The shift from carburetor technology to fuel injection that has come with the implementation of India’s Bharat Stage VI emission standards provides the basis from which to consider other incremental technologies for fuel efficiency improvement in the two-wheeler segment, which currently consumes more gasoline than all other forms of on-road transport combined. There are many technologies available that can achieve this, and to promote widespread adoption of them, India needs to adopt a fuel consumption/CO2 standard for two-wheelers. To identify realistic fuel consumption targets for small motorcycles, large motorcycles, and scooters, and for the two-wheeler fleet overall, this paper evaluates the cost-effectiveness and the payback period of different internal combustion engine (ICE) vehicle technologies. A variety of ICE technology packages were designed, with increasing numbers of fuel efficiency technologies, for each of the three segments. The authors also include an electric two-wheeler (E2W) with a range of 100 kilometers (km) for a small motorcycle and 75 km for a scooter as one of the technology packages for each of those segments.