In January 2024, the two-wheeler segment in India observed robust growth, both year-on-year (YoY) and month-on-month (MoM). Every leading original equipment manufacturer (OEM) reported significant improvements in sales reflecting a strong start to the year for the Indian automobile industry.
Segment Performance
According to the Federation of Automobile Dealers Associations (FADA), two-wheeler retail sales recorded a notable 15 percent YoY growth accompanied by a 0.63 percent MoM increase in January 2024. The total sales surged to 14,58,849 units up from 12,68,990 units in January 2023 and slightly higher than the 14,49,693 units sold in December 2023.
Factors Driving Growth
Improved rural sales driven by government incentives for crop production played a significant role. The introduction of new models rising demand for electric vehicles and overall economic growth also bolstered sales across the segment.
Two-Wheeler Retailer Sales This Year 2024
In January 2024, the two-wheeler retail sales segment experienced significant growth showing a 14.96 percent year-on-year (YoY) increase and a 0.63 percent month-on-month (MoM) increase. Total sales rose to 1,458,849 units compared to 1,268,990 units in January 2023 with 1,449,693 units sold in December 2023. Improved rural sales driven by government benefits for crop production along with the introduction of new models, increased demand for electric vehicles and overall economic growth all played a role.
Hero MotoCorp: Maintaining Leadership
Hero MotoCorp continued its lead in the segment with 4,10,395 units sold in January 2024 up from 3,71,244 units in January 2023. However the company noticed a decline in market share dropping to 28.13 percent from 29.26 percent YoY. Despite this, Hero MotoCorp experienced a significant Month-over-Month (MoM) decline in retail sales, down from 4,63,593 units sold in December 2023.
Honda: Securing the Second Spot
Honda secured the second position with 3,57,088 units sold in January 2024 showing improvement from 3,18,817 units sold in January 2023.
TVS Motor: Marked Growth in Retail Sales
TVS Motor observed substantial growth in retail sales reaching 2,54,238 units in January 2024 up from 2,08,731 units in January 2023. The company also saw an improvement in market share rising to 17.43 percent from 16.45 percent YoY.
Other Performances
Bajaj Auto recorded YoY growth reaching 1,76,836 units in January 2024 from 1,38,912 units in January 2023. Similarly, Suzuki sales grew to 75,502 units from 59,815 units sold in the same month last year. Royal Enfield reported flat growth with sales improving marginally from 65,140 units in January 2023 to 65,816 units in January 2024. Yamaha Motor witnessed an increase in sales, with 57,805 units sold in January 2024 compared to 47,451 units sold in January 2023.
Electric 2W Retail Sales January 2024
- Ola Electric: Ola Electric appears as the leader in the electric two-wheeler segment with sales growing to 32,252 units in January 2024 up from 18,353 units in January 2023.
- Ather Electric, Piaggio and Classic Legends: Ather Electric saw marginal growth while Piaggio and Classic Legends reported minimal changes in sales.
- Greaves Electric and BGauss Auto: Greaves Electric observed a substantial increase in sales reflecting a rise from 87 units in January 2023 to 2,352 units in January 2024. Similarly BGauss Auto experienced rising demand with sales reaching 1,485 units in January 2024 compared to 716 units in January 2023.
Overall Electric 2W Segment
Despite changes the electric two-wheeler segment showcased remarkable growth in January 2024. However the total sales of electric vehicle makers declined compared to January 2023 indicating potential market dynamics and consumer preferences.
The two-wheeler retail sales in January 2024 reflect a positive trend in the Indian automotive industry driven by various factors and strong performances from leading OEMs and electric vehicle manufacturers.