APAC Two Wheeler Market to Grow with a CAGR of 9.27% through 2029
The APAC Two Wheeler Market is expanding, driven by rising demand for convenience and shelf-stable products, the popularity of outdoor activities, health-conscious consumer trends, and technological advancements that improve quality, efficiency, and sustainability in production.
According to TechSci Research report, “APAC Two Wheeler Market – By Country, Competition Forecast & Opportunities, 2029F”,”, the APAC Two Wheeler Market stood at USD 70.23 billion in 2023 and is expected to grow USD 119.55 billion by 2029 with a CAGR of 9.27% during the forecast period. The APAC two-wheeler market is experiencing significant growth, driven by factors like urbanization, increasing disposable incomes, and the need for cost-effective, fuel-efficient transportation options. With rising traffic congestion in major cities, two-wheelers are becoming the preferred mode of transport, offering quick mobility at a lower cost. India, China, and Southeast Asian countries, such as Indonesia and Vietnam, contribute the most to the market's growth, with strong demand for both motorcycles and scooters. This demand is especially pronounced in urban areas, where two-wheelers are ideal for navigating traffic.
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In recent years, there has been a noticeable shift towards electric vehicles (EVs) in the region, spurred by government incentives, environmental concerns, and advancements in battery technology. Countries like India and China are leading the charge in the adoption of electric two-wheelers, with policies such as India's FAME II scheme and China's subsidies for EVs. The growing awareness of sustainability and the need to reduce carbon footprints have made electric motorcycles and scooters an attractive alternative to traditional gasoline-powered models. Additionally, the lower cost of ownership and maintenance of EVs is driving their popularity.
Despite this growth, the APAC two-wheeler market faces several challenges. Infrastructure limitations, particularly the lack of charging stations for electric vehicles, pose a significant hurdle in some countries. Moreover, fluctuating raw material prices, such as those for steel and rubber, affect production costs, leading to price volatility in the market. Safety concerns, especially in countries with low road safety standards, also hinder the widespread adoption of two-wheelers. Manufacturers are continuously working to improve the safety features of their products, but regulatory challenges and inconsistent enforcement of traffic laws in certain regions add to the complexity.
The APAC Two Wheeler Market is segmented into vehicle type, engine capacity, and region.
Based on vehicle type, motorcycle segment dominates the APAC two-wheeler market due to its widespread popularity in both rural and urban areas. Motorcycles are favored for their durability, fuel efficiency, and ability to handle diverse terrains, making them the go-to choice for a large portion of the population. This segment is especially dominant in countries like India and Indonesia, where motorcycles serve as primary transportation for commuters. Their affordability and versatility contribute to their strong market presence, overshadowing the scooter and electric vehicle segments, though the latter is slowly gaining traction in urban areas.
Major companies operating in the APAC Two Wheeler Market are:
- Honda Motor Co., Ltd.
- Suzuki Motor Corporation
- Yamaha Motor Co., Ltd.
- Hero MotoCorp Ltd.
- Bajaj Auto Ltd.
- TVS Motor Company
- Piaggio & C. SpA
- Kawasaki Heavy Industries, Ltd.
- Sanyang Motor Co., Ltd.
- Eicher Motors Limited
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“The APAC Two Wheeler Market is driven by factors such as rapid urbanization, increasing disposable incomes, and the rising demand for affordable and fuel-efficient transportation. Additionally, the shift towards electric two-wheelers and government incentives are fueling growth. Technological advancements, such as smart features and improved battery efficiency, further enhance the appeal of two-wheelers. As consumer preferences evolve, the market sees a growing focus on premium and eco-friendly options, with electric vehicles gaining prominence.” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.
“APAC Two Wheeler Market By Vehicle Type (Scooter/Moped, Motorcycle), By Engine Capacity (Up to 125cc, 126cc- 250cc, 251-500cc & Above 500cc), By Country, Competition, Forecast & Opportunities, 2019-2029F”, has evaluated the future growth potential of APAC Two Wheeler Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the APAC Two Wheeler Market.
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