Indian Motorcycles Market skyrockets in 2024. In October sales have been 20.66 million (+6.8%) scoring the 20th consecutive year on year increase. YtD October sales are 17.1 million (+17.0%).
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.
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.
In October sales have been 20.66 million (+6.8%) scoring the 20th consecutive year on year increase. YtD October sales are 17.1 million (+17.0%) an outstanding speed for the largest market in the world.
Sales are growing 20.9% for scooters and 14.8% for motorcycles. The scooter segment faster pace is explained by the additional push of electric segment, with L1 models booming 68.8% and L3 up a really strong 32.8% with already over 1.055 million sales.
Hero-XF3R
Looking at top manufacturers performance, Hero is still on top, with year to date domestic sales at 4.9 million (+9.8%). Hero has consolidated its rule as second largest manufacturer worldwide.
After the last year difficulties, in second place Honda is now taking off with 4.47 million sales (+33.5%) and is challenging for the leadership.
In third place TVS Motor is shining again with a huge growth (+13.2%) at 2.87 million sales, driven up by the success of the only electric scooter in the line up (the iQube (+28%) and by the Apache RTR 150 (+50.4%).
In fourth place Bajaj Auto is still confirming momentum with 1.9 million sales, up 13.6%.
Recording the best performance ever, Suzuki advanced in 5th place with 838.000 sales (+16.3%), ahead of Royal Enfield with 717.000 sales (+4.0%) and Yamaha with 609.709 (+13.0%)
