2035 Outlook for the Indian Motorcycle Market

Chapter 1. Indian Government's Energy Policy

• 1-1. India Aims to Become Energy Self-sufficient in 2047, 100 Years After Independence
• 1-2. Expanding Renewable Energy Through Large-scale Solar Power Generation Projects
• 1-3. Diversifying Ethanol Raw Materials to Achieve 20% Blending Rate in Gasoline
• 1-4. Accelerating Biogas Business Development by Mandatory Blending of CNG
• 1-5. India Aims to Become a Global Hub for Green Hydrogen Production and Export

Chapter 2. Business Strategies of Major Motorcycle and EV Manufacturers

• 2-1. Hero MotoCorp: Strengthening Sales in Urban Areas to Recover Market Share Proves to Be a Challenge
• 2-2. TVS Motor: Aiming for Growth with Premium Products and EVs
• 2-3. Bajaj Auto: Focusing on 125 cc+ Products with Emphasis on Profitability Rather than Quantity
• 2-4. Royal Enfield: Pursuing Business Expansion with Premium Products and EVs
• 2-5. Honda Motor: Bolstering Business in India to Achieve 50% Global Motorcycle Market Share
• 2-6. Yamaha Motor: Seeking to Boost Earnings of India with Premium Products
• 2-7. Suzuki Motor: Setting Sales Target at 1.39 Million Units in India in FY 2030
• 2-8. Ola Electric: Accelerating Growth by Reinforcing 3rd-gen Products and Service Program
• 2-9. Ather Energy: Concentrating on Branching Out from South India and Reducing Cost
• 2-10. Other Enterprises: Electric Motorcycle Manufacturers with Sales Volume Less than 40,000 Units

Chapter 3. Current Status and 2035 Outlook of the Motorcycle Market

• 3-1. ICEVs Make Up 94% of All Motorcycle Sales, 125 cc Market Continues to Grow
• 3-2. Rising Demand for CNG Motorcycles Is Forecast to Boost Fueling Network to 18,000 Stations in 2032
• 3-3. Flex-fuel Motorcycle Demand Is Expected to Increase from 2027 Onward
• 3-4. Electric Motorcycle Sales Exceed 1 Million Units in 2024, but They Face Uncertain Future
• 3-5. Market Expansion Is Hampered by Rising Prices and Social Disparities

India’s motorcycle sales (new registration data) increased by 1.84 million units from the previous year to 18.94 million units in 2024. It was higher than 2019’s result before the outbreak of COVID-19, however, the figure was still 650,000 units lower than the record high of 19.59 million units in 2018. The recovery in sales was driven by strong demand for gasoline scooters in 2024, in addition to the market expansion of standard motorcycles over 110 cc but not exceeding 125 cc and electric scooters. However, the recovery of motorcycles 110 cc and below, which is the largest segment in India, is slow, and this may become a drag on the future growth of the country’s motorcycle market. This segment had a peak market size of 8.46 million units in 2018, but due to stricter loan regulations and economic stagnation in rural areas, the market size fell below 5.3 million units from 2020 to 2022, and even in 2024, when demand for motorcycles was strong, it remained at 5.81 million units. In the coming years, if the income levels of those who currently cannot afford motorcycles rise along with economic growth, the scope of the motorcycle market is expected to expand, but the future is still uncertain and social disparities remain large. India, which aims to become an energy self-sufficient country, has introduced policies to popularize electric motorcycles and promote domestic production of electric parts to curb oil imports. With the aim of promoting industrial development and improving income levels in rural areas, India has introduced policies to encourage the widespread adoption of bioethanol and biogas and the development of these industries. In response to these policies, the motorcycle industry is also working on not only electric vehicles but also on the commercialization of CNG and flex-fuel models. The current development of CNG and ethanol stations will also encourage manufacturers to develop and launch such models. The industry is naturally interested in how much the Indian motorcycle market, the world’s largest, will expand by 2035, and to what extent electric, CNG, and flex-fuel motorcycles will become widespread. For this reason, FOURIN has published the 2035 Outlook for the Indian Motorcycle Market, which predicts the future market from various perspectives. This report forecasts the 2035 Indian motorcycle market, taking into account the government’s energy policy, the business strategies of major motorcycle and electric vehicle manufacturers, and the latest motorcycle market trends. We hope that this report will help professionals involved in the Indian motorcycle industry and those who are considering entering the sector.