• Global two-wheeler sales grew 4% YoY in H1 2024 supported by strong growth in India.

• India surpassed China to become the largest two-wheeler market in the world.

• Honda maintained its lead in the global two-wheeler market, followed by Hero MotoCorp, Yamaha and TVS Motor.

Seoul, Beijing, Hong Kong, Taipei, Tokyo, New Delhi, London, San Diego, Buenos Aires – October 17, 2024

Global two-wheeler sales grew 4% YoY in H1 2024, according to Counterpoint’s Global Two-wheeler Sales Tracker. Although India, Europe, North America, Latin America, and the Middle East & Africa saw growth, China and Southeast Asia (SEA) experienced a decline.

Commenting on the regional market dynamics, Senior Analyst Soumen Mandal said, "India’s two-wheeler market saw a remarkable 22% YoY growth in H1 2024, driven by rising demand in rural areas, supported by favourable monsoon conditions and government initiatives for rural development. This strong performance allowed India to surpass China and become the world’s largest two-wheeler market."

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 SEA, 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% 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. TVS Motor was the fastest-growing brand (up 25% YoY) among the top-10 brands while Yadea declined the most (down 29% YoY), slipping to fifth position.

Commenting on the market outlook, Vice President of Research Neil Shah noted, "Electrification is on the rise, and by 2030, we expect four out of 10 two-wheelers sold to be electric. This shift is also accelerating the adoption of embedded cellular connectivity in the two-wheeler segment. As the automotive industry advances toward C-V2X technology, the two-wheeler segment will follow suit. The integration of ADAS and connectivity features in the electric vehicle era will present significant opportunities for ecosystem players in semiconductors, components, telecom, and service sectors.”

*Sales here refer to wholesale figures, i.e. deliveries from factories by respective brands.

*Note: We have revised the global two-wheeler market figures for 2023 based on industry feedback, resulting in changes to the rankings. As of the end of 2023, TVS Motor's global two-wheeler ranking has been revised upward to fifth, while Bajaj Auto's ranking has been adjusted to sixth.

The comprehensive and in-depth ‘Global Two-wheeler Sales Tracker, H1 2024” and ‘Global Two-wheeler Sales Forecast, 2022-2030’ are now available for purchase at report.counterpointresearch.com.

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Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media, and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects, and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

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