India 2024. Two-Wheeler Market Up Again In June (+22.4%)

Indian Motorcycles Market is booming in 2024. Motorcycles sales in June 2024 have been 1.66 million (+22.4%) with Year to Date figures at 9.7 million (+20.6%).

Data reported for India regards wholesales and not – as for all the other countries – registrations. The perimeter of data covered includes motorcycles, moped, scooter, and ATV, both on ICE and electric engines. In addition, data includes the commercial three wheeler, very popular in the country.

 

Indian Motorcycles Trends and Data

India’s economy is forecast to expand by 6.9% in 2024 and 6.6% in 2025, mainly driven by strong public investment and resilient private consumption. Although subdued external demand will continue to weigh on merchandise export growth, pharmaceuticals and chemicals exports are expected to expand strongly.

In such positive environment, the two-wheeler industry keeps expanding with fast growing data both for domestic and export market.

Domestic market, the largest worldwide, is in a great shape fueled by the growth of electric segment and even by the resilience of ICE models, confirming the key rule of the industry in the Indian individual mobility, with ner 1.5 billion people living in a country still poor as transportation infrastructures.

Motorcycles sales in June 2024 have been 1.66 million (+22.4%) with Year to Date figures at 9.7 million (+20.6%), an impressive pace for a so large market.

Sales are growing at the same speed for scooters (+21.9%) and motorcycles (+20.0%).

Although sustained by strong government incentives, the electric segment is decelerating with the L1 segment up 13.7% and the L3 up 16.6%. There are some players, like Okinawa and Ather, already in difficulties.

Looking at top manufacturers performance, Hero is still on top, with year to date domestic sales at 2.8 million (+9.7%). Hero has consolidated its rule as second largest manufacturer worldwide.

After the last year difficulties, in second place Honda is now taking off with 2.5 million sales (+52.5%), while in third place TVS Motor is shining again with a huge growth (+15.2%) at 1.61 million sales, driven up by the success of the only electric scooter in the line up (the iQube (+55%) and by the Raider 125 (+31.4%).

In fourth place Bajaj Auto is still confirming momentum with 1.08 million sales, up 13.2%.

Recording the best performance ever, Suzuki advanced in 5th place with  484.230 sales (+24.5%), ahead of Royal Enfield with 416.235 sales (+4.3%) and Yamaha with 364.051 (+26.5%)

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