1 in 3 Indians use 2Ws for their daily commute to and for work. 2Ws are primarily a utilitarian choice for Indians rather than an aspirational or lifestyle choice: Ken Research
1. “Need rather than want:” Due to transportation still being a challenge in India, two wheelers offer a great deal of convenience and mobility, along with the potential for future growth.
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Statistics state that it takes around 140% more time than usual to commute during peak hours in India’s biggest cities. The factors leading to this traffic congestion in India are a rapid increase in population, poor road infrastructure, inadequate public transport system, and increased use of 4 wheelers. Two-wheelers are becoming more popular, and not just because they are relatively easy on the pocket. Compared to cars, two-wheelers offer better mileage; the average mileage of cars does not typically exceed 20 km – 25 km per litre of petrol. However, for two-wheelers, it can be 50 km/litre and can go up to 80 – 90 km per litre in the case of bikes. The rising cost of fuel prices offers a better market for 2Ws in India. Moreover, Cars are not built for a rugged commute; two-wheelers (scooters and bikes) can deal with a higher ruggedness than cars. Given the road conditions in India, two-wheelers are a better bet than cars.
2. ‘Preference for private vehicle’ Buyers ready to pay high commission for product certification & getting warranty period of 6 months to 1 years also rising aspiration, growing organized market being the emerging trends.
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With increased urbanization & standard of living there has been a shift in consumer preferences with a rising need for a personal vehicle. However, consumers in low income bracket prefer used bikes/scooters. Increased working age population (55.8% in 2021) now prefer travelling on their own against crowded public transport. Therefore in most cases they choose to buy a second hand vehicle before buying a new one. Moreover, Mmillennial population is often fascinated with Super/Imported bikes opt for used imported ones owing to affordability constraints. There has also been a shift in the buying pattern of the buyers, with increased market awareness, buyers’ decision-making process has transitioned from pricing to product quality.
3. ‘2W for All:” Future used two-wheeler sales are expected to be driven by an increased preference for personal mobility over ride-sharing, ride-hailing, and rentals, as well as digital payment mode adoption.
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Indian consumers who are interested in this newly emerging market for used two-wheelers include college-goers, working professionals and bike enthusiasts who are looking for affordable performance bikes at affordable prices, Consumers of this market are primarily working women and housewives, low-income groups and delivery boys.Moreover, owing to multiple factors like education, job opportunities etc; there has been increased migration/daily commute of people from rural areas to urban areas. The industry leader Honda Motorcycle and Scooter India Ltd. (HMSI) presently sells around 3 two-wheelers for every 7 two-wheelers in rural and semi-urban pockets and is further estimated to give a boost to this ratio in future.