India Two Wheeler Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029

The India Two Wheeler Market is segmented by Propulsion Type (Hybrid and Electric Vehicles, ICE). The report offers market size in both market value in USD and market volume in unit. Further, the report includes a market split by Vehicle Type, Vehicle Configuration, Vehicle Body Type, Propulsion Type, and Fuel Category.

India Two Wheeler Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029

India Two Wheeler Market Size

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India Two Wheeler Market Summary
Study Period 2017 - 2029
Base Year For Estimation 2024
Forecast Data Period 2025 - 2029
Market Size (2025) USD 315.9 Billion
Market Size (2029) USD 347.4 Billion
CAGR (2025 - 2029) 2.40 %
Market Concentration High

Major Players

India Two Wheeler Market Major Players

*Disclaimer: Major Players sorted in no particular order

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India Two Wheeler Market Analysis

The India Two Wheeler Market size is estimated at 315.9 billion USD in 2025, and is expected to reach 347.4 billion USD by 2029, growing at a CAGR of 2.40% during the forecast period (2025-2029).

The Indian two-wheeler market demonstrates robust momentum, with total two-wheeler sales reaching 16,999,920 units in 2023, marking a significant increase from 15,862,087 units in 2022. This growth trajectory reflects the industry's resilience and adaptation to changing market dynamics, particularly in urban mobility solutions. The market's evolution is characterized by increasing consumer preference for premium features and advanced technology integration in two-wheelers. Manufacturers are responding to this trend by introducing sophisticated models with enhanced connectivity features, improved safety systems, and superior performance capabilities. The industry's competitive landscape continues to evolve, with established players maintaining their stronghold while new entrants bring innovative solutions to the market.


The two-wheeler industry in India is witnessing a significant transformation in manufacturing and production capabilities, with companies investing heavily in modernizing their facilities and adopting advanced manufacturing technologies. Major manufacturers are expanding their production capacities and implementing smart manufacturing practices to improve efficiency and meet growing demand. The industry has seen notable advancements in supply chain optimization, with companies leveraging digital technologies for better inventory management and distribution. The sector's commitment to innovation is evident in the increasing number of patents and technological developments, particularly in the electric two-wheeler market and connected mobility solutions.


A notable shift in consumer behavior is driving changes in product development and marketing strategies across the industry. The rising preference for premium and lifestyle-oriented two-wheelers is reshaping product portfolios, with manufacturers introducing more sophisticated and feature-rich models. Hero MotoCorp's market leadership, commanding a 31.38% share in 2023, exemplifies the success of strategies that effectively balance innovation with market demands. Companies are increasingly focusing on personalization options and customization capabilities to meet diverse consumer preferences, particularly among younger buyers who prioritize both style and functionality.


The infrastructure supporting the two-wheeler sector in India has seen remarkable development, particularly in terms of sales and service networks. The industry has witnessed substantial growth in charging infrastructure, with the number of charging stations increasing dramatically from 942 in 2021 to 10,900 in 2022. Manufacturers are strengthening their after-sales service networks and implementing digital solutions for enhanced customer experience. The development of smart dealership networks, coupled with the integration of digital platforms for sales and service, is transforming the traditional retail model. Companies are investing in training and development programs to ensure their service networks can handle increasingly sophisticated vehicles, particularly in the electric segment.

Segment Analysis: By Propulsion Type

ICE Segment in India Two Wheeler Market

The Internal Combustion Engine (ICE) segment continues to dominate the Indian two-wheeler market, commanding approximately 88% two-wheeler market share in 2024. This substantial market presence is attributed to several factors, including the segment's well-established infrastructure, widespread availability of service networks, and consumer familiarity with the technology. The segment's dominance is further reinforced by the relatively lower initial purchase costs compared to electric two-wheelers, making ICE vehicles more accessible to a broader consumer base. Additionally, the extensive range of product offerings across different price points, from entry-level commuter bikes to premium motorcycles, helps maintain its market leadership. The segment also benefits from the existing robust supply chain network and the presence of numerous established manufacturers who have been consistently introducing new models with improved fuel efficiency and enhanced features to meet evolving consumer preferences.

Market Analysis of India Two Wheeler Market: Chart for By Propulsion Type

Hybrid and Electric Vehicles Segment in India Two Wheeler Market

The Hybrid and Electric Vehicles segment is experiencing remarkable growth in the Indian two-wheeler market, with a projected growth rate of approximately 21% during the 2024-2029 period. This impressive growth trajectory is driven by increasing environmental consciousness among consumers, supportive government policies, and continuous improvements in battery technology. The segment's expansion is further accelerated by the rising fuel prices, which are prompting consumers to consider electric alternatives. Manufacturers are responding to this growing demand by introducing new models with improved range, better performance, and advanced features. The development of charging infrastructure across urban areas, coupled with decreasing battery costs, is making electric two-wheelers increasingly attractive to consumers. Additionally, the entry of both established automotive players and new startups into this segment is fostering innovation and competitive pricing, further driving market growth in the two-wheeler industry.

