In the domain of two-wheelers, the Indian industry has demonstrated a noteworthy growth of 11%, reaching a total of 4.14 million units, compared to 3.72 million units in Q1 FY2023. Within this landscape, motorcycles have played a significant role, contributing to 2.73 million units and exhibiting a remarkable growth of 14%, constituting a dominant 66% share of the total sales. Meanwhile, the scooter market, accounting for 1.29 million units, registered a more modest growth of 7%, representing 31% of the market. Mopeds, on the other hand, encountered a decline of 6%, summing up to 105,261 units and occupying the remaining 3% share.
The industry leader, Hero MotoCorp, dispatched 13,17,250 motorcycles and scooters, encountering a slight drop of 0.82% compared to the previous year’s sales of 13,28,166 units, while maintaining a substantial 32% market share. Similarly, Honda Motorcycle & Scooter India faced a negative trajectory with 9,52,190 units, reflecting a 4.31% decline compared to Q1 FY2023’s 9,95,156 units.
Intriguingly, the four subsequent original equipment manufacturers (OEMs) have showcased robust growth figures. TVS Motor Co recorded a notable growth of 27%, achieving 7,21,479 units (compared to Q1 FY2023’s 565,105 units). Bajaj Auto’s sales soared to 5,42,615 units, showcasing a substantial 73% growth (compared to Q1 FY2023’s 314,418 units). Royal Enfield marked a significant milestone, surpassing 200,000 units with 2,07,171 units sold and growth of 31%. Suzuki Motorcycle India managed to dispatch 1,97,358 units, translating to an 18% YoY increase in wholesales, while India Yamaha Motor’s performance yielded 1,65,077 units with a commendable growth of 17%.
According to the Society of Indian Automobile Manufacturers (SIAM), while the current numbers remain lower than the pre-Covid levels, positive indications arise from the anticipated growth in the rural economy. Price increases stemming from various regulatory norms have historically impacted the two-wheeler industry. The realignment in the FAME (Faster Adoption and Manufacturing of Electric Vehicles) subsidy caused a sudden surge in consumer purchases in May 2023, affecting the demand for electric two-wheelers in June.