India MBO Two Wheelers Market Outlook to 2027

Driven by economic recovery after COVID and increasing demand for 2Ws is helping the MBOs players to sustain their market position in the high fragmented market structure


Author(s):Aishwarya Kochhar, Shruti Singhla

Product Code:KR1310

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Published on

March 2023

Total pages


About the Report

About the Report

The report provides a comprehensive analysis of the potential of India MBO 2W Market. The report covers an overview and genesis of the industry, market size in terms of product demand.

Its market segment includes by type of brand, by type of vehicle, by type of Bike, by Engine Capacity, by Financing & Non-financing, by Region, by 2W specification, by gender, by age group, by income level. The report concludes with future market projections of each market segmentation and analyst recommendations

India MBO 2W Market

Market Overview

According to Ken Research estimates, the India MBO 2W Market grew at a CAGR of 11.3% from 2017-2022 and is forecasted to grow at a CAGR of 10% in future from 2023-2027F owing to diversification, digitalization & expansion.

India MBO Two Wheelers Market Revenue

  • Two -wheeler finance can grow via NBFCs if they offer direct support to the MBOs and provide better interest rates along with other additional support. However, this process is slightly difficult due to the unorganized nature of the market. Rise in the ASP of the vehicle will push the lower income group to look for financing options.
  • Servicing of any brand at one place is preferred by end users with on time delivery and better awareness about the customer choices and preferences. By only maintaining inventory for hot sellers will also help the market to go in right direction. Pilot projects of the foreign brands, Industry knowledge from the existing market scenario and Low impact by the sales drop of a particular brand are some Industry associated growth drivers which will drive the market.

Key Trends by Market Segment

By Type of Vehicle: Motorcycle although comprise of largest share in India 2-Wheeler MBO market, scooter segment is expected to rise sharply in coming years as per primaries. As scooter being more convenient to every family member be it female or old age. And being a low price convenient solution for everyone. The growth is estimated to grow by ~15% in next five years.

India MBO Two Wheelers Market Segmentation By Type of Vehicle

By Engine Capacity: 100-110cc are the most preferred 2W due to the increasing consciousness about the mileage and fuel usage. Another reason is MBO users have a range of 2W to choose where engine capacity is major factor for lower income group.

India MBO Two Wheelers Market Segmentation By Engine Capacity

Competitive Landscape:

The India 2W MBO Market is highly fragmented major with players occupying almost half of the market. The key players operating in the market are not only competing based on product quality and promotion but are also focusing on strategic moves to hold larger market shares. Some of the major players in the market include Bike Wo Mobility Pvt Ltd, Eco EVOLS Private Limited, M2Go Electric Vehicle Pvt Ltd etc among others.

India MBO Two Wheelers Market Ecosystem

Future Outlook

During the forecast period of 2022-2027F, it is anticipated that India 2W MBO Market will grow at a CAGR of 10%. The witnessed significant growth during the period is owing to expansion, diversification and digitalization.

High Penetration E2W with multiple players will help the MBO market to grow in the long future. Commuters will be the dominating segment in 2W due to their cheap and economical variants and corresponding larger TAM.

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Scope Of The Report

Scope of the Report

The India 2W MBO Market is segmented By Type of Vehicle, Bike, Organized and Unorganized, Region, Brand, Engine Capacity, 2W Specification and Financing & Non-Financing. In addition, the report also covers market size and forecasts for the four regions in the 2W MBO Markets. The revenue used to size and forecast the market for each segment is INR crore.

By Type of Brand






By Type of Vehicle

Motor Cycle


By Type of Bike




By Gender



By Engine Capacity

100-1100 CC

125-135 CC



By Financing



By Region





By 2W specification



By Age Group

16-23 years

23-30 years

30-40 years

Above 40 years

By Income

Below 5LPA

5-7 LPA

7-10 LPA

Above 10 LPA

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Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report

  • Two-Wheeler OEM’s
  • Two-Wheeler Dealers
  • Online Portals (Aggregators/Marketplace Platform)
  • Online Classified Platforms
  • E-Commerce & Hyperlocal Companies
  • Private Equity Investors
  • 2W Manufacturers

Time Period Captured in the Report

  • Historical Period: 2016-2022P
  • Base Period: 2022P
  • Forecast Period: 2023F-2027F


Major Players Mentioned in the Report


  • Suzuki
  • Yamaha
  • Honda
  • Bajaj Auto
  • TVS
  • Hero
  • Mahindra
  • Kawasaki
  • Ather


