India, one of the largest automotive sectors, has over 295 million registered vehicles since 2019. By 2022, it will become the world’s largest motorcycle producer. This sector also dominated the domestic market. In FY 2022, over 15.8 million of his two-wheelers were sold domestically across South Asia. The past two years have seen a decline in the sales of two-wheelers.
hero motocorp
Hero MotoCorp has captured the largest share in the two-wheeler segment in India. The company was a world leader in motorcycle manufacturing. The company is taking the initiative in manufacturing electric scooters and bicycles. However, due to the high cost of batteries, there can be a significant cost difference between gasoline and clean energy variants.
Motorcycle market outlook
The Indian government has set a goal to electrify the majority of the country’s two-wheelers. However, manufacturers are encouraging the government to adopt more “realistic” expectations as the former plan would mean electrifying more than 2 million vehicles. The two-wheeler industry is expected to grow by more than 9% over the next few years, and further expansion of investment in the clean energy sector could pave the way for the domestic market.