1. MARKET INTRODUCTION 1.1 Market Definition 1.2 Objective of the Study 1.3 Limitation 1.4 Stakeholders 1.5 Scope of the India 2W Market Study 2 RESEARCH METHODOLOGY 2.1 Research Methodology for Indian 2W Market Study 2.1.1 Main objective of the Indian 2W Market Study 3 EXECUTIVE SUMMARY 4 MARKET OVERVIEW 4.1 Introduction to Indian 2-Wheeler Market 4.2 Market Growth Drivers 4.2.1 Favorable Macroeconomic and Demographic Trends 4.2.1.1 UMI Analysis of Impact on 2W Industry 4.2.2 Increasing workforce participation 4.2.3 Rapidly populating urban areas will demand alternate quicker and more economical mode of transport 4.2.3.1 UMI Analysis of Impact on 2W Industry 4.2.4 India’s rural income is projected to improve led by farm and non-farm demand recovery 4.2.5 Burgeoning middle-class population with increasing disposable income will drive the demand for 2W 4.2.5.1 UMI Analysis of Impact on 2W Industry 4.2.6 Growing Youth Population would drive the demand for 2W in India 4.2.6.1 UMI Analysis of Impact on 2W Industry 4.2.7 Continued government focus on supporting the industry 4.2.7.1 Other Government initiatives for the Industry Includes: 5 OVERVIEW OF E2W IN INDIA, CURRENT & FORECAST 5.1 Penetration of EV in this market vis a vis segmental cannibalization in motorcycle or scooter 5.2 Current and projected demand of EV 2-Wheelers (Volume) 5.2.1 Facts about Electric 2-Wheelers in India 5.2.2 Factor Supporting the adoption of Electric 2-Wheeler in India 5.2.3 Different Case Scenario for the growth of Electric 2W in India 5.2.4 Decreasing cost of Lithium-Ion Battery would drive the market for Electric Vehicle in future 5.2.4.1 UMI Analysis of E2W Demand 6 OEM GROWTH OPPORTUNITIES IN INDIAN 2W INDUSTRY 6.1 Growth Opportunities 6.1.1 Increasing Investment 6.1.2 Low threat of new entrants in the market 6.1.3 Reducing the Cost of lithium-ion batteries will drive the Electric Vehicle Market 6.1.4 Continuous Government Supports 6.2 OEM Growth Model, by Company 6.2.1 Hero MotoCorp Limited (Hero MotoCorp) 6.2.2 Bajaj Auto Limited (Bajaj) 6.2.3 Honda Motorcycle and Scooter India (Honda) 6.2.4 TVS Motor Company Limited (TVS) 6.3 UMI Analysis of Indian 2W Industry 6.3.1 Overview of Budget 2019 For Indian Auto Sector and Expert Opinion 6.4 Analysis of NBFC's strictness/ Regulations and if the effect on the cost of the vehicle 6.4.1 Current Scenario 6.4.2 Impact on 2W Industry 6.4.3 RBI New Norms 6.5 UMI Analysis of Impact on 2W Industry 7 FUTURE TREND OF 2W MARKET IN INDIA 7.1 Future two-wheeler Sales in India (based on estimated domestic sales) 8 INDIAN CONVENTIONAL 2W MARKET ANALYSIS BY TYPE OF 2W 8.1 Market Size of Two-Wheeler 8.1.1 Indian Two-Wheeler Market by Type of 2W 9 INDIAN CONVENTIONAL 2W MARKET ANALYSIS BY CLASS OF 2W 9.1 Indian Two-Wheeler Market by Class of 2W 10 MARKET SHARE ANALYSIS (% SHARE DERVIED BASED ON SALE) 10.1 Market Share of Two-Wheeler, by Company 10.1.1 Market Share of Motorcycle, by Company 10.1.2 Market Share of Scooter, by Company 10.1.3 Market Share of Moped, by Company 10.1.4 Market Share of Performance Bike, by Company 10.1.5 Market Share of Economy 2W, by Company 10.1.6 Market Share of Executive 2W, by Company 10.1.7 Market Share of Premium 2W, by Company 11 MAJOR COMPANY ANALYSED 11.1 Hero MotoCorp Ltd. 11.1.1 Business Overview 11.1.1.1 Key Findings on Hero 2W Business 11.1.2 Facts on Two-Wheeler Business 11.1.3 Future Plans of the Company for 2W business 11.2 Bajaj Auto Ltd. 11.2.1 Business Overview 11.2.1.1 Key Findings on Bajaj 2W business 11.2.2 Facts on Two-Wheeler Business 11.2.3 Future Plans of the Company for 2W business 11.3 TVS Motor Company 11.3.1 Business Description 11.3.1.1 Key Findings on TVS 2W business 11.3.2 Facts on Two-Wheeler Business 11.3.3 Future