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Two-wheeler Market Size, Share & Industry Analysis, By Type (Scooter, Motorcycle, and Moped), By Technology (ICE and Electric), and Regional Forecast, 2024– 2032

Last Updated: May 06, 2024 | Format: PDF | Report ID: FBI106884

 

KEY MARKET INSIGHTS

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The global two-wheeler market size was valued at USD 116.82 billion in 2023. The market is projected to grow from USD 123.54 billion in 2024 to USD 215.96 billion by 2032, exhibiting a CAGR of 7.2% during the forecast period.


The global two-wheeler market encompasses producing, distributing, and selling motorcycles, scooters, and mopeds. It is vital in urban mobility, personal transportation, and last-mile delivery services. Key trends shaping the market include the rise of electric two-wheelers, driven by environmental concerns and government incentives, and the growing demand for premium and high-performance motorcycles among enthusiasts and urban commuters. Additionally, technological advancements, such as connected features and digital dashboards, enhance the riding experience and safety of two-wheelers.


Despite challenges, such as regulatory changes, fluctuating fuel prices, and economic uncertainties, the global two-wheeler market is expected to continue growing, driven by urbanization, rising disposable incomes, and the need for affordable and convenient transportation solutions.


The COVID-19 pandemic substantially impacted the global two-wheeler market, causing disruptions in production, supply chains, and consumer demand. Lockdowns and social distancing measures reduced mobility and economic uncertainty, leading to a decline in sales of motorcycles and scooters. However, as restrictions ease and consumer confidence improves, the two-wheeler market is poised to rebound in the post-pandemic era.


Two-wheeler Market Trends


Growing Inflation and Rising Fuel Prices to Surge the Demand for Electric Two-wheelers Worldwide


Global crude oil prices and currency exchange rate affect gasoline prices worldwide as various economies import fuels from the Gulf countries. Electric two wheelers are highly efficient for city commuting and offer a great alternative to gasoline-fueled vehicles, leading to increased adoption of electric mobility worldwide.


Moreover, the growing environmental awareness of the harmful repercussions of carbon emissions is driving the end-users to opt for a greener alternative for commuting. Additionally, they have low operational costs compared to conventional vehicles. Therefore, rising fuel prices and adopting electric versions of these vehicles are some of the market trends observed in developing economies worldwide.


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Two-wheeler Market Growth Factors


Rapid Urbanization and Growing Traffic Congestion to Aid Market Growth


The problems associated with rapidly growing urbanization are high population density, road traffic congestion, lack of parking spaces, and inadequate mobility infrastructure. Over the past decade, developing countries have witnessed rapid urbanization. According to the United Nations (UN) Department of Economics and Social Affairs, nearly 68% of the world's population will live in urban areas by 2050.


Asia Pacific is anticipated to witness market growth during the forecast period due to urbanization, and the infrastructure across the metropolitan cities is anticipated to grow at an average rate of around 3% per year. Therefore, increasing demand for compact mobility solutions, such as motorcycle and scooters, in developed and developing economies due to road congestion and lack of parking spaces will likely improve market growth in the coming years.


Increasing Demand for Affordable and Efficient Urban Mobility Solutions Elevate Market Augmentation


As urbanization accelerates and populations concentrate in cities, the need for convenient and cost-effective transportation options becomes paramount. Two-wheelers, including motorcycles and scooters, offer a practical and agile mode of transportation for navigating congested urban streets and reaching destinations quickly. Furthermore, technological advancements, particularly in electric two-wheelers, are expected to fuel market growth. With increasing environmental concerns and government initiatives promoting electric mobility, there is a growing shift towards electric motorcycles and scooters.


Global crude oil prices and currency exchange rates affect gasoline prices worldwide as various economies import fuels from the Gulf countries. Most of the populace in urban areas utilize four-wheelers such as sedans, compact cars, SUVs, and other four-wheelers for long-range transportation, daily commute, and other travel-related activities. However, it provides significantly better fuel economy compared to four-wheelers. Therefore, a sharp surge in gasoline prices will likely shift the urban and rural populace's preference from four-wheelers to these vehicles for superior fuel economy and low maintenance.


Additionally, the COVID-19 pandemic accelerated the adoption of two-wheelers as a preferred mode of transportation, especially in urban areas where social distancing measures and concerns over public transportation safety have led to a surge in demand for personal mobility solutions. Research suggests that the pandemic reshaped consumer preferences toward individual transport modes, driving sales of motorcycles and scooters.


In conclusion, the increasing demand for affordable and efficient urban mobility solutions, technological advancements, and changing consumer preferences represent a significant driving force for the global two-wheeler market. With favorable market dynamics and growing demand from emerging economies, the market is poised for continued expansion in the coming years.


RESTRAINING FACTORS


Rising Safety Concerns Regarding Riding Two-wheelers to Limit the Market Growth


Four-wheelers, such as sedans, SUVs, and other cars, provide more comfort, safety, and convenience than them. Therefore, the populace prefers four-wheelers for long-distance rides. In addition, an increasing number of accident cases involving 2W is further anticipated to impact global motorcycle and scooter sales negatively. For instance, according to the National Crime Records Bureau (NCRB), in 2021, two-wheelers accounted for 44.5% of the total road accident deaths in India.


Two-wheeler Market Segmentation Analysis


By Type Analysis


Growing Demand for Higher Speeds in Two-wheelers Drives the Demand for Motorcycles Globally


Based on type, the market is segmented into scooter, motorcycle, and moped. The motorcycle segment held the largest market share in 2022 and is also expected to grow at a significant growth rate from 2023 to 2030. Motorcycles are extensively used in India and China for food and goods delivery services and are also used as self-drive rentals and bike taxis. Moreover, the Asia Pacific region holds the largest market share, thus propelling the segment's growth.


