Two-Wheeler Market Size to Hit USD 181.11 Billion, Globally, by 2030 at a CAGR of 6.8%

Global Two-wheeler Market to Record 6.8% CAGR during 2023-2030; Growing Urbanization and Rising Traffic Congestion to Aid Market Growth

Pune, India., June 13, 2023 (GLOBE NEWSWIRE) — The global two-wheeler market size was worth USD 108.58 billion in 2022. The market value is slated to rise from USD 114.46 billion in 2023 to USD 181.11 billion by 2030 at 6.8% CAGR during the forecast period. Rising inflation and growing prices of crude oil worldwide have boosted the adoption of electric vehicles. Electric two-wheelers are a great alternative to their traditional counterparts when it comes to city commuting as they have low operational costs and are a green way to travel. This information is provided by Fortune Business Insights, in its report titled, “Two-Wheeler Market, 2023-2030.”

Notable Industry Development:  

January 2023: Bajaj has recently joined forces with Triumph Motorcycles in a non-equity partnership to manufacture mid-capacity motorcycles for the Indian and international markets. The tie-up will enable Triumph to enter the small motorcycles market through Bajaj’s extensive dealer network and experience in developing countries while Bajaj will get access to Triumph advanced technology and know-how.

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Market Drivers & Restraints-

Growing Urbanization and Rising Traffic Congestion to Aid Market Growth

Rising urbanization has resulted in problems such as growing road traffic congestion, high population density, and lack of adequate parking spaces. 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. This urbanization causes a strain on the mobility infrastructure in developing countries and generates the need for compact mobility solutions such as scooters and motorcycles to better combat these problems, thus driving the two-wheeler market growth.

On the other hand, rising concerns regarding the safety of two wheelers and growing number of 2W accidents will hinder market augmentation in the coming years.

Report Highlights:

Regional Insights-

Asia Pacific to Lead Stoked by Rising Penetration of Two-wheelers to Curb Emissions

Asia Pacific held the largest two-wheeler market share in 2022, owing to increasing adoption of two wheelers in the region. The region is also projected to grow at the highest growth rate across all regions in the coming years.

The Europe market is slated to witness significant expansion over the forecast period. 2W registrations in the U.K., Spain, France, Italy, and Germany increased substantially as compared to 2020.

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/two-wheeler-market-106884

COVID-19 Impact

Closure of Manufacturing Facilities Hampered Market Growth amid the Pandemic

The impact of COVID-19 was varied across different regions. Some regions recorded a substantial fall in two-wheeler sales, whereas a few regions witnessed a rise in motorcycle sales in 2020. According to the European Association of Motorcycle Manufacturers, the total number of 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 84% to 96% decline. The closure of manufacturing facilities due to imposition of lockdowns and raw material shortages further hindered market expansion.

Segments-

Motorcycle Segment to Lead Stoked by their Usage for Food and Goods Delivery

Based on type, the market is divided into scooter, motorcycle, and moped. Among these, the motorcycle segment dominated the market 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 aid segment growth.

ICE Segment to Dominate Owing to Better Performance as Compared to EVs 

According to technology, the market is split into ICE and electric. Internal Combustion Engine (ICE) two-wheelers (2W) held the largest market share 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 the segment growth. Furthermore, lack of sufficient charging infrastructure to support the adoption of electric vehicles is propelling the demand for IC engines. Geographically, the market is segregated into North America, Europe, Asia Pacific, and the rest of the world.

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Competitive Landscape-

Product Launches by Industry Leaders to Drive Market Escalation

Leading manufacturers often make tactical decisions such as partnerships, collaborations, investments in R&D, and mergers and acquisitions to gather larger revenues and enlarge profit margins. One such move is the launch of new and advanced products to meet changing consumer needs. For instance, in January 2023, Hero MotoCorp recently started commercial production trials for 100-125cc flex fuel motorcycles that will be launched soon. The company is also planning to launch two new ICE motorcycles in the 300cc segment, one of which is developed in partnership with Harley Davidson.

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A list of prominent Two Wheeler manufacturers operating in the global market:

• 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.)

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Table of Content:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Industry Developments –Mergers, Acquisitions and Partnerships
  • Porters Five Forces Analysis
  • Technological Development
  • Impact of Covid-19
• Global Two-Wheeler Market Analysis, Insights and Forecast, 2019-2030
  • Key Findings / Definitions
  • Market Analysis, Insights and Forecast – By Type
    • Scooter
    • Motorcycle
    • Moped
  • Market Analysis, Insights and Forecast – By Technology
    • ICE
    • Electric
  • Market Analysis, Insights and Forecast – By Region
    • North America
    • Europe
    • Asia pacific
    • Rest of the world
• North America Two-Wheeler Market Analysis, Insights and Forecast, 2019-2030
  • Market Analysis, Insights and Forecast – By Type
    • Scooter
    • Motorcycle
    • Moped
  • Market Analysis, Insights and Forecast – By Technology
    • ICE
    • Electric
  • Market Analysis – By Country
    • The U.S.
      • By Technology
    • Canada
      • By Technology
    • Mexico
      • By Technology
• Europe Two-Wheeler Market Analysis, Insights and Forecast, 2019-2030
  • Market Analysis, Insights and Forecast – By Type
    • Scooter
    • Motorcycle
    • Moped
  • Market Analysis, Insights and Forecast – By Technology
    • ICE
    • Electric
  • Market Analysis – By Country
    • The U.K
      • By Technology
    • Germany
      • By Technology
    • France
      • By Technology
    • Netherlands
      • By Technology
    • Italy
      • By Technology
    • Spain
      • By Technology
    • Rest of Europe
      • By Technology
• Asia Pacific Two-Wheeler Market Analysis, Insights and Forecast, 2019-2030
  • Market Analysis, Insights and Forecast – By Type
    • Scooter
    • Motorcycle
    • Moped
  • Market Analysis, Insights and Forecast – By Technology
    • ICE
    • Electric
  • Market Analysis – By Country
    • China
      • By Technology
    • India
      • By Technology
    • Japan
      • By Technology
    • South Korea
      • By Technology
    • Indonesia
      • By Technology
    • Vietnam
      • By Technology
    • Philippines
      • By Technology
    • Thailand
      • By Technology
    • Taiwan
      • By Technology
    • Malaysia
      • By Technology
    • Rest of Asia Pacific
      • By Technology

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