Market share of two-wheelers India FY 2023, by leading manufacturers

In the financial year 2023, Hero MotoCorp was the leading two-wheeler manufacturer in India, with a market share of 32 percent. The volume of two-wheelers sold across India during the same period reached 15.9 million units, which was an increase from the previous year’s 13.6 million units.

 Two-wheel vehicles industry in India

Two-wheel vehicles are divided into three subcategories in India, namely, motorcycles, scooters, and mopeds. In the financial year 2023, they had made up the majority of motor vehicles produced in India, far exceeding passenger vehicles. As the leading manufacturer in India, Hero MotoCorp was also the world’s largest manufacturer of two-wheel vehicles. Meanwhile, the leading foreign manufacturers were exclusively Japanese companies. It was mostly because in the 1980s, when the Indian government lessened the restrictions on foreign investments, Japanese companies formed joint ventures with Indian companies to produce two-wheel vehicles for the local market. Even after the termination of most of these joint ventures in the 2000s and 2010s, Japanese manufacturers maintained their presence in India.

 Two-wheel vehicles market in India

Currently, the new growth point for the industry is electric scooters and motorcycles. Many of the leading manufacturers have already started the production of electric vehicles. The Indian government has set a goal to electrify a major part of India’s two-wheelers and has provided considerable financial incentives. However, because of the impact of the COVID-19 pandemic on the sales of automobiles in India, the electrification target might be delayed. More investment in the electricity infrastructure, especially the renewable energy sector, could potentially accelerate the process.