Sales of automobiles India FY 2011-2023, by type

Being one of the largest automotive sectors, India had over 295 million registered vehicles since 2019. It was the largest producer of two-wheelers across the globe in 2022. The market within the country was dominated by this segment also. In financial year 2022, over 15.8 million units of two-wheelers were sold domestically across the south Asian country. A drop in the sales volume of two-wheelers was witnessed in the past two year.

Hero MotoCorp

Hero MotoCorp had the maximum share in the two-wheeler segment in India. The company was the worldwide leader in two-wheeler manufacturing. The company has taken up the initiative of manufacturing electric scooters and bikes. However, the high battery costs are likely to create a significant cost difference between the petrol and the clean energy variants.

Two-wheeler market outlook

The Indian government has set a target to electrify a major proportion of the two-wheelers within the nation. However, the manufacturers have encouraged the government to adopt more ‘realistic’ expectations, as the former’s scheme would mean the electrification of over two million vehicles. With the two-wheeler industry estimated to grow at over nine percent in the next few years, more investments in the clean energy sector could pave a way for the domestic market.