Sales of two-wheelers declined in China.There was high demand for electric two-wheelers.Chinese companies became weak in other markets also.
New Delhi. India has achieved a new achievement in the sales of two-wheelers. According to the latest data, India has become the largest market for two-wheelers, leaving China behind. This information has come out in a report released on Friday. The report said that two-wheeler sales have seen growth in India, Europe, North America, Latin America and the Middle East and Africa, while there has been a decline in China and Southeast Asia (SEA).
According to Counterpoint Research, two-wheeler sales globally are expected to grow by 4% (year-on-year) in the first half of 2024. Senior Analyst of the organization, Soumen Mandal said that India’s two-wheeler market has seen a significant annual growth of 22% in the first half of this year. He said, “Due to this strong performance, India succeeded in becoming the world’s largest two-wheeler market, leaving China behind.”
Demand for two-wheelers slowed down
The Chinese government is vigorously promoting electric vehicles. Like India, the Chinese government also gives subsidy on the purchase of electric vehicles. However, petrol-powered two-wheelers are bearing the brunt of this. Due to this policy of the government, the demand for electric two-wheelers increased among the people, but on the other hand, people reduced the purchase of petrol-powered two-wheelers. Two-wheelers below 125cc remain popular in China, but consumers are now preferring e-bikes over motorcycles and scooters for daily commuting. This change has caused a temporary slowdown in the Chinese two-wheeler market.
At the same time, in key markets like Southeast Asia, Indonesia, Vietnam, Philippines, Thailand and Malaysia, two-wheeler sales have declined due to geopolitical trade tensions, strict lending norms and caution in consumer spending amid economic uncertainty.
Dominance of Indian companies in top-10
Globally, the top-10 two-wheeler manufacturers achieved more than 75% sales share in the first half of 2024. Honda maintained its dominant position in the global two-wheeler market, followed by Hero MotoCorp, Yamaha, TVS Motors and Yadea. TVS Motor recorded the fastest growth among the top-10 brands (25% YoY growth), while Yadea saw the biggest decline in sales (29% YoY decline), slipping to fifth position.
Counterpoint Research Vice President Neel Shah said that electrification is increasing and by 2030 we expect one in four two-wheelers sold will be electric. He said this change is also accelerating the adoption of built-in cellular connectivity in the two-wheeler sector. As the automotive industry moves towards C-V2X technology, the two-wheeler segment will also follow suit.
Tags: Auto News, Bike news, chinese india
FIRST PUBLISHED : October 19, 2024, 4:52 PM IST
