Sales of two-wheelers in India have shown impressive growth in September 2024, marked by double-digit increases primarily driven by a significant rise in electric two-wheeler sales and a rebound in exports. Major manufacturers such as Hero MotorCorp, Bajaj Auto, TVS Motor Company, and Honda Two-Wheelers have all reported robust growth compared to their performance in the previous year.
Overview of Two-Wheeler Sales
Domestic two-wheeler sales surged by 28% year-on-year, with a total of 2,59,333 units sold in September 2024. Exports also improved, marking a 13% increase. The cumulative sales of two-wheelers from January to September 2024 stood at 1,984,125 units, reflecting a year-on-year increase of 12%.
Bajaj Auto’s Performance
Bajaj Auto reported a notable 22% increase in total two-wheeler sales, achieving a record of 4,00,489 units sold in September 2024, compared to 3,27,712 units during the same month last year. This milestone sees Bajaj crossing the 4-lakh mark for the first time.
TVS Motor Company Progress
TVS Motor Company also saw a commendable growth of 22%, with sales jumping from 386,955 units in September 2023 to 471,792 units in September 2024. The company’s domestic sales specifically grew by 23% during this period.
Hero MotoCorp and Honda’s Growth
Hero MotoCorp demonstrated a strong year-on-year growth of 19%, selling 637,050 units of motorcycles and scooters in September. Meanwhile, Honda Motorcycle & Scooter India reported wholesale sales in the domestic market reaching 536,391 units, up from 491,802 units a year ago.
Electric Two-Wheeler Segment Takes Off
In the electric two-wheeler category, Bajaj Auto climbed to the second position in sales, selling 18,933 units of its Bajaj Chetak scooters, while TVS registered sales of 17,865 units of its iQube model. This reflects a solid competitive landscape in the EV market.
Market Share Insights
As of September 2024, Bajaj Auto holds a market share of 21.47%, closely followed by TVS Motor Co. with 20.26%. Meanwhile, Ola Electric witnessed a decline in its market share, reporting its lowest monthly retail sale of 23,594 units, leading to a drop in market share to 27%.
Passenger Vehicle Market Struggles
In stark contrast to the booming two-wheeler segment, passenger vehicle (PV) sales have been struggling. September marked the third consecutive month of declining wholesales due to low consumer demand, resulting in significant inventory pressure for manufacturers.
Maruti Suzuki, the leading passenger vehicle manufacturer, reported a 4% decline in domestic wholesales, with 144,962 units sold compared to 150,812 units in September 2023. Notably, while their mini segment saw a slight uptick, compact car sales have experienced a sharp drop.
Other Key Players’ Performance
Tata Motors noted an 8% decline in total passenger vehicle sales, while both Hyundai and Tata Motors faced reductions in their respective sales figures. Conversely, Mahindra & Mahindra had a positive month, with SUV sales increasing by 24% to 51,062 units.
Conclusion
September 2024 illustrates a stark contrast between the thriving two-wheeler market, particularly in the electric segment, and the struggling passenger vehicle market facing significant challenges. Moving forward, manufacturers will need innovative strategies to navigate market fluctuations and changing consumer preferences.