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By Technology Analysis


Affordability of Two-wheelers Among Middle Class Populace to Fuel ICE Segment Expansion


Based on technology, the market is categorized into ICE and electric. Internal Combustion Engine (ICE) two-wheelers (2W) accounted for the largest market size in 2023. ICE 2W demand is still consistent in high-volume countries such as India, China, and other Southeast Asian countries as the relatively affordable electric mopeds available in these regions are not comparable in terms of performance (range per charge, power, and time taken for charging). Moreover, lack of sufficient charging infrastructure supporting the adoption of electric vehicles is surging the demand for IC engines. 


The electric segment is the fastest-growing segment by technology, with a highest CAGR between 2024 to 2032 and is expected to assist the overall two-wheeler market growth. Currently, the majority of e-2Ws sold are low-speed vehicles. However, with government subsidies and evolving technology, both supply and demand will shift to high-speed vehicles.


REGIONAL INSIGHTS


The regional analysis section covers the trends and demand in various regions such as Asia Pacific, Europe, North America, and the rest of the world.


Asia Pacific Two-Wheeler Market Size, 2023 (USD Billion)

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Asia Pacific dominated the two-wheeler market share in 2023, with India and China accounting for a majority of market share. They offer a cost effective alternative and are highly compact when compared to passenger vehicles. Furthermore, consumers tend to opt for them as they provide higher fuel efficiency at low cost. These few factors are driving the demand in the Asia Pacific market.


The increasing penetration of the product is also creating the need for new environmental related legislation to control air pollution. For instance, in Vietnam (the fourth largest market in Asia in terms of volume sales), the capital city of Hanoi is planning to ban motorbikes across all of its core districts after 2025 to curb emissions. These factors will impact the market growth.


Europe also accounted for a significant market share in 2023 and is expected to grow at a steady CAGR over the forecast period. The 2W registrations in five of the largest Europe markets, including the U.K., Spain, France, Italy, and Germany, increased drastically compared to 2020. The North America market accounted for a decent market size in 2023, and it is expected to grow significantly over the forecast period.


List of Key Companies in Two-wheeler Market


Companies are Focusing on Developing and Introducing Electric Two-wheelers to Widen their Customer Base


Various regional and international players consistently develop advanced strategies to effectively introduce new electric models in the automotive industry to take a leading step in the competitive landscape. Many companies are forming mergers and partnerships & collaboration strategies to enable market growth. In March 2021, Honda signed a Letter of Intent with KTM, Piaggio, and Yamaha Motor to create a Swappable Batteries Consortium for motorcycles and light electric vehicles.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • February 2024: WardWizard Innovations & Mobility Limited unveiled the first-ever Hydrogen-Powered Electric Two-Wheeler and a High-Speed Electric Scooter concept that could reshape the future of mobility in India. The brand aims to revolutionize the industry with this technology, emphasizing its dedication to sustainability and robust research and development capabilities.

  • January 2024: Benelli has launched its latest entry-level middleweight Benelli Tornado 400 supersport in European markets.  The Tornado 400 gets full-LED lighting, a 5-inch full-color TFT display, Bluetooth connectivity for calls and text alerts, navigation via the smartphone app, a tire pressure monitoring system, and a USB charging port.

  • January 2024: Italian motorcycle maker Ducati announced its plan to launch eight motorcycles in India in 2024. Alongside the 8 launches, The planned models will be Multistrada V4 RS, DesertX Rally, Panigale V4 Racing Replica 2024, Diavel for Bentley, Monster 30° Anniversario, Panigale V4 SP2 30° Anniversario 916, along with the new Streetfighter V4S 2024

  • December 2023: Bengaluru-based EV startup Simple Energy has launched its second electric scooter, the Dot One. The Dot One has only a fixed battery, delivering a 151 km certified range and 160km in IDC.

  • December 2023: Honda Global has confirmed its investment plan of around USD 3.4 Billion by 2030. It will launch an electric motorcycle equivalent to the 110-125 CC commuter segment. The model will be equipped with swappable batteries completely built in India.


REPORT COVERAGE


The report provides regional insights on this market and focuses on key aspects such as leading companies, product/service types, and leading product applications. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the market's growth in recent years.


An Infographic Representation of Two Wheeler Market

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Report Scope & Segmentation
















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 7.2% from 2024 to 2032



Unit



Volume (Thousand Units), Value (USD Billion)



Segmentation



By Type



  • Scooter

  • Motorcycle

  • Moped



By Technology



  • ICE

  • Electric



By Region



  • North America (By Type, By Technology)

    • U.S. (By Type)

    • Canada (By Type)

    • Mexico (By Type)



  • Europe (By Type, By Technology)

    • Germany (By Type)

    • France (By Type)

    • U.K. (By Type)

    • Netherlands (By Type)

    • Italy (By Type)

    • Spain (By Type)

    • Rest of Europe (By Type)



  • Asia Pacific (By Type, By Technology)

    • China (By Type)

    • India (By Type)

    • Japan (By Type)

    • South Korea (By Type)

    • Indonesia (By Type)

    • Vietnam (By Type)

    • Philippines (By Type)

    • Thailand (By Type)

    • Taiwan (By Type)

    • Malaysia (By Type)

    • Rest of APAC (By Type)



  • Rest of the World (By Type, By Technology)






Frequently Asked Questions

As per the Fortune Business Insights study, the market size was USD 116.82 billion in 2023.

The market is likely to grow at a CAGR of 7.2% over the forecast period (2024-2032).

The ICE segment is expected to lead the market due to consumer preference for IC engines in major regions.

Some of the top players in the market are Honda, Yamaha, Suzuki, Bajaj, and others.

Asia Pacific dominated the market in terms of market size in 2023.

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