India 2024. Two-Wheeler Market Fast Starts 2024 (+21.4%)

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Triumph Speed 400
Triumph Speed 400

Indian Motorcycles Market fast starts the 2024. All the first three months over 1.5 million sales and final quarterly figures at 4.59 million (+21.4%). Honda, Harley-Davidson and Triumph booming.

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 Trends and Data

The Indian Two-wheeler market is in a great shape fueled by the growth of electric segment and even by the resilience of ICE models, confirming the key rule of the industry in the Indian individual mobility, with ner 1.5 billion people living in a country still poor as transportation infrastructures.

The motorcycles industry is recovering fast, after the sharp 2020 fall, caused by the covid 19 and in 2023 was back over the 17.6 million sales.

The fast of 2024 was very fast, with all the first three months over 1.5 million sales and final quarterly figures at 4.59 million (+21.4%).

Sales are growing at the same speed for scooters (+21.7%) and motorcycles (+21.2%).

Although sustained by strong government incentives, the electric segment is decelerating with the L1 segment up 6.5% and the L3 up 20.2%. There are some players, like Okinawa and Ather, already in difficulties.

Looking at top manufacturers performance, Hero is still on top, with year to date domestic sales at 1.3 million (+6.7%). Hero has consolidated its rule as second largest manufacturer worldwide.

After the last year difficulties, in second place Honda is now taking off with 1.1 million sales (+57.9%), while in third place TVS Motor is shining again with a huge growth (+15.7%) at 785.167 sales, driven up by the success of the only electric scooter in the line up (the iQube (+55%) and by the Raider 125 (+31.4%).

In fourth place Bajaj Auto is still confirming momentum with 525.647 sales, up 21.2%.

Recording the best quarter ever, Suzuki advanced in 5th place with  250.572 sales (+30.7%), ahead of Royal Enfield with 205.082 sales (+6.8%) and Yamaha with 169.845 (+38.5%)