The 2W segment showed off positive market sentiments in rural areas whereas urban demand dipped considerably both on a YoY and YTD basis
As indicated by Federation of Automobile Dealers Associations (FADA), two wheeler retail sales in October 2024 has grown substantially on a YoY basis. Sales were boosted both by the festivities of Navratri and Diwali while new model launches and attractive discounts and benefits further stirred up sales. The forecast for the coming months of November and December also looks bright with the onset of the wedding season.
2W Retail Sales Oct 2024
2W sales in October 2024 improved to 20,65,095 units, up from 15,14,634 units sold in Oct 2023. This related to a 36.34% YoY growth with a volume increase of 5,50,461 units. It was also a MoM improvement of 71.48% from 12,04,259 units sold in Sep 2024. This marked a significant volume growth of 8,60,836 units.
On a year-to-date (YTD) basis as well, the 2W segment showed off positive sales to 1,06,36,263 units sold in the April-October 2024 period, a 13.54% rise over 93,68,261 units. A point to be noted is that during the month of Oct 2024, demand for 2W is more in rural areas as compared to its sales in urban spaces. MoM and YoY sales in urban areas fell by 5.24% and 1.41% respectively. On the other hand rural demand was up 4.64% and 1.16% on a MoM and YoY basis respectively.
Hero MotoCorp regains No. 1
Having lost its No. 1 position to Honda in Sept 2024, Hero MotoCorp once again emerged at the top of sales charts in Oct 2024. Hero sales stood at 5,76,532 units in the past month over 4,18,672 units sold in Oct 2023. Market share also grew to 27.92% from 27.64% YoY. Hero MotoCorp is at the 2024 EICMA Show with a host of new offerings among which are the Hero Xtreme 250, Xpulse 210 and Karizma XMR 250.
Honda 2W sales fell below that of Hero MotoCorp by 20,000 units to 5,54,249 units in Oct 2024 from 4,03,604 units sold in Oct 2023. There had been 3,33,927 units sold in Sept 2024 over 2,71,390 units sold by Hero in the same month when it was the No. 1 seller. Honda has debuted two new electric motorcycles EV Fun and EV Urban concept models at EICMA 2024 with plans to launch a total of 30 electric 2Ws by 2030.
TVS Motor also reported increased retail sales last month at 3,51,950 units. This was well over 2,52,359 units sold in Oct 2023. Its market share also took a leap to 17.04% from 16.66% YoY. Ending YoY sales on a positive note was Bajaj Auto with 2,30,254 units sold last month over 1,79,308 units sold in Oct 2023. The company however, saw a marginal decline in its market share to 5.15% from 5.30% YoY. The new Bajaj Pulsar N125 is sure to stir up sales along with the Freedom 125 CNG, the world’s first CNG motorcycle.
Ola, Ather Post YoY Sales Growth
Royal Enfield (95,113 units) and India Yamaha Motor (68,153 units) each posted YoY growth. RE market share remained on par at 4.61%. However, Yamaha market share dipped to 3.30% from 3.66% YoY. In the electric vehicle segment, despite several issues being faced by Ola Electric with mounting consumer complaints, its sales went up to 41,651 units in the past month. This was over 23,892 units sold in Oct 2023. Market share also went up to 2.02% from 1.58% YoY.
Ather Energy also nearly doubled its retail sales count in Oct 2024 with 15,993 units sold in the said month. This was over 8,484 units sold in Oct 2023. Classic Legends too witnessed sales increase to 4,180 units from 2,776 units YoY while Greaves Electric (3,981 units) and Piaggio (3,241 units) suffered a YoY decline in sales. Other 2W makers contributed 13,436 units to total retail sales last month, a growth over 12,370 units sold in Oct 2023.