India Two Wheeler Industry Overview

Top Companies in India Two Wheeler Market

The Indian two-wheeler market is characterized by intense competition among established manufacturers who are actively pursuing innovation and expansion strategies. Companies are increasingly focusing on electric vehicle development, with many traditional players launching new EV models and establishing dedicated electric mobility subsidiaries. Operational agility is demonstrated through the rapid adaptation of manufacturing facilities to accommodate both conventional and electric vehicle production lines. Strategic partnerships, particularly in the areas of battery technology and charging infrastructure, have become a key trend as companies seek to strengthen their position in the evolving market. Two-wheeler companies in India are also expanding their distribution networks and after-sales service capabilities while investing in research and development centers to enhance their technological capabilities and maintain competitive advantages.

Domestic Players Dominate Two-Wheeler Manufacturing Landscape

The Indian two-wheeler market exhibits a highly consolidated structure dominated by domestic manufacturers who have established a strong brand presence over decades of operation. These local players, including Hero MotoCorp, TVS Motor, and Bajaj Auto, have successfully maintained their market positions through a deep understanding of local consumer preferences and extensive dealer networks. Global players like Honda and Suzuki operate through their Indian subsidiaries, having established significant manufacturing presence in the country. The market has also witnessed the emergence of new electric vehicle specialists who are challenging traditional manufacturers through innovative product offerings and digital-first approaches.


The industry has seen strategic consolidation through partnerships and joint ventures, particularly in the electric vehicle segment. Traditional manufacturers are acquiring or partnering with technology startups to accelerate their electric mobility initiatives, while international players are forming alliances with local companies to enhance their market presence. The competitive landscape is further evolving with the entry of established automotive conglomerates into the electric two-wheeler segment through newly formed subsidiaries or dedicated business units. The market share of two-wheeler companies in India is significantly influenced by these strategic moves.

Innovation and Sustainability Drive Future Success

For incumbent players to maintain and expand their market share, a focus on product differentiation through technological innovation and enhanced features has become crucial. Companies are investing in connected vehicle technologies, advanced battery management systems, and smart mobility solutions to stay competitive. The development of robust supply chains for electric vehicle components and the establishment of charging infrastructure networks are becoming key determinants of success. Market leaders are also emphasizing the importance of price competitiveness while maintaining product quality to address the value-conscious Indian consumer base.


New entrants and challenger brands can gain ground by focusing on specific market segments or geographical regions before expanding their presence. Success factors include developing strong value propositions through innovative financing options, superior after-sales service, and unique product features. The regulatory environment, particularly regarding emission norms and electric vehicle incentives, is shaping competitive strategies. Companies must also address the growing consumer preference for sustainable mobility solutions while managing the transition from conventional to electric vehicles. Building a strong brand identity and customer trust through transparent communication and reliable product performance will be essential for long-term success in this evolving market. The largest two-wheeler manufacturer in India and other leading two-wheeler company in India entities are prioritizing these strategies to remain at the forefront.

India Two Wheeler Market Leaders

  1. Bajaj Auto Ltd.

  2. Hero MotoCorp Ltd.

  3. Honda Motorcycle & Scooter India Pvt. Ltd.

  4. Suzuki Motorcycle India Pvt. Ltd.

  5. TVS Motor Company Limited

  6. *Disclaimer: Major Players sorted in no particular order
India Two Wheeler Market Concentration
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India Two Wheeler Market News

  • August 2023: Ola Electric launched S1X for INR 79,999. Ola S1X will be offered in two battery capacities, 2-kWh and 3-kWh. The 2-kWh variant will have a range of 91 km, while the 3-kWh will have a 151 km range. The scooter has a 3.5-inch segmented display, and the physical key unlocks and comes Without smart connectivity.
  • August 2023: Mahindra & Mahindra Ltd announced that its board of directors approved the scheme of merger by absorption of Mahindra Heavy Engines Limited (MHEL) and Mahindra Two Wheelers Limited (MTWL) and Trringo.com Limited (TCL), wholly owned subsidiaries of the company, with the company and their respective shareholders.
  • July 2023: Okinawa Autotech launched the new and advanced version of its ‘OKHI-90' electric scooter with an AIS-156 amendment 3 compliant battery pack, next-gen motor, and improved technology features.

