India may soon be seen growing in the two-wheeler market. According to a recent report by Counterpoint Research, India may overtake China to become the world’s largest two-wheeler market in 2024. The reason behind this growth is the country’s strong economic growth, preference for two-wheelers for short-distance travel, and the growing demand for these vehicles in the shared mobility space.
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Increasing demand for electric vehicles
In 2023, India saw a marginal increase in two-wheeler sales, but electric vehicle sales saw a bigger jump than expected. According to the report, more than 25% of the two-wheelers sold in 2024 are electric. According to senior analyst Soumen Mandal, India’s two-wheeler market is slowly gaining ground, but after 2025, consumers’ inclination towards electric vehicles is set to increase further. Along with other countries, the use of electric two-wheelers is also increasing rapidly in India.
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Electric two-wheeler market in India
The report also states that three of the top 10 electric two-wheeler manufacturers (Ola Electric, TVS Motors, and Ather Energy) are from India. This shows the rapidly growing market for electric two-wheelers in India. Greenfield ‘EV-first’ companies like Ola and Ather are giving tough competition to traditional companies like TVS, Bajaj, and Hero. Apart from this, companies like Ultraviolet, Revolt Motors, Energica Motor, Damon, and ARC are also emerging to compete with major companies like Harley Davidson, Enfield, and Yamaha in the premium segment.
Electric vehicles expand globally
The report also states that the share of electric vehicles in two-wheelers is expected to reach 44% globally by 2030. Apart from this, the use of semiconductors in these vehicles is expected to increase to 15% by 2030. Just as the effect of electrification is visible in the market, similarly there will be major changes in the two-wheeler market in the coming times.