In November 2021, Hero Motor , the father or mother company of Hero Cycles, entered a three method partnership partnership with Yamaha, a Japanese two-wheeler major, to make electric motors for e-bicycles for the global market. Overall, vehicle export reached four.seventy seven million autos in FY20, growing at a CAGR of 6.94% throughout FY16-FY20. Two wheelers made up seventy three.9% of the autos exported, adopted by passenger automobiles at 14.2%, three wheelers at 10.5% and commercial vehicles at 1.3%. In October 2021, the total production volume of passenger autos (except for BMW, Mercedes, Tata Motors & Volvo Auto), three wheelers, two wheelers and quadricycles reached 2,214,745 items. The two wheelers phase dominate the market when it comes to quantity owing to a growing middle class and a young inhabitants. Moreover, the growing curiosity of the businesses in exploring the rural markets additional aided the expansion of the sector.
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