On-road Motorcycles - India

India

The On-road Motorcycles market segment in India is projected to generate a revenue of €19.93bn in 2024.
This segment is expected to experience an annual growth rate of 3.91% from 2024 to 2029.
As a result, the market volume is projected to reach €24.14bn by 2029.
The unit sales in the On-road Motorcycles market segment are estimated to reach 12.55m motorcyles in 2029.
In 2024, the volume weighted average price of On-road Motorcycles market India is expected to be €1.82k.
It is worth noting that India is expected to generate the highest revenue in the On-road Motorcycles market segment, amounting to €19.93bn in 2024.
With the rise of middle-class income levels and increased urbanization in India, the demand for on-road motorcycles has seen a significant surge in recent years.

Key regions: Nigeria, United States, Spain, Vietnam, Indonesia

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Analyst Opinion

The On-road Motorcycles market in India has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to the development of this market.

Customer preferences: Indian consumers have shown a growing preference for on-road motorcycles due to their affordability, fuel efficiency, and ease of maneuverability in congested city streets. With increasing urbanization and rising disposable incomes, more people are opting for motorcycles as their primary mode of transportation. Additionally, the younger generation is attracted to the stylish designs and advanced features offered by on-road motorcycles.

Trends in the market: One of the key trends in the on-road motorcycles market in India is the shift towards electric motorcycles. As the government promotes clean energy and sustainable transportation, there has been a growing demand for electric vehicles, including motorcycles. Manufacturers are introducing electric models with improved battery technology and longer ranges to cater to this emerging market segment. Another trend is the increasing popularity of premium motorcycles in India. With a growing number of affluent consumers, there is a rising demand for high-end motorcycles from renowned international brands. These premium motorcycles offer superior performance, advanced technology, and luxurious features, appealing to those seeking a premium riding experience.

Local special circumstances: India has a vast network of small towns and rural areas where motorcycles are the primary mode of transportation. The affordability and accessibility of on-road motorcycles make them the preferred choice for people living in these areas. The rugged terrain and challenging road conditions in many parts of the country also make motorcycles a practical and reliable option. Furthermore, the Indian government has implemented various policies and initiatives to promote the manufacturing and sale of motorcycles in the country. These include tax incentives, subsidies, and infrastructure development to support the growth of the automotive industry. These special circumstances have contributed to the expansion of the on-road motorcycles market in India.

Underlying macroeconomic factors: India's strong economic growth, increasing urbanization, and rising disposable incomes have played a significant role in the development of the on-road motorcycles market. As more people move to cities and experience improved living standards, they are looking for affordable and efficient transportation options. On-road motorcycles fulfill this need by offering a cost-effective and convenient mode of travel. Additionally, the growth of the on-road motorcycles market in India is closely tied to the overall performance of the automotive industry. As the country's manufacturing sector expands and technological advancements continue, the motorcycle market benefits from improved production capabilities and innovative designs. In conclusion, the on-road motorcycles market in India is developing due to customer preferences for affordability and fuel efficiency, the emergence of electric and premium motorcycles, local special circumstances such as rural transportation needs and government support, and underlying macroeconomic factors such as economic growth and technological advancements.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on motorcycle sales and revenue excluding scooters/mopeds under 50cc category.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use manufacturer websites, national statistics offices, motorcycle associations, motorcycles sales websites. Next we use relevant key market indicators and data from country-specific associations such as GDP per capita, consumer price index, consumer spending, and population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the forecasting is done on a make level for Motorcycles, using a mix of standard approaches, e.g., exponential smoothing, and uses parameters which best fit the historical data. The main drivers are GDP per capita, consumer price index, consumer spending, and population.

Additional Notes:

The market is updated once a year.