Honda targets 30% share of Indian two-wheeler market by 2030
What's the story
Japanese automaker Honda has set an ambitious target to capture a 30% share of the Indian two-wheeler market by 2030. The announcement was made by Tsutsumu Otani, President of Honda Motorcycle & Scooter India (HMSI). He emphasized the importance of the Indian market and its potential for growth in his interview with PTI.
Market focus
Focus on female customers
Otani also highlighted the untapped potential of female customers in the Indian two-wheeler market. Currently, women account for only 10% of total industry sales. However, Honda believes that with increasing women's empowerment and their entry into the workforce, this number could rise significantly. "In India, the overall two-wheeler usage is mostly male... It means the potential for two-wheeler sales to grow among female customers is huge," Otani said.
Growth trajectory
HMSI's current market share in India
Currently, HMSI holds a 27% market share in India. Otani said that Honda has over 80% market share in the Association of Southeast Asian Nations (ASEAN) region. The company had also announced in January that global two-wheeler sales, including electric vehicles (EVs), are expected to rise from the current 50 million units to 60 million units by 2030.
Sales performance
India's total 2-wheeler retail sales
According to the Federation of Automobile Dealers Associations (FADA), India's total two-wheeler retail sales stood at over 1.88 crore units in FY25, up from over 1.75 crore units in FY24. In this period, HMSI's retail sales rose to nearly 48 lakh units from about 41 lakh units last fiscal year. The company is now the second-largest two-wheeler manufacturer in India after Hero MotoCorp.
EV transition
Plans to launch 30 electric motorcycle models globally
Honda has also announced plans to launch 30 electric motorcycle models globally by 2030. The company hopes to increase its annual EV motorcycle sales to four million units worldwide by the end of this decade. However, Otani admitted that the shift from internal combustion engines (ICEs) to EVs in the two-wheeler segment is being hampered by issues related to charging infrastructure and electricity supply in India.