Plans of the Company for 2W business 11.4 Honda Motorcycle and Scooter India, Pvt. Ltd. 11.4.1 Business Overview 11.4.1.1 Key Findings on HMSI 2W Business 11.4.2 Facts on Two-Wheeler Business 11.4.3 Future Plans of the Company for 2W business 11.5 India Yamaha Motor Pvt. Ltd. 11.5.1 Business Overview 11.5.2 Facts on Two-Wheeler Business 11.5.3 Future Plans of the Company for 2W business 11.6 Suzuki Motorcycle India, Pvt. Ltd. 11.6.1 Business Overview 11.6.2 Facts on Two-Wheeler Business 11.6.3 Future Plans of the Company for 2W business 11.7 Mahindra two wheelers Ltd. 11.7.1 Business Overview 11.7.1.1 Key Findings on Mahindra 2W Business 11.7.2 Facts on Two-Wheeler Business 11.7.3 Future Plans of the Company for 2W business 11.8 Royal Enfield Motors Ltd. 11.8.1 Business Description 11.8.1.1 Key Findings on Royal Enfield 2W Business 11.8.2 Facts on Two-Wheeler Business 11.8.3 Future Plans of the Company for 2W business 11.9 Harley Davidson India 11.9.1 Business Description 11.9.2 Facts on Two-Wheeler Business 11.9.3 Future Plans of the Company for 2W business 11.10 Piaggio Vehicles Pvt. Ltd. 11.10.1 Business Description 11.10.2 Facts on Two-Wheeler Business 11.10.3 Future Plans of the Company for 2W business 11.1 India Kawasaki Motors Pvt. Ltd. 11.11.1 Business Description 11.11.2 Facts on Two-Wheeler Business 11.11.3 Future Plans of the Company for 2W business 11.1 Triumph Motorcycles (India) Pvt. Ltd. 11.12.1 Business Description 11.12.2 Facts on Two-Wheeler Business 11.12.3 Future Plans of the Company for 2W business 12 FACTORS & VARIABLES ASSUMED 12.1 Details of all Factors & Variables Assumed for Research on 2W Industry in India 12.2 Primary Interviews/Field Survey Findings 12.3 Limitations of the Study

FIG. 1 Scope of the India 2W Market Study FIG. 2 Research Methodology for Indian 2W Market Study FIG. 3 Indian 2-wheeler Market, 2016-2019 (Million Unit) FIG. 4 Indian 2-wheeler Market, 2020-2025 (Million Unit) FIG. 5 Current Two-wheelers Sales (millions), by Source FIG. 6 Current 2W/1,000 Persons in India FIG. 7 Current Export of 2W form India (in million) FIG. 8 Current Production of Conventional 2W in India (in million) FIG. 9 Current Sales of 2W in India (in million), By Type of 2W FIG. 10 GDP India, Current & Forecasted Along With 2W Sales FIG. 11 Real GDP growth (annual % change) and 2W Sales Growth FIG. 12 Urban Population Growth in India, Current and Future (% of Total Population) FIG. 13 Distribution of Indian Household as per Income (in million) FIG. 14 Estimate Growth of Youth Population in India (2016-2025) FIG. 15 Current Sales of Electric 2W in India (2016-2019 (Units) FIG. 16 Projected Demand of Electric 2W in India (2020-2025) (Units) FIG. 17 Factor Weightage for growth drivers of EV2W in India (2020-2025) (Units) FIG. 18 Different Case Scenario for the growth of Electric 2W in India FIG. 19 Projected Demand of Electric 2W in India (2020-2025) (Units) and Price of Lithium-Ion Battery FIG. 20 Expert Opinion on 2019 Budget for Auto Sector in India FIG. 21 Two-Wheeler Finance Loan Book, India FIG. 22 Future Two-wheelers Sales (in thousands), by Source FIG. 23 Projected 2W/1,000 Persons in India FIG. 24 Hero MotoCorp Current Production and Sales of 2W (in thousands) FIG. 25 Hero MotoCorp Projected Production and Sales of 2W (in thousands) FIG. 26 Bajaj Auto Current Production and Sales of 2W (in thousands) FIG. 27 Bajaj Auto Projected Production and Sales of 2W (in thousands) FIG. 28 TVS Motor Current Production and Sales of 2W (in thousands) FIG. 29 TVS Motor Projected Production and Sales of 2W (in thousands) FIG. 30 HMSI Current Production and Sales of 2W (in thousands) FIG. 31 HMSI Projected Production and Sales of 2W (in thousands) FIG. 32 Yamaha Motor Current