Indian Motorcycles Market is booming in 2024. After the first eight months of the year, sales have been 13 million (+18.8%) pulling up the entire global industry. Honda is challenging Hero leadership.
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
India’s economy is forecast to expand by 6.9% in 2024 and 6.6% in 2025, mainly driven by strong public investment and resilient private consumption. Although subdued external demand will continue to weigh on merchandise export growth, pharmaceuticals and chemicals exports are expected to expand strongly.
In such positive environment, the two-wheeler industry keeps expanding with fast growing data both for domestic and export market.
Domestic market, the largest worldwide, 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 of transportation infrastructures.
Motorcycles sales this year are really strong and after having scored 9.7 million sales (+20.6%) in the first half (calendar year), the speed is not slowing down. with July up 21.5% and August 7.7%.
After the first eight months of the year, sales have been 13 million (+18.8%) pulling up the entire global industry.
Sales are growing 23.9% for scooters and 15.8% motorcycles. The scooter segment faster pace is explained by the additional push of electric segment, with L1 models booming 73.2% and L3 up a really strong 33.1% with already over 850.000 sales YTD.
Looking at top manufacturers performance, Hero is still on top, with year to date domestic sales at 3.66 million (+6.5%). Hero has consolidated its rule as second largest manufacturer worldwide.
After the last year difficulties, in second place Honda is now taking off with 3.4 million sales (+42.9%) and is challenging for the leadership.
In third place TVS Motor is shining again with a huge growth (+14.0%) at 2.1 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 1.45 million sales, up 16.6%.
Recording the best performance ever, Suzuki advanced in 5th place with 668.200 sales (+21.0%), ahead of Royal Enfield with 536.042 sales (+0.3%) and Yamaha with 466.647 (+14.4%)
