IMARC Group has recently released a new research study titled “Two-Wheeler Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, which offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of two-wheeler industry?
The global two-wheeler market size reached US$ 121.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 181.6 Billion by 2028, exhibiting a growth rate (CAGR) of 7.00% during 2023-2028.
What is two-wheeler?
Two-wheelers are motor-powered vehicles with two wheels that comprise motorcycles, mopeds, scooters, and gyrocars installed with brakes, engine, tires, clutch and gear, accelerator, exhaust pipe, fuel tank, and head and tail lamp. They increase the savings of the riders by lowering the cost of parking, toll fees, and road taxes. They also offer more mileage and consume a lesser amount of fuel compared to cars. Two-wheelers enable riders to avoid traffic congestion and travel smoothly through narrow lanes and tight alleys. They also allow individuals to commute safely and comfortably by avoiding the crowd experienced while traveling in public transportation, such as buses, local trains, shared autos, and metros. They assist in traveling short distances while occupying minimum space for parking due to their compact shape. As they are easy to maintain due to affordable insurance premiums for safeguarding the rider against expenses arising from accidents, the demand for two-wheelers is rising across the globe.
Impact of COVID-19:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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What are the major market drivers in the two-wheeler market?
Presently, the increasing demand for two-wheelers due to rising expenses on availing personal vehicles represents one of the primary factors influencing the market positively. Besides this, the growing utilization of motorbikes and scooters by bike and taxi service-providing startups is offering a favorable market outlook. In addition, the rising adoption of two-wheelers by logistics companies around the world to deliver packages quickly is strengthening the growth of the market. Apart from this, the increasing integration of electric-powered motors in motorbikes and scooters to eliminate fuel dependency, reduce the emission of automobile exhausts, and increase efficiency is propelling the growth of the market. Additionally, governing agencies of various countries are encouraging the use of eco-friendly motorbikes and scooters to lower the levels of air pollution. They are also undertaking initiatives to install electric vehicle (EV) charging stations across various public places, which is supporting the growth of the market.
Moreover, the rising integration of efficient braking and advanced rider assistance systems (ARAS) in two-wheelers to recognize a vehicle approaching in a blind spot or an imminent frontal collision and automatically adjust the speed is contributing to the growth of the market. Furthermore, key players operating in the industry are developing two-wheelers with permanent magnet motors to provide strong acceleration and enhanced torque capabilities. They are also manufacturing helmets integrated with hands-free and Bluetooth options to connect with other riders, answer phone calls, and navigate roads, which is bolstering the growth of the market.
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Two-Wheeler Market 2023-2028 Analysis and Segmentation:
The report has segmented the market into the following categories:
Engine Capacity Insights
Fuel Type Insights
Distribution Channel Insights
Middle East and Africa
List of Major Key Players:
Hero MotoCorp Ltd.
Honda Motor Co., Ltd.
Suzuki Motor Corporation
Yamaha Motor Co., Ltd.
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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