New Delhi, Sept. 16 -- India's two-wheeler export growth is expected to remain strong through FY2027, supported by demand across Latin America, Africa and Asia, but momentum could moderate sharply from FY2028 as pent-up replacement demand fades and the higher base takes effect, according to a Kotak Institutional Equities report.

"We expect FY2027E export trend to remain strong, driven by multiple geographies. However, we expect FY2028E export momentum to sharply moderate as the pent-up replacement cycle fades and a higher base of FY2027E," Kotak said in its report.

Two-wheeler exports from India have recorded a strong recovery in recent years. Export revenues grew at a 9% CAGR during FY2018-27 and 18% during FY2024-27, while export volu...