Le Lézard
Classified in: Transportation
Subject: MRR

Two-Wheeler Market to Reach $260.60 Billion, Globally, by 2032 at 6.4% CAGR: Allied Market Research


The increase in demand for two-wheelers due to traffic congestion and growth in investment by manufacturers in the two-wheeler industry for superior performance and comfort drive the growth of the global two-wheeler market.

WILMINGTON, Del., Nov. 29, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Two-Wheeler Market by Vehicle Type (Scooter and Motorcycle), Propulsion (ICE and Electric), and Price (Low, Medium, and High): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global two-wheeler industry size generated $143.30 billion in 2022 and is estimated to reach $260.60 billion by 2032, exhibiting a CAGR of 6.4% from 2023 to 2032.

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Prime determinants of growth

Two-wheelers are a significant segment of the automotive industry, with manufacturers continually innovating to meet the evolving demands of consumers seeking convenient and sustainable mobility solutions. The growth of the market is driven by an increase in demand for two-wheelers due to traffic congestion, growth in investment by manufacturers in two-wheeler industry for superior performance and comfort, and rise in adoption of electric two-wheelers. However, factors such as the high risk of accidents and high cost associated with sports bikes restrain the market growth. On the contrary, the incorporation of cutting-edge technology in motorcycles and the rising popularity and evolution of motorcycle events in developing economies are expected to provide lucrative growth opportunities for market growth.

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Report Coverage & Details:

Report Coverage

Details

Forecast Period

2023?2032

Base Year

2022

Market Size in 2022

$143.30 billion

Market Size in 2032

$260.60 billion

CAGR

6.4 %

No. of Pages in Report

243

Segments Covered

Vehicle Type, Propulsion, Price, and Region

Drivers

Increase in demand for two-wheelers due to traffic congestion

Growth in investment by manufacturers in two-wheelers industry for superior performance and comfort

Rise in adoption of electric two-wheelers

Opportunities

Incorporation of cutting-edge technology in motorcycles

Rising popularity & evolution of motorcycles events in developing economies

Restraints

High risk of accidents

High cost associated with sports bikes

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The motorcycle segment to maintain its leadership status throughout the forecast period

Based on vehicle type, the motorcycle segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, owing to youth consumers being very selective about the performance and comfort of motorcycles, which leads to attractive marketing strategies by manufacturers with the launch of various designs of motorcycles. However, the scooter segment is projected to manifest the highest CAGR of 6.9% from 2023 to 2032, due to shift towards more environmentally friendly transportation options which has driven the demand for electric scooters, as they offer a cleaner and quieter alternative to traditional gasoline-powered models.

The ICE segment to maintain its leadership status throughout the forecast period

Based on propulsion, the ICE segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period, due to the rising integration of internal combustion engines (ICEs) with the fuel-efficient system of motorcycles which is one of the major factors driving the growth across the globe. However, the electric segment is projected to manifest the highest CAGR of 7.5% from 2023 to 2032, owing to an increase in demand for fuel-efficient, high-performance, and low-emission vehicles along with stringent government rules and regulations toward vehicle emission, which is increasing the demand for electric two-wheelers across the globe.

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The low segment to maintain its lead position during the forecast period

Based on price, the low-price segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period, due to the fact that two wheelers are cheap to buy as well as offer advanced safety features such as ABS. Moreover, these motorcycles provide great efficiency and are fuel efficient, which boosts the growth of the segment in the global market. However, the medium segment is projected to manifest the highest CAGR of 6.8% from 2023 to 2032, due to an increase in the income of consumers across the globe. The availability of a wider range of mid-priced two-wheelers that are equipped with advanced safety technologies boosts the growth of the segment.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022 and is expected to portray the largest CAGR of 7.1% from 2023 to 2032. The region dominates the global market due to high demographic growth, larger middle and lower-middle-class income populations, and an increasing inclination toward private transportation over public transport. In addition, developed countries like China have strengthened their industry leadership by making profits across all scopes of the supply side of electric motorcycles including current and projected production of e-motorcycles and their components, such as electric motors and lithium-ion battery cells.

Key Developments:

Leading companies are implementing various strategies such as acquisitions, agreements, expansions, partnerships, contracts, and product launches to reinforce their market positions.

Key Highlights of the Report:

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Leading Market Players: -

The report provides a detailed analysis of these key players in the global two-wheeler market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Similar Reports We Have on Automotive Industry:

Two-Wheeler Motorcycle Market Research Report 2023-2032

Motorcycle Market Research Report 2023-2032

Electric Scooter and Motorcycle Market Research Report 2023-2032

Cruiser Bikes Market Research Report 2023-2032

300cc Motorcycle Market Research Report 2023-2032

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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SOURCE Allied Market Research


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