Business News : India can overtake China to become the world's largest two-wheeler market this year , Counterpoint Research said that due to the solid economic growth rate, two-wheeler customers' first choice for short distances and increasing demand for two-wheelers in the shared mobility space, India will overtake China to become the world's largest market in 2024. In 2023, two-wheeler sales grew by less than one per cent year-on-year. However, electric two-wheeler sales are witnessing a sharp increase. More than 25 per cent of two-wheelers sold in 2024 are expected to be electric.

Tremendous demand for electric two-wheelers

The report further said that three of the top 10 electric two-wheelers (Ola Electric, TVS Motors and Ather Energy) are from India, which shows that the electric two-wheeler market in India is multiplying. Ola and Ather are greenfield 'EV-first' two-wheeler companies competing with TVS, Bajaj and Hero. The report said that companies like Ultraviolet, Revolt Motors, Energica Motor, Damon and ARC are entering the market to compete with Harley Davidson, Enfield, Yamaha and others in the premium two-wheeler segment.

Big change will be seen in two-wheelers

The report further said that the share of electric two-wheelers in global two-wheeler sales will be 44 percent by 2030. Along with this, the use of semiconductors in two-wheelers will increase to 15 per cent by 2030. Neil Shah, Vice President and Partner of Counterpoint Research, says that, like the car market, the two-wheeler market will also see changes in the coming times. Electrification will play an important role in this. The trend of electric two-wheelers will increase rapidly in South East Asian countries and India in the coming times.