Honda aims for half of worldwide motorcycle market: Report
Honda recently reported that it is looking to grab half the gas and electric motorcycle market in the coming years, which is expected to reach 60 million units annually by 2030.
In a recent press briefing, Honda said its global sales are about 40 percent of the market currently and are forecast to reach 20.2 million units for the fiscal year ending in March 2025.
Honda hopes to attain a 50 percent market share, including its electric bike initiatives but didn’t give a timeframe for this goal during the briefing. Honda believes most of the growth will come from India, Indonesia, the Philippines, Brazil, and other countries in Central and South America.
In the last fiscal year, Honda made about $3.6 billion in operating profit in the powersports segment, producing more than 20 million units annually.
Honda may also run into issues around tariffs, considering it makes some 9,000 powersports units annually at a factory in Mexico, most of which are imported into the U.S. President Trump has threatened to impose heavy tariffs on products crossing the Mexican border.
As part of its electrification push, Honda says it plans to roll out at least 30 new electric motorcycles and scooters by 2030 to meet its target of annual electric sales of 4 million units by that year. Honda is also working to reduce the total cost of ownership (TCO), which is one of the challenges of owning electric motorcycles.
Honda is striving to sell its electric motorcycle models for an equivalent cost of ownership similar to that of ICE models. Honda says it will open a dedicated electric motorcycle production plant in India in 2028 to achieve this target.