India Two Wheeler Market Report - Table of Contents

1. EXECUTIVE SUMMARY & KEY FINDINGS

2. REPORT OFFERS

3. INTRODUCTION

  • 3.1 Study Assumptions & Market Definition
  • 3.2 Scope of the Study​
  • 3.3 Research Methodology

4. KEY INDUSTRY TRENDS

  • 4.1 Population
  • 4.2 GDP Per Capita
  • 4.3 Consumer Spending For Vehicle Purchase (cvp)
  • 4.4 Inflation
  • 4.5 Interest Rate For Auto Loans
  • 4.6 Impact Of Electrification
  • 4.7 EV Charging Station
  • 4.8 Battery Pack Price
  • 4.9 New Xev Models Announced
  • 4.10 Fuel Price
  • 4.11 Regulatory Framework
  • 4.12 Value Chain & Distribution Channel Analysis

5. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)

  • 5.1 Propulsion Type
    • 5.1.1 Hybrid and Electric Vehicles
    • 5.1.2 ICE

6. COMPETITIVE LANDSCAPE

  • 6.1 Key Strategic Moves
  • 6.2 Market Share Analysis
  • 6.3 Company Landscape
  • 6.4 Company Profiles
    • 6.4.1 AMPERE VEHICLES PRIVATE LIMITED
    • 6.4.2 Ather Energy Pvt. Ltd.
    • 6.4.3 Bajaj Auto Ltd.
    • 6.4.4 Hero Electric Vehicles Pvt. Ltd.
    • 6.4.5 Hero MotoCorp Ltd.
    • 6.4.6 Honda Motorcycle & Scooter India Pvt. Ltd.
    • 6.4.7 India Kawasaki Motors Pvt. Ltd.
    • 6.4.8 Mahindra Two Wheelers Ltd.
    • 6.4.9 Okinawa Autotech Pvt. Ltd.
    • 6.4.10 Ola Electric Mobility Pvt. Ltd.
    • 6.4.11 Piaggio Vehicles Pvt. Ltd.
    • 6.4.12 REVOLT Intellicorp Pvt. Ltd.
    • 6.4.13 Royal Enfield
    • 6.4.14 Suzuki Motorcycle India Pvt. Ltd.
    • 6.4.15 TVS Motor Company Limited
    • 6.4.16 Yamaha Motor India Pvt. Ltd.
  • *List Not Exhaustive

7. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS

8. APPENDIX

  • 8.1 Global Overview
    • 8.1.1 Overview
    • 8.1.2 Porter’s Five Forces Framework
    • 8.1.3 Global Value Chain Analysis
    • 8.1.4 Market Dynamics (DROs)
  • 8.2 Sources & References
  • 8.3 List of Tables & Figures
  • 8.4 Primary Insights
  • 8.5 Data Pack
  • 8.6 Glossary of Terms
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India Two Wheeler Industry Segmentation

Hybrid and Electric Vehicles, ICE are covered as segments by Propulsion Type.
Propulsion Type Hybrid and Electric Vehicles
ICE
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India Two Wheeler Market Research FAQs

How big is the India Two Wheeler Market?

The India Two Wheeler Market size is expected to reach USD 315.94 billion in 2025 and grow at a CAGR of 2.40% to reach USD 347.41 billion by 2029.

What is the current India Two Wheeler Market size?

In 2025, the India Two Wheeler Market size is expected to reach USD 315.94 billion.

Who are the key players in India Two Wheeler Market?

Bajaj Auto Ltd., Hero MotoCorp Ltd., Honda Motorcycle & Scooter India Pvt. Ltd., Suzuki Motorcycle India Pvt. Ltd. and TVS Motor Company Limited are the major companies operating in the India Two Wheeler Market.

Which segment has the biggest share in the India Two Wheeler Market?

In the India Two Wheeler Market, the ICE segment accounts for the largest share by propulsion type.

Which is the fastest growing segment in the India Two Wheeler Market?

In 2025, the Hybrid and Electric Vehicles segment accounts for the fastest growing by propulsion type in the India Two Wheeler Market.

What years does this India Two Wheeler Market cover, and what was the market size in 2025?

In 2025, the India Two Wheeler Market size was estimated at 315.94 billion. The report covers the India Two Wheeler Market historical market size for years: 2017, 2018, 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the India Two Wheeler Market size for years: 2025, 2026, 2027, 2028 and 2029.

India Two Wheeler Market Research

Mordor Intelligence offers a comprehensive analysis of the Indian two wheeler industry, drawing on decades of consulting expertise in the automotive two-wheelers market. Our extensive research covers the full spectrum of powered two wheeler segments. This includes motorcycles, scooters, and the rapidly growing electric two wheeler sector. The report provides detailed insights into urban mobility trends, two wheeler production in India, and emerging patterns in personal mobility vehicle adoption across major cities, from Karol Bagh to metropolitan centers.

Stakeholders gain valuable insights through our easily downloadable report PDF, which includes a detailed analysis of two wheeler industry growth in India and the future of two-wheeler industry in India. The research encompasses the electric two wheeler market size in India, monthly two-wheeler sales data India, and offers comprehensive coverage of two wheeler companies in India. Our analysis extends to the commercial two wheeler segments and emerging powered two wheeler technologies. This provides actionable intelligence for manufacturers, suppliers, and investors. The report also examines two wheeler penetration in India and total two wheeler sales trends, offering crucial data for strategic decision-making in this dynamic sector.