The two-wheeler segment is back on the growth road and November 2023 wholesales are ample proof of that. At 16,23,399 units, year-on-year growth is a solid 31 percent (November 2022: 12,36,282 units). It helped that the first fortnight of the month was the closing round of the 42-day festive season in India and that helped power sales for the past three months.

Last month, the motorcycle segment (10,70,798 units), which is witnessing demand for commuter bikes returning belatedly from rural India, had a 66 percent share (10,70,798 units) of the overall two-wheeler market. Meanwhile, scooter sales (5,09,119 units) accounted for a 31.36 percent share and logged 23 percent YoY growth, and mopeds (43,482 units) had a 2.67 percent share.

The growth trajectory is also reflected in the fact that motorcycle sales have gone past the one-million mark for three straight months, hitting a high of 12,52,835 units in September, and scooters have crossed the half-million mark for the fourth month in a row.

From a cumulative sales perspective, April-November 2023 wholesales for motorcycles at 79,74,760 units (up 11 percent) were just 25,240 units shy of the 8 million-unit mark, while scooter sales in the first eight months of FY2024 at 39,64,293 units (up 7 percent) were 35,707 units short of the 4-million mark. Interestingly, mopeds – where TVS is the sole player – with 3,19,551 units have also seen YoY growth of 4 percent.

In November, all the top seven OEMs registered strong double-digit YoY growth with four of them, led by market leader Hero MotoCorp, clocking six-figure sales. Hero MotoCorp with 4,30,070 bikes had 40 percent of the bike market, followed by Bajaj Auto with 2,10,027 units and a 19.61 percent market share. Honda, just 9,384 units behind Bajaj with 2,00,643 units, has an 18.73 percent share, while TVS Motor Co, with 1,15,656 bikes, has a 10.80 percent share. Royal Enfield at 75,137 units (up 14 percent, 7 percent share) and India Yamaha Motor with 36,643 units (up 65 percent, 3.42 percent share) also did well.

While Hero, Bajaj, Honda and TVS have achieved strong numbers in November, when one looks at company-wise performance and the YoY difference therein, Bajaj Auto stands out – at 2,10,027 units, the company has sold 89,883 units more in November 2023 than it did in November 2022 (1,20,144 units). This makes for robust 75 percent YoY growth.

It's the same scenario with the April-November 2023 numbers albeit with a slight difference. TVS Motor Co is the one which has achieved the best gains in terms of more motorcycles sold versus the year-ago period. In the first eight months of FY2024, TVS dispatched 8,38,404 units, selling 2,51,134 units more than it did in November 2022 (5,87,270 units). Bajaj Auto is next up on this performance front – with 14,75,376 units, it sold 2,33,363 units more than in November 2022 (12,42,013 units).

At a massive 34,46,092 units, Hero MotoCorp sold 1,52,917 units more than it did in the April-November 2022 period (32,93,175 units). Midsize motorcycle market leader Royal Enfield has also done well – its 5,72,982 units are up 19 percent YoY and make for 89,985 units more than it sold in the year-ago period.

The near-term growth scenario for the overall two-wheeler industry looks good. As per Federation of Automobile Dealers Associations of India (FADA) president Manish Raj Singhania, this vehicle category is poised to benefit from a liquidity boost, particularly in agricultural regions and the ongoing marriage season. 

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