Production and Sales of 2W (in thousands) FIG. 33 Yamaha Motor Projected Production and Sales of 2W (in thousands) FIG. 34 Suzuki Motorcycle Current Production and Sales of 2W (in thousands) FIG. 35 Suzuki Motorcycle Projected Production and Sales of 2W (in thousands) FIG. 36 Mahindra Two Wheelers Current Production and Sales of 2W (in units) FIG. 37 Mahindra Two Wheelers Projected Production and Sales of 2W (in units) FIG. 38 Royal Enfield Current Production and Sales of 2W (in thousands) FIG. 39 Royal Enfield Projected Production and Sales of 2W (in thousands) FIG. 40 Harley Davidson Current Production and Sales of 2W (in units) FIG. 41 Harley Davidson Projected Production and Sales of 2W (in units) FIG. 42 Piaggio Current Production and Sales of 2W (in units) FIG. 43 Piaggio Projected Production and Sales of 2W (in units) FIG. 44 India Kawasaki Current Production and Sales of 2W (in units) FIG. 45 India Kawasaki Projected Production and Sales of 2W (in units) FIG. 46 Triumph Motorcycles Current Production and Sales of 2W (in units) FIG. 47 Triumph Motorcycles Projected Production and Sales of 2W (in units)TABLE 1 List of Top 10 Electric Bikes in India (2018) TABLE 2 Vehicle Loan Growth (2014-2018) TABLE 3 Current Total Sales of Two-Wheeler by Type of 2W, 2016-2019 (in units) 38TABLE 4 Projected Total Sales of Two-Wheeler, by Type of 2W, 2020-2025 (in units) 38 TABLE 5 Current Production of Two-Wheeler by Type of 2W, 2016-2019 (in units) 38 TABLE 6 Projected Production of Two-Wheeler by Type of 2W, 2020-2025 (in units) 39 TABLE 7 Current Total Sales of Two-Wheeler by Class of 2W, 2016-2019 (in units) 40 TABLE 8 Projected Total Sales of Two-Wheeler, by Class of 2W, 2020-2025 (in units) 40 TABLE 9 Current Production of Two-Wheeler by Class of 2W, 2016-2019 (in units) 40 TABLE 10 Projected Production of Two-Wheeler by Class of 2W, 2020-2025 (in units) 41 TABLE 11 Current Market Share of Two-Wheeler, by Company, 2016-2019 (%) 42 TABLE 12 Current Market Share of Motorcycle, by Company, 2016-2019 (%) 42 TABLE 13 Current Market Share of Scooter, by Company, 2016-2019 (%) 43 TABLE 14 Current Market Share of Moped, by Company, 2016-2019 (%) 43 TABLE 15 Current Market Share of Performance Bike, by Company, 2016-2019 (%) 43 TABLE 16 Current Market Share of Economy 2W, by Company, 2016-2019 (%) 44 TABLE 17 Current Market Share of Executive 2W, by Company, 2016-2019 (%) 44 TABLE 18 Current Market Share of Premium 2W, by Company, 2016-2019 (%) 45 TABLE 19 Future Plans of Hero MotoCorp for Two-Wheeler Business 48 TABLE 20 Future Plans of Bajaj Auto Limited for Two-Wheeler Business 51 TABLE 21 Future Plans of TVS Motor Company for Two-Wheeler Business 54 TABLE 22 Future Plans of Hero MotoCorp for Two-Wheeler Business 57 TABLE 23 Future Plans of Yamaha India for Two-Wheeler Business 59 TABLE 24 Future Plans of Suzuki Motorcycle India for Two-Wheeler Business 61 TABLE 25 Future Plans of Mahindra for Two-Wheeler Business 63 TABLE 26 Future Plans of Royal Enfield for Two-Wheeler Business 65 TABLE 27 Future Plans of Harley Davidson India for Two-Wheeler Business 67 TABLE 28 Future Plans of Piaggio Vehicles for Two-Wheeler Business 69 TABLE 29 Future Plans of India Kawasaki Motors for Two-Wheeler Business 71 TABLE 30 Future Plans of Triumph Motorcycles India for Two-Wheeler Business 73 TABLE 31 Factors and Variables Assumed 74 TABLE 32 Primary Research Remarks

Hero MotoCorp Ltd., Bajaj Auto Ltd., TVS Motor Company, Honda Motorcycle and Scooter India, Pvt. Ltd., India Yamaha Motor Pvt. Ltd., Suzuki Motorcycle India, Pvt. Ltd., Mahindra two wheelers Ltd., Royal Enfield Motors Ltd., Harley Davidson India, Piaggio Vehicles Pvt. Ltd., India Kawasaki Motors Pvt. Ltd., Triumph Motorcycles (India) Pvt. Ltd.