Market Trends of 2 Wheeler Fuel Tank Industry
This section covers the major market trends shaping the Two Wheeler Fuel Tank Market according to our research experts:
Less than 20 liters Fuel Tank Segment Likely to Dominate the Market
Globally, more than 98% of motorcycles have less than 20-liter fuel tank capacity. The motorcycles with less than 20-liter fuel tanks have huge demand, as they are affordable and have a very low maintenance cost. Apart from the maintenance and affordability factor, these motorcycles give higher mileage than the premium bikes, due to which 98% of the population buys these motorcycles. As the demand for this tank is high, 2-wheeler manufacturers are launching a maximum number of new and updated models under this segment. For instance,
- Hero Moto Corp. Ltd commenced retail sales of the new Passion PRO and Passion XPRO. The new Passion PRO has a BS-IV compliant 110cc engine, with a fuel tank capacity of 12.5 liters, producing a power output of 7.0 kW at 7,500 rpm and torque of 9.0 Nm at 5,500 rpm.
The motorcycle market is dominated by Asian countries, such as India, China, Pakistan, Indonesia, Vietnam, etc., and these countries are likely to maintain their dominance over the coming years. Buyers in these countries are highly interested in purchasing pocket-friendly motorcycles, which majorly fall under the segment for less than 20-liter fuel tanks. Due to the factors mentioned above, the segment is anticipated to grow over the forecast period.
Asia-Pacific Region Anticipated To Witness Fastest Growth
Asia-Pacific is anticipated to grow at the highest rate during the forecast period due to favorable government initiatives and support, combined with increased production of vehicles in various countries of the region. In the Asia-Pacific region, India is the biggest market for 2-wheeler fuel tanks, followed by China. The Indian motorcycle market is the largest in the world since 2016, with major manufacturers such as Hero, TVS, Honda, etc.
With the social advancement of women and the growing demand for comfort and convenience, the demand for scooters has been continually increasing. They help riders keep their legs together rather than straddling. Additionally, the premium price market segment for mid and large-sized motorcycles is expanding, owing to a growing demand for high-performance and cruiser bikes.
China, the second-largest motorcycle market globally, may see the growth of the two-wheeler sales at the highest CAGR in the next couple of years and add the majority market share in the region next to India. This growth in the Chinese two-wheeler market may be attributed to the logistics operators and e-commerce companies alongside the private buyers simultaneously boosting demand in the two-wheeler fuel tank market.
