India 2024. Two-Wheeler Market Up Again In May (+6.4%)

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Triumph Speed 400
Triumph Speed 400

Indian Motorcycles Market is booming in 2024. In May sales have been 1.6 million (+6.4%) and after the first five months of the year are 7.96 million (+19.3%), really a huge increase for the largest market in the World.

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

In April, starting the fiscal year 2025, the market accelerated further with sales peaking up at 1.8 million (+31.3%), before to take a breathe in May, when sales have been 1.6 million (+6.4%).

After the first five months of the year, sales have been  7.96 million (+19.3%), really a huge increase for the largest market in the World.

Sales are growing at the same speed for scooters (+16.6%) and motorcycles (+21.0%).

Although sustained by strong government incentives, the electric segment is decelerating with the L1 segment up 2.6% and the L3 up 16.9%. 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 2.3 million (+8.5%). Hero has consolidated its rule as second largest manufacturer worldwide.

After the last year difficulties, in second place Honda is now taking off with 1.99 million sales (+47.1%), while in third place TVS Motor is shining again with a huge growth (+16.6%) at 1.35 million 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 917.639 sales, up 14.7%.

Recording the best performance ever, Suzuki advanced in 5th place with  413.144 sales (+26.7%), ahead of Royal Enfield with 350.573 sales (+5.7%) and Yamaha with 290.362 (+26.7%)