New Delhi, Oct 18 || India has surpassed China to become the largest two-wheeler market in the world, driven by rising demand in rural areas, supported by favourable monsoon conditions and government initiatives for rural development, a report showed on Friday.
Globally, two-wheeler sales grew 4 per cent (year-on-year) in the first half of 2024, according to Counterpoint Research.
Although India, Europe, North America, Latin America, and the Middle East and Africa saw growth, China and Southeast Asia (SEA) experienced a decline.
Senior analyst Soumen Mandal said that India’s two-wheeler market saw a remarkable 22 per cent YoY growth in the first half this year.
“This strong performance allowed India to surpass China and become the world’s largest two-wheeler market,” he mentioned.
Two-wheelers saw strong double-digit growth (year-on-year) in the second quarter of this fiscal in India.
In China, two-wheelers under 125cc remain popular, but consumers are increasingly opting for e-bicycles over motorcycles and scooters for daily commuting. This shift has led to a temporary slowdown in the Chinese two-wheeler market, particularly in the electric segment.
In South East Asia, major markets such as Indonesia, Vietnam, the Philippines, Thailand, and Malaysia saw a decline in two-wheeler sales due to geopolitical trade tensions, stricter lending criteria, and cautious consumer spending amid economic uncertainty.
The top-10 global two-wheeler manufacturers captured over 75 per cent of sales during H1 2024.
Honda maintained its leading position in the global two-wheeler market, followed by Hero MotoCorp, Yamaha, TVS Motor and Yadea.