Sales of automobiles India FY 2011-2024, by type

Being one of the largest automotive sectors, India had over 326 million registered vehicles as of financial year 2020. It was the largest producer of two-wheelers across the globe in 2023. The market within the country was also dominated by this segment. In financial year 2024, over 17.97 million units of two-wheelers were sold domestically across the south Asian country. A decline in the sales volume of two-wheelers has been witnessed between 2020 and 2022. 

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. To reduce the high battery costs that create a significant cost difference between the petrol and the battery variants, the Indian government has introduced the National Programme on Advanced Chemistry Cell (ACC) in 2022 to inventivize batery manufacturing. 

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.