Honda Motor (HMC) said Tuesday it plans to begin operating an electric motorcycle production plant in India in 2028, as part of its plans to dominate the global market.
The company said it expects motorcycle sales worldwide to reach 20.2 million units in the fiscal year ending March 31, 2025, about 40% of the global market.
In a presentation, Honda executives said the Asian market accounts for 85% of its sales while Japan, Europe, and the US account for 6%.
Honda said it expects its further growth in motorcycle sales to come mostly from southwest Asia, Indonesia, the Philippines, Brazil, and other Central and South American countries.
The company said it expects the global demand to grow to 60 million motorcycles per year by 2030, up from 50 million now.
Honda said it has focused on India, where it says the "the largest market share in India is within reach."
To increase India sales, Honda said it will automate production and cultivate local suppliers.
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