DUBLIN, May 5, 2023 /PRNewswire/ — The “Asia Pacific Two-Wheeler Market By Vehicle Type (Scooter/Moped, Motorcycle), By Propulsion (ICE and Electric), By Country, Competition Forecast & Opportunities, 2017- 2027F” report has been added to ResearchAndMarkets.com’s offering.
The Asia Pacific two-wheeler market stood at $58.82 million in 2021 and is estimated to reach $95.32 million in 2027, advancing with a CAGR of 9.28%.
Companies Mentioned
- Honda Motor Co., Ltd.
- Hero MotoCorp Limited
- Yadea Technology Group Co. Ltd.
- Yamaha Motor Co., Ltd.
- TVS Motor Company
- Bajaj Auto Limited
- Suzuki Motor Corporation
- Haojue Holdings Company Ltd
- Kawasaki Motors Corp.
- Kwang Yang Motor Co. Ltd.
An increase in technological development and an upsurge in demand for shared mobility and delivery services are driving the growth of the Asia Pacific two-wheeler market in the forecast years.
Growing urbanization in the countries of the region is expected to be the key driver for the growth of the Two-wheeler market in Asia Pacific. Moreover, growing population and increasing demand for transportation are the other factors contributing to the market growth. Also, increasing traffic congestion and environmental pollution are expected to further propel the demand for two wheelers. Inconvenient public transport in the countries is one of the key reasons responsible for the growth of the two-wheeler market.
Due to the declaration of lockdown to cope with the spreading infection, almost all the automotive factories, showrooms, and workshops were closed, resulting in a massive sales decline. China and India lead automobile production in the Asia Pacific region. According to ASEAN Statistics Association, shipments from China, which is more dependent on exports to others, fell by 90% in April 2020 as compared to March 2020.
Indonesia is expected to witness a production decline of 17% in the fiscal 2020. Due to this slowdown in trade & production in the automotive sector, two-wheeler market is also expected to be negatively affected. The spread of novel COVID-19 pandemic has created both a public health crisis and an economic crisis in the Asia pacific region. In June 2020, the International Monetary Fund (IMF) predicted the regional contraction of 9.4% for the year 2020 with almost every country in recession.
Economic recovery may be a protracted process in countries that rely heavily on global trade and investment, which the pandemic has significantly affected. Moreover, about 60% of employees & workers in this region are in the informal sector and many are self-employed in a subsistence & daily living economy and therefore are at the risk of slipping back into poverty and with it the unemployment rate in the region is expected to rise to 13.5% by the end of 2020.
Growing Penetration of Chinese Players
China is the largest market for two-wheelers globally,Two-wheeler and. Chinese companies have got significant market share in Asia as well. Few of the prominent Chinese companies are Lifan, Loncin, Qingpi, Zongshen, etc. Some of the prominent reasons for the growth of Chinese two-wheeler companies are their extensive distribution channel, product outreach and low-cost of two-wheelers. Moreover, the ease in availability of Chinese two-wheelers has also fueled their demand across the region.
Increasing Penetration of Electric two Wheelers
Rising fuel prices have a negative impact on the automobile industry, so the automotive industry has started focusing more on electric vehicles. Electric two-wheelers are gaining popularity worldwide as people are becoming more concerned about climate change and electric two-wheelers are environment friendly. All the electric two wheelers come with fewer moving parts so there is no need for the changing of the oil in electric motorcycles.
In many countries people are adopting electric two wheelers at a faster rate due to several advantages of electric powered motorcycles over fossil fuel vehicles, electric two wheelers are getting popular year on year, another feature of the electric two wheelers is that it has great break-horse-power braking system. The electric motorcycles are free from gears, meaning the riders can enjoy rides without shifting gears, therefore it will increase the adoption of electric two wheelers and drive the market of Asia Pacific two wheelers.
Increasing Online Two-Wheeler Sales
Growth in the e-commerce industry in Asia pacific region is increasing at a fast pace, owing to rising internet penetration. Online sales of two-wheelers has increased in Asian countries due to various benefits such as brand and price comparison, fast delivery and high discount offers provided. By offering such a service, buyers can compare brands and prices more easily and rely less on dealers and distributors for information. Thus, many companies across Asia Pacific are now selling two-wheelers via online sales channel, in order to expand their business.
Technological Advancement
Nowadays as the manufacturers’ implementing cutting-edge technologies, two-wheelers now deliver more convenience and increased safety. For instance, anti-lock brake systems (ABS) are indirectly driving sales due to their high performance and quick braking capability. Modern motorcycles frequently have slipper clutches, which are intended to partially disengage acceleration to the rear tire when the engine is operating at a power that is typically greater than its own potential.
Due to their advantages for safety, slipper clutches, which were initially developed for high-performance super-sport bikes and racetrack cars, are now more commonly deployed. Manufacturers are introducing two wheelers that are powered by renewable resources like solar energy, water, or electricity. These initiatives are encouraging market expansion during the anticipated term by attracting in customers who care about the environment.
Report Scope:
In this report, Asia Pacific Two-wheeler market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Asia Pacific Two-wheeler Market, By Vehicle Type:
- Scooter/Moped
- Motorcycle
Asia Pacific Two-wheeler Market, By Propulsion:
- ICE
- Electric
Asia Pacific Two-wheeler Market, By Country:
- China
- India
- Indonesia
- Vietnam
- Thailand
- Pakistan
- Philippines
- Taiwan
- Malaysia
- Japan
- Bangladesh
For more information about this report visit https://www.researchandmarkets.com/r/sxh03
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