India's Motorcycle and Scooter Exports Drop Significantly to $5.2 Billion in 2023

India Motorcycle and Scooter Exports

In 2023, approx. 5.9M units of motorcycles and scooters were exported from India; shrinking by -18.5% against 2022 figures. In general, total exports indicated a temperate expansion from 2013 to 2023: its volume increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by -25.7% against 2021 indices. The most prominent rate of growth was recorded in 2021 with an increase of 49%. As a result, the exports reached the peak of 7.9M units. From 2022 to 2023, the growth of the exports failed to regain momentum.

In value terms, motorcycle and scooter exports fell to $5.2B (IndexBox estimates) in 2023. Over the period under review, total exports indicated a tangible increase from 2013 to 2023: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by -11.3% against 2021 indices. The most prominent rate of growth was recorded in 2021 with an increase of 61%. As a result, the exports attained the peak of $5.9B. From 2022 to 2023, the growth of the exports remained at a lower figure.

Exports by Country

Nigeria (393K units), Mexico (221K units) and Colombia (213K units) were the main destinations of motorcycle and scooter exports from India, with a combined 14% share of total exports. the Philippines, Turkey, Guatemala, Bangladesh, Nepal and Sri Lanka lagged somewhat behind, together accounting for a further 11%.

From 2013 to 2023, the biggest increases were recorded for Turkey (with a CAGR of +45.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for motorcycle and scooter exported from India were Mexico ($247M), Nigeria ($209M) and Colombia ($201M), with a combined 13% share of total exports. Turkey, the Philippines, Guatemala, Bangladesh, Nepal and Sri Lanka lagged somewhat behind, together accounting for a further 11%.

Turkey, with a CAGR of +48.9%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Exports by Type

Motorcycles (including mopeds) and cycles; fitted with an auxiliary motor, reciprocating internal combustion piston engine, of cylinder capacity exceeding 50cc but not exceeding 250cc, with or without side-cars; side-cars (5.5M units) was the largest type of motorcycles and scooters exported from India, with a 93% share of total exports. Moreover, motorcycles (including mopeds) and cycles; fitted with an auxiliary motor, reciprocating internal combustion piston engine, of cylinder capacity exceeding 50cc but not exceeding 250cc, with or without side-cars; side-cars exceeded the volume of the second product type, motorcycles (including mopeds) and cycles; fitted with an auxiliary motor, reciprocating internal combustion piston engine, of cylinder capacity exceeding 250cc but not exceeding 500cc, with or without side-cars; side-cars (334K units), more than tenfold. The third position in this ranking was taken by motorcycles (including mopeds) and cycles; fitted with auxiliary motor, reciprocating internal combustion piston engine of cylinder capacity exceeding 500cc but not exceeding 800cc, with or without sidecars; side-cars (52K units), with a 0.9% share.

From 2013 to 2023, the average annual growth rate of the volume of motorcycles (including mopeds) and cycles; fitted with an auxiliary motor, reciprocating internal combustion piston engine, of cylinder capacity exceeding 50cc but not exceeding 250cc, with or without side-cars; side-cars exports amounted to +1.9%. With regard to the other exported products, the following average annual rates of growth were recorded: motorcycles (including mopeds) and cycles; fitted with an auxiliary motor, reciprocating internal combustion piston engine, of cylinder capacity exceeding 250cc but not exceeding 500cc, with or without side-cars; side-cars (+27.2% per year) and motorcycles (including mopeds) and cycles; fitted with auxiliary motor, reciprocating internal combustion piston engine of cylinder capacity exceeding 500cc but not exceeding 800cc, with or without sidecars; side-cars (+56.4% per year).

In value terms, motorcycles (including mopeds) and cycles; fitted with an auxiliary motor, reciprocating internal combustion piston engine, of cylinder capacity exceeding 50cc but not exceeding 250cc, with or without side-cars; side-cars ($4.3B) remains the largest type of motorcycles and scooters exported from India, comprising 82% of total exports. The second position in the ranking was held by motorcycles (including mopeds) and cycles; fitted with an auxiliary motor, reciprocating internal combustion piston engine, of cylinder capacity exceeding 250cc but not exceeding 500cc, with or without side-cars; side-cars ($761M), with a 15% share of total exports. It was followed by motorcycles (including mopeds) and cycles; fitted with auxiliary motor, reciprocating internal combustion piston engine of cylinder capacity exceeding 500cc but not exceeding 800cc, with or without sidecars; side-cars, with a 3.5% share.

From 2013 to 2023, the average annual growth rate of the value of motorcycles (including mopeds) and cycles; fitted with an auxiliary motor, reciprocating internal combustion piston engine, of cylinder capacity exceeding 50cc but not exceeding 250cc, with or without side-cars; side-cars exports stood at +2.8%. With regard to the other exported products, the following average annual rates of growth were recorded: motorcycles (including mopeds) and cycles; fitted with an auxiliary motor, reciprocating internal combustion piston engine, of cylinder capacity exceeding 250cc but not exceeding 500cc, with or without side-cars; side-cars (+26.4% per year) and motorcycles (including mopeds) and cycles; fitted with auxiliary motor, reciprocating internal combustion piston engine of cylinder capacity exceeding 500cc but not exceeding 800cc, with or without sidecars; side-cars (+66.7% per year).

Export Prices by Country

In 2023, the motorcycle and scooter price amounted to $886 per unit (FOB, India), picking up by 9.6% against the previous year. Over the last decade, it increased at an average annual rate of +2.1%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2023, amid the top suppliers, the country with the highest price was Argentina ($1,488 per unit), while the average price for exports to Nigeria ($532 per unit) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Bangladesh (+3.3%), while the prices for the other major destinations experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform