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Honda Motorcycles bullish on EV, Asia biggest market
With a 40% share of the global motorcycle market, Honda Motorcycles is expecting motorcycle sales, including electric motorcycles, to reach 60 million units by 2030. Currently, the estimated worldwide sales number for two-wheelers is estimated […] The post Honda Motorcycles bullish on EV, Asia biggest market appeared first on Paul Tan's Automotive News.
With a 40% share of the global motorcycle market, Honda Motorcycles is expecting motorcycle sales, including electric motorcycles, to reach 60 million units by 2030.
Currently, the estimated worldwide sales number for two-wheelers is estimated to be 50 million units. Of this, Honda expects to sell 20.2 million motorcycles by the end of its current fiscal year ending March 31, 2025 (FY2025).
With a long-term target to capture a 50% share of the global motorcycle market including electric motorcycles, Honda is focusing on the “Global South”, centred in South-West Asia. India is the largest market in this region, followed by Indonesia and the Philippines while focus is placed on growing markets in South America, notably Brazil.
Honda aims to synergise its strategy in India, where it offers four models targetted at the commuter market, and replicating this in South America, where rider requirements are much the same as the sub-continent. Honda is expecting to see a further increase of motorcycle demand in ASEAN countries, as well as Pakistan and Bangladesh where the commuter need for two-wheel transport is rising.
As for electric motorcycles, Honda has introduced two global electric models in Indonesia, the CUV e: and the Icon e: electric scooters. Specific to the India market, Honda has launched the Active e: and QC1 electric scooters.
Moving forward, Honda will launch its first electric sports model, the EV Fun Concept, and the commuter targetted EV Urban Concept for urban mobility. Of the 30 models targeted for introduction by 2030, Honda has already introduced 13 models, making steady progress with its electrification plan.
Honda is also working on reducing the total cost of ownership (TCO) for electric vehicles with a target of pricing it within the equivalent of three year TCO of ICE equivalents. To achieve this, Honda is looking at operating a dedicated electric motorcycle production plant in India in 2028.
The post Honda Motorcycles bullish on EV, Asia biggest market appeared first on Paul Tan's Automotive News.