  • M2GO
  • Bhumi Motors
  • FG Motors
  • Suzuki
  • Auto EV Mart
  • Bike Wo
  • Speed Force
  • Alka Auto
  • City Motors

Table of Contents

Table of Contents

1. Executive Summary

1.1 Industry Glance

1.2 Executive Summary of Indian MBO Market, FY’22

1.3 Executive Summary of MBO Finance Market, FY’22

2. Market Overview

2.1 Overview of the Automotive Industry

2.2 Overview and Genesis of Two-Wheeler Industry in India

2.3 2-Wheeler new and State-Wise Sales in India

2.4 Ecosystem of MBO 2W Market, FY’22

2.5 Business Cycle of MBO 2W Market

2.6 Value Chain Analysis

2.7 Business Models and Business Model Canvas

2.8 Authorized Vs MBO Sales

3. Market Size, FY’16-FY’21

3.1 Market Size on the basis of Volume and Value in INR. Cr., FY’16-FY’22

4. Market Segmentation, FY’22

4.1 Market Segmentation on the basis of type of Vehicle, FY’22

4.2 Market segmentation on the basis of Type of Bike, FY’22

4.3 Market Segmentation on the basis of region of 2W MBO Outlets in India, FY’22

4.4 Market segmentation on the basis of Brand, FY’22

4.5 Market segmentation on the basis of Engine type, FY’22

5. Industry Analysis

5.1 State-wise MBO Distribution in India

5.2 Porter’s Five Forces Analysis of India 2W MBO Market

5.3 SWOT Analysis of India 2W MBO Market

5.4 Growth Enablers and Macroeconomic Factors in India 2W MBO Market

5.5 Issues and Challenges in India 2W MBO Market

5.6 Trends and Developments in India 2W MBO Market

6. Competitive Landscape of Few Players in India 2W MBO Market

6.1 Competitive scenario, FY’22

6.2 Cross Comparison of MBOs on the basis of Business Model, Stores, Sales Per Store, Employees, Inception, Footprints, Inventory, Value Added Services and others, FY’21

7. Customer Profile

7.1 Customer Lead Time

7.2 Findings on Customer Analysis

7.3 Customer Profile Statistics

7.4 By Gender (Female, Male), FY’2022

7.5 By Age Group, FY’2022

7.6 By Income Level, FY’2022

8. Snapshot on Financing

8.1 Engagement Model for 2W MBO Outlets with Finance Partners

8.2 Popular Finance Partners who collaborate with 2W MBO Outlets

8.3 Market Size for 2W MBO Outlet Finance Market, FY’2022

8.4 Popular 2W on which finance is offered

8.5 Market Segmentation for 2W MBO Outlet Finance Market basis Duration of Loan, FY’2022

8.6 Future Projections for 2W MBO Outlet Finance Market, FY’2023-FY’2027F

9. Future Outlook and Projections

9.1 Market Size future by Value and Volume, FY’2023 – FY’2027F

9.2 Market segmentation by Motorcycle & Scooter, FY’27F

9.3 Market segmentation by Type of Bike (Commuter, Sports and Scooter), FY’27F

9.4 Market segmentation by Engine Capacity (100-110CC,125CC-135CC,150CC-200CC), FY’27F

9.5 Market segmentation by 2W Brand, FY’2027F

9.6 Market segmentation by Regional Demand, FY’2027F

9.7 Market Segmentation on Customer Profile Future, 2027F

9.8 Future of the MBO 2W Market

10. Snapshot on EV

11. Analyst Recommendations

12. Research Methodology



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Frequently Asked Questions

Frequently Asked Questions

01 What is the market size of the India MBO Two Wheelers industry?

The India MBO Two Wheelers market sold 18 million units in 2022.

02 What is the future of the India MBO Two Wheelers?

The India MBO Two Wheelers industry is expected to reach a market of 48.1 million units in the forecasted period of 2023-2027 with a CAGR of 10.1 %.

03 Who is the No. 1 two-wheeler manufacturer in India?

Hero MotoCorp is the largest producer of two-wheelers in India based on the number of two-wheelers produced annually.

04 How many two-wheelers are sold in India?

In 2022, 13.50 million units of two-wheelers were sold in India. 

05 Which are the top players in the India MBO Two Wheelers Market? 

The biggest players in the India MBO Two Wheelers market are Hero, Suzuki, Yamaha, Honda, Bajaj Auto, and TVS.

06 Which segment is dominating the India MBO Two Wheelers Market

In 2022, motorcycles are dominating the India MBO Two Wheelers Market followed by scooters.

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