India’s two-wheeler market displayed marginal growth in June 2024, overcoming challenges like seasonal heatwaves and regional elections. While exports remained flat, several leading manufacturers reported positive year-over-year (YoY) growth in domestic sales.
Market Highlights
- Total two-wheeler sales in June 2024 reached 322,168 units, reflecting a modest 6% increase compared to June 2023 (304,401 units).
- Domestic two-wheeler sales witnessed a stronger growth of 8% year-on-year, with sales rising from 235,833 units in June 2023 to 255,734 units in June 2024.
- Two-wheeler exports remained stagnant compared to June 2023.
Manufacturer Performance
TVS Motor Company: TVS achieved a well-rounded performance, registering a 6% increase in total two-wheeler sales. Motorcycle sales grew by 3% YoY, reaching 152,701 units, while scooter sales climbed 6% YoY to 128,986 units. Notably, TVS’s electric vehicle (EV) segment also witnessed a 10% YoY growth, selling 15,859 units in June 2024.
Bajaj Auto: Bajaj Auto’s overall sales experienced a 5% YoY growth, with domestic sales rising and exports showing a slight increase. However, their June 2024 sales figures were lower compared to May 2024.
Hero MotoCorp: Hero reported a robust 16.24% YoY growth in domestic two-wheeler sales, reaching 4,91,416 units in June 2024. Motorcycle sales were particularly strong, with a 16.99% YoY increase, while scooter sales dipped slightly by 7.06% YoY.
Honda Motorcycle & Scooter India (HMSI): HMSI emerged as the biggest gainer, recording an impressive 60% YoY growth in total sales. This growth was driven by a significant 59% YoY rise in domestic sales and a massive 70% YoY surge in exports.
Royal Enfield: Royal Enfield faced a slight setback, with domestic sales declining by 2% YoY to 73,141 units in June 2024. Exports also experienced a significant drop of 27% YoY.
Suzuki Motorcycle India: Suzuki displayed positive growth, with total sales increasing by 9% YoY to 88,287 units. Domestic sales grew by 13% YoY, while exports witnessed a minor decline.
Looking Ahead
Despite facing headwinds like heatwaves and elections, India’s two-wheeler market demonstrated resilience in June 2024. The strong performance by several manufacturers indicates continued consumer demand. However, the flat export figures and Royal Enfield’s decline warrant close observation in the coming months. The industry’s overall performance will likely depend on factors like monsoon rains, economic conditions, and new product launches.