Episode 24 of F+L Webcast features Anand Bhargav, global segment manager for main-tier PCMO [passenger car motor oil] and small engines segments at Chevron Oronite Pte Ltd based in Singapore. Bhargav discusses a new JASO motorcycle engine oil specification which is set to be released in early 2023. This update will allow for the use of lower viscosity oils, providing better lubrication and protection for motorcycle engines.
Bhargav highlighted a vibrant and growing motorcycle market comprising around 700 million units as of 2019. Asia-Pacific is the largest market accounting for around 80% of the global two-wheeler fleet. Japanese OEMs, led by Honda and Yamaha, are the manufacturing frontrunners and contribute more than 50% of global market share. Indian OEMs deliver an additional 25%. From 2012-2021, the global two-wheeler market grew at a steady 1.5% compound annual growth rate (CAGR). This overall growth figure somewhat masks the declines that were occurring above the equator as interest in two-wheelers appeared to be waning in North America, Europe, Japan and South Korea.
However, since the emergence of Covid-19, the industry has had a shot in the arm, so to speak. An uptick in sales has emerged around the globe as more consumers turned to two-wheelers for individual mobility as public transport in many countries were restricted to prevent the widespread transmission of the SARS-Covid 2 virus. Some analysts believe the motorcycle boom will continue over the coming years.
