India 2023. Two-Wheeler Market At The Best Out Of Last 4 Years

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Triumph Speed 400
Triumph Speed 400

Indian Motorcycles Market is running up and up. Reporting December sales up 2.4%, with the 14th growth in a row, the Two-Wheeler market fixed the 2023 registration score near 17.5 million (+8.5%).

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 2023 Trends and Data

Reporting December sales up 2.4%, with the 14th growth in a row, the Two-Wheeler market fixed the 2023 registration score near 17.5 million (+8.5% versus the previous year), the 5th all time sales level and the best out of the last four years.

The market is sustained by the government by strong incentives for electric vehicles manufacturers, buth only 0.2 million of additional sales derive from this new segment. Electric vehicles reached the new record of 866.853 (+33.5%)

Looking at top manufacturers performance, Hero is still on top, with year to date domestic sales at 5.3 million (+6.4%). Hero has consolidated its rule as second largest manufacturer worldwide.

In second place Honda is struggling with 4.0 million sales (-4.0%), while in third place TVS Motor is shining with a huge growth (+21.6%) at 3.0 million sales, driven up by the success of the only electric scooter in the line up (the iQube (+255%) and by the Raider 125 (+151%).

In fourth place Bajaj Auto seems scored a great recovery after the previous year lost, with 2.05 million, up 22.0%.

Royal Enfield keeps growing fast with 824.983 sales (+17.3%) celebrating the new Hunter 350 success and the new all time record hit at global level.