Honda has gained market share while first runner-up TVS has lost some ground.
The two-wheeler industry saw strong double-digit growth in April-June 2024, driven largely by scooters. With 1.66 million units sold, scooters accounted for 33 percent of total two-wheeler sales out of 4.98 million units. Bikes (3.19 million units and 17 percent YoY growth) and mopeds (1,22,715 units, up 16 percent) accounted for 64 percent and 2.46 percent, respectively.
The scooter market’s revival has spurred growth among the top six OEMs. Honda Motorcycle & Scooter India (HMSI), the market leader, nearly reached 8 lakh units in wholesales at 7,94,835 units, a 35 percent YoY increase. It despatched 2,05,435 more scooters compared to the first quarter of FY2024. HMSI’s market share has risen to 48 percent from 45 percent last year, driven by strong demand for the Activa models (both 110cc and 125cc variants). Despite these gains, HMSI’s Q1 performance falls short of the 1.11 million scooters sold in Q1 FY2019, when the industry total was 1.81 million scooters.
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In April-June 2024, TVS Motor Company, the longstanding No. 2 in the scooter sector, shipped 3,86,633 units, a 21 percent YoY increase and 66,564 units more than Q1 FY2024. This total includes 3,37,469 units of the Jupiter and NTorq scooters (up 22 percent) and 49,164 units of the iQube electric scooter (up 27 percent). However, TVS’ market share has slightly declined to 23 percent from 24.65 percent a year ago.
Suzuki Motorcycle India achieved a robust 30 percent growth with sales of 2,46,264 units, slightly increasing its market share to 14.79 percent. The company, which sells three 125cc scooters based on the same platform – Access, Avenis and Burgman – would have seen strong demand for the popular Access 125.
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Hero MotoCorp secured the fourth position with 85,389 units sold in April-June 2024, and just 1 percent growth. Of these, 74,830 units were ICE scooters (Pleasure+, Maestro Edge, and Destini 125), while 10,559 units were Vida V1 electric scooters. Thanks to a 203 percent YoY increase in Vida sales (Q1 FY2024: 3,480), Hero MotoCorp managed to compensate because demand for its IC scooters (74,830 units) was down 7.63 percent (Q1 FY2024: 81,012 units).
India Yamaha Motor, which retails three scooters – the 125cc Ray and Fascino, and 155cc Aerox – sold a total of 75,607 units, up 32 percent YoY. While combined Ray and Fascino sales at 70,441 units rose 22 percent, Yamaha also sold 5,166 units of the Aerox.
Bajaj Auto, moving up to sixth place from seventh last year, achieved a strong start in FY2025 with sales of 40,854 Chetak scooters, up 96 percent compared to April-June 2023 (20,834 units). June 2024 marked the highest monthly sales for the Chetak since its launch in January 2020, reaching 16,691 units. This milestone includes surpassing 2 lakh cumulative sales, with the last 100,000 units sold in just eight months.
How will demand shape up for the scooter and overall two-wheeler industry in the coming months? The Union Budget 2024 proposals, with a strong emphasis on boosting rural income, are expected to stimulate demand. Tweaks in personal income tax, which will result in enhanced remuneration for salaried employees, could also prove to be growth enhancers.
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Honda closes gap to Hero in June 2024 bike, scooter sales
