Launching a trade-in promotion for electric bicycles

IT Home News, October 25th – Counterpoint Research today released its global two-wheeler sales tracking report, showing that global two-wheeler sales grew by 4% year-on-year in the first half of 2024. While growth was achieved in India, Europe, North America, Latin America, and the Middle East and Africa, sales declined in China and Southeast Asia (SEA). The report states that the Indian two-wheeler market grew by 22% year-on-year in the first half of 2024, driven by increased demand in rural areas, favorable monsoon conditions, and government rural development programs. India's strong performance propelled it past China to become the world's largest two-wheeler market. In China, two-wheelers with engine displacements under 125cc remain popular, but consumers are increasingly choosing electric bikes over motorcycles and scooters for daily commuting. This shift has led to a temporary slowdown in the growth of the Chinese two-wheeler market, particularly the electric bike market. Regarding brands, IT Home learned from the report that the top ten global two-wheeler manufacturers accounted for over 75% of sales in the first half of 2024. Honda maintained its leading position in the global two-wheeler market, followed by Hero MotoCorp, Yamaha, TVS Motor, and Yadea. TVS Motor was the fastest growing brand among the top ten brands (up 25% year-on-year), while Yadea experienced the largest decline (down 29% year-on-year), falling to fifth place.