The two-wheeler segment in India has regained momentum, and the wholesales for November 2023 stand as compelling evidence of this resurgence. With 16,23,399 units sold, there is a robust year-on-year growth of 31 percent, a substantial leap from the 12,36,282 units recorded in November 2022. The closing round of the 42-day festive season in India during the first fortnight of the month played a pivotal role in powering sales for the past three months.
Segment-wise Dynamics
- Motorcycles Dominate: In November, the motorcycle segment took the lead with 10,70,798 units, constituting a remarkable 66 percent share of the overall two-wheeler market. Notably, there is a resurgence in demand for commuters bikes especially from rural India.
- Scooters Surging: Scooter sales, totaling 5,09,119 units, claimed a significant 31.36 percent market share and achieved an impressive 23 percent year-on-year growth.
- Mopeds in the Mix: Mopeds, with 43,482 units sold, secured a 2.67 percent share, indicating their presence in the diverse two-wheeler landscape.
Consistent Growth Trends
The growth trajectory is evident in the sustained performance of motorcycles, surpassing the one-million mark for three consecutive months, reaching a peak of 12,52,835 units in September. Scooters have also consistently crossed the half-million mark for four consecutive months highlighting their sustained upward momentum.
Cumulative Sales Overview
From April to November 2023, motorcycle wholesales reached 79,74,760 units, reflecting an impressive 11 percent increase. Scooter sales in the first eight months of FY2024 totaled 39,64,293 units, marking a commendable 7 percent growth. Interestingly, mopeds, where TVS is the sole player, witnessed a 4 percent year-on-year growth, with sales reaching 3,19,551 units.
OEM Performance Highlights
In November, the top seven original equipment manufacturers (OEMs) all registered strong double-digit year-on-year growth. Hero MotoCorp led with 4,30,070 bikes, capturing 40 percent of the bike market. Bajaj Auto closely followed with 2,10,027 units and a 19.61 percent market share. Honda, TVS Motor Co, Royal Enfield, and India Yamaha Motor also posted robust numbers.
Company-wise Growth Standouts
Bajaj Auto stood out with a remarkable 75 percent year-on-year growth, selling 89,883 units more in November 2023 than in the same month of 2022. TVS Motor Co achieved notable gains, dispatching 8,38,404 units in the April-November 2023 period, surpassing its performance from the previous year by 2,51,134 units.
Outlook for the Future
The near-term outlook for the overall two-wheeler industry appears promising. Fueled by liquidity boosts, particularly in agricultural regions, and the ongoing marriage season the industry is poised to sustain its growth momentum. