40,000 two-wheelers are sold in India every day as of 2021, Will the Growth continue to be robust?

1 in 3 Indians use 2Ws for their daily commute to and for work. 2Ws are primarily a utilitarian choice for Indians rather than an aspirational or lifestyle choice: Ken Research

1. "Need rather than want:" Due to transportation still being a challenge in India, two wheelers offer a great deal of convenience and mobility, along with the potential for future growth.

Statistics state that it takes around 140% more time than usual to commute during peak hours in India's biggest cities. The factors leading to this traffic congestion in India are a rapid increase in population, poor road infrastructure, inadequate public transport system, and increased use of 4 wheelers.  Two-wheelers are becoming more popular, and not just because they are relatively easy on the pocket. Compared to cars, two-wheelers offer better mileage; the average mileage of cars does not typically exceed 20 km - 25 km per litre of petrol. However, for two-wheelers, it can be 50 km/litre and can go up to 80 - 90 km per litre in the case of bikes. The rising cost of fuel prices offers a better market for 2Ws in India. Moreover, Cars are not built for a rugged commute; two-wheelers (scooters and bikes) can deal with a higher ruggedness than cars. Given the road conditions in India, two-wheelers are a better bet than cars.

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2. 'Preference for private vehicle' Buyers ready to pay high commission for product certification & getting warranty period of 6 months to 1 years also rising aspiration, growing organized market being the emerging trends.

With increased urbanization & standard of living there has been a shift in consumer preferences with a rising need for a personal vehicle. However, consumers in low income bracket prefer used bikes/scooters. Increased working age population (55.8% in 2021) now prefer travelling on their own against crowded public transport. Therefore in most cases they choose to buy a second hand vehicle before buying a new one. Moreover, Mmillennial population is often fascinated with Super/Imported bikes opt for used imported ones owing to affordability constraints. There has also been a shift in the buying pattern of the buyers, with increased market awareness, buyers' decision-making process has transitioned from pricing to product quality.

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3. '2W for All:" Future used two-wheeler sales are expected to be driven by an increased preference for personal mobility over ride-sharing, ride-hailing, and rentals, as well as digital payment mode adoption.

Indian consumers who are interested in this newly emerging market for used two-wheelers include college-goers, working professionals and bike enthusiasts who are looking for affordable performance bikes at affordable prices, Consumers of this market are primarily working women and housewives, low-income groups and delivery boys.Moreover, owing to multiple factors like education, job opportunities etc; there has been increased migration/daily commute of people from rural areas to urban areas. The industry leader Honda Motorcycle and Scooter India Ltd. (HMSI) presently sells around 3 two-wheelers for every 7 two-wheelers in rural and semi-urban pockets and is further estimated to give a boost to this ratio in future.

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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.