New Delhi: According to a survey released on Friday, India is expected to overtake China this year to take the top spot in the global two-wheeler (2W) industry. According to Counterpoint Research, India will surpass China due to its strong economic growth, consumers’ desire for 2Ws for short trips, and rising 2W demand in the shared mobility market.
The market for electric E2W vehicles is expanding quickly; by 2024, sales penetration is predicted to be 1.5 times higher than passenger EVs with four wheels.
In 2023, two-wheeler sales increased by less than 1% year over year. With over 25% of 2Ws likely to be battery-powered by 2024, the electric two-wheeler (E2W) segment of the market is predicted to grow at a faster rate in the future.
According to senior analyst Soumen Mandal, the 2W industry is maturing, although electrification adoption is anticipated to increase dramatically, especially after 2025. He said, “In particular, India and Southeast Asian nations will see widespread adoption of E2Ws with a faster transition to EVs in these markets.”
Three Indian brands—Ola Electric, TVS Motor, and Ather Energy—are included in the top 10, indicating the country’s growing influence in the E2W industry. Greenfield “EV-first” 2W startups Ola and Ather are also competing with established players like TVS, Hero, and Bajaj.
“In the premium 2W segment, we are seeing the entry of newer players such as Ultraviolet, Revolt Motors, Energica Motor, Damon and ARC Vehicle to compete with Harley Davidson, Enfield, Yamaha and others,” said the report.
By 2030, electric E2W sales will account for 44% of global 2W sales, and between 2024 and 2030, cumulative E2W sales will surpass 150 million units, providing the impetus for the nascent E2W value chain to expand globally.
Research Vice President Neil Shah stated that the 2W market is changing to include connection, much like the four-wheeler sector, particularly in light of growing electrification.
“Electrification entails ubiquitous wide area network connectivity, like 4G now or 5G RedCap in the future, along with related software and services,” said Shah. The overall semiconductor consumption by 2Ws will also increase to 15 per cent by 2030.
IANS
