Overtaking China, India is now the World’s Largest Two-wheeler Marketplace
With various other comparison factors between India and China, one of the latest is - sale of two-wheelers in both these countries. It is seen that in past couple of years, India has grown its two-wheeler market ata much faster rate than China, says a top official of Harley Davidson.
According to data from the Society of Indian Automobile Manufacturers (SIAM), the total sale of two-wheelers in India in the year 2016 was 17.7 million. According to this sale rate, India is selling approximately 48,000 units of two-wheelers every day. On the other hand, China sold 16.8 million units of two wheelers in the year 2016 according to the data collected from China Association of Automobile Manufacturers.
One big reason of this rapid growth in purchase of two-wheelers in India is rural development programs, wherein larger roads are developed. Moreover, an increase in female commuters as well has increased the sale of gearless scooters in India. For example, a leader in gearless scooter market, Honda, has seen 35% growth in female customers in the past few years. With growth in the purchase of two-wheelers in India, the need of two wheeler insurance has also increased. This is because insurance of your automobile assures you against any unexpected damages to your vehicle.
The reason for declining two-wheeler purchase market in China in the past years is probably due to growth in the sale of cars. The Deputy DG of SIAM (Society of Indian Automobile Manufacturers)Sugato Sen says that the Chinese market of two-wheelers has come down in the past few years from 25 million. However, the sale of electric two-wheelers is on an upswing in the Chinese two-wheeler market.
Another Asian city, Indonesia is holding a steady growth and is consideredthe third largest two-wheeler markets of the world. The total annual sale of two-wheelers in Indonesia is approximately 6 million units. However, the sale has dropped here as well from 6.5 million in the year 2015.
At this point of time, one may think that what is the actual reason behind this improvement in the Indian two-wheeler market? Well, one of the primary reasons is the need of mobility in India. Being one of the fastest going economies of the World,India has great mobility.
Few other reasons responsible for pushing up two-wheeler market in India in the past couple of years are:
• Easy finance options
• Fuel efficient new models of two wheelers
• Rising income, and
• Growth of the infrastructure in small towns and villages in India is helping to improve the demand.
Marketing experts of large automobile companies of India, like Hero MotoCorp, say that it is the development of the rural areas and improvement in the quality of the roads in the villages that is upscaling the sale of two-wheelers in India.
The chocked infrastructure of large cities and metros is also contributing much to have a two wheeler despite having a car. Moreover, with driving difficulty in congested roads of a big city, parking of a four wheeler is also one of the issues. So, people prefer to have a two-wheeler as an option in the household of metros.
Automobile industry experts say that the market of two-wheelers will grow around 9 to 11% in the coming few years.
Additionally, the market is not only seeing growth in commuter two vehicles, but expensive two-wheelers are also being sold in good numbers these days. One of the expensive bike brands, Royal Enfield, has also seen a growth of up to 30%.
A massive demand of expensive bikes ranging 1 lakh or more is also seen in the past couple of years. And, this is the reason companies like Royal Enfield and Eicher Motors are also planning to grow up their production in India.
The makers of premium bikes, such as Harley Davidson and Triumph are also upscaling their production portfolio. Despite entering in India in the year 2013 only, Triumph had sold more than 4,000 bikes in the same year.
In this way, the luxury motorcycle production companies and expensive bike makers as well are expecting much from India.
By far it must be clear to you all that China is far behind India in both production and selling of two-wheelers.
But, whenever you buy a twowheeler, it is suggested to opt for the right two wheeler insurance plan. Before purchasing a two-wheeler insurance policy, it is suggested to compare different policies on a web aggregator site, and then zero-in on the most suitable one. It is because a web aggregator suggests you the best policy according to your budget and requirement than a physical policy agent.
So, what are you waiting for? Whenever you plan to get a two-wheeler, purchase the best two-wheeler insuranceplan for your vehicle with the help of a trustworthy web aggregator.
