an 84% to 96% decline. The closure of manufacturing facilities owing to labor and raw material shortages hindered the two-wheeler market growth during the COVID-19 outbreak.

Rising Adoption of Electric Two-wheelers Worldwide to Drive Market Expansion

Rising crude oil prices and fluctuating exchange rates affect gasoline prices globally as several economies import fuel from the Middle Eastern economies. Electric 2Ws are highly efficient for city commuting, making them a great alternative to gasoline-fueled vehicles, thereby leading to the rising adoption of electric mobility worldwide. Furthermore, rising awareness regarding the adverse effects of growing carbon emissions in the environment is driving end-users to opt for a greener alternative for commuting. Moreover, electric 2Ws have low operational costs compared to conventional vehicles.

On the other hand, the rising number of two wheeler and motorcycle accidents and concerns regarding the safety will hinder the two wheeler market growth in the coming years.

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https://www.fortunebusinessinsights.com/two-wheeler-market-106884

Efforts to Increase Manufacturing Capacity to Aid Market Proliferation

Industry leaders often make strategic decisions such as partnerships, product launches, collaborations, mergers, and acquisitions to maximize profits and gather larger revenues. For instance, in May 2022, Suzuki Motorcycle announced its proposition for its new manufacturing facility for 2Ws in Haryana. The company has been allotted a 100-acre plot by the local government. The first plant with a manufacturing capacity of 250,000 vehicles per annum is expected to be commissioned by 2025.

Notable Industry Development

• November 2022: Piaggio showcased the high-performance Vespa GTV at EICMA 2022. The Vespa GTV has a retro classic design along with sporty flair. It offers a total power output of 23.4 bhp along with a 300cc high performance engine powertrain.

List of Key Companies Profiled in the Report:

• Honda Motor Co., Ltd. (Japan)


• Yamaha Motors Co. (Japan)


• Hero Moto Corp. (India)


• Suzuki Motor Corporation (Japan)


• BMW Motorrad International (Germany)


• Bajaj Auto (India)


• Emergica Moto Company Inc. (Italy)


• Kawasaki (Japan)


• Piaggio & C. SpA (Italy)


• Triumph Motorcycles Ltd. (U.K.)

Further Report Findings

• As per type, the motorcycle segment held the largest market share in 2022. Motorcycles are widely used in China and India for food and goods delivery services and are also used as self-drive rentals and bike taxis, which will drive segment expansion.


• According to technology, Internal Combustion Engine (ICE) segment dominated the market in 2022. The high demand for ICE 2W in economies, such as India and China, owing to their better performance than electric vehicles is aiding segment growth. 


• Asia Pacific held the largest market share in 2022, owing to increasing adoption of two wheelers in the region.

Table of Segmentation