India’s two-wheeler industry, which registered strong year-on-year growth of 26 percent in January 2024, is seeing an uptick in exports, which have been down for a long time mainly due to dampened market conditions in key international markets. And, it is the scooters that are driving the resurgence.
As per the latest figures released by SIAM, while overall two-wheeler exports are down – down 12 percent YoY – overseas shipments of scooters at 4,21,096 units in the first 10 months of FY2024 are up 24 percent (April 2022-January 2023: 3,40,636 units). With this performance, they have gone past FY2023’s export total of 4,16,935 scooters, the previous best for scooters, and are now the new benchmark. Since FY2014, over 3.34 million made-in-India scooters have been shipped overseas.
A close look at the scooter industry’s export performance in the current fiscal reveals that Honda and TVS are driving the resurgence in scooter exports.
- 586 Indian e-scooters exported
- All major Indian OEMs reported YoY growth
Major Scooter OEMs export performance
Honda Motorcycle & Scooter India shipped 1,87,305 units, which is an increase of 17 percent YoY.
TVS Motor Co, with total exports of 98,270 units, has shipped an additional 34,275 scooters and posted strong 54 percent YoY growth. They include 98,134 units of the Jupiter and NTorq, and 136 units of the iQube e-scooter.
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Suzuki dispatched 68,901 scooters overseas in the first 10 months of FY2024, up 6 percent YoY. Expect the Access 125 (sold as the Address 125 in some international markets) to be the most in demand followed by the Avenis and Burgman line-up.
Yamaha Motor India has recorded a 10 percent increase in exports at 30,149 units.
Hero MotoCorp has seen strong export demand for its scooters – 24,978 units, up 205 percent albeit on a low base of 8,200 units of last year. The company has also shipped six Vida V1 electric scooters abroad.
While Piaggio’s exports are down 27 percent YoY at 11,233 units, Bajaj Auto has shipped 74 Chetak e-scooters in the fiscal to date. A total of 412 e-scooters have been exported in the first 10 months of FY2024. While Ather Energy has exported 196 of its e-scooters, TVS has shipped 136 iQubes, Bajaj Auto 74 Chetaks and Hero MotoCorp 6 Vida EVs. This makes up one percent of the total 4,21,096 scooters exported, and are up 586 percent YoY on a very low base of 60 EVs exported a year back.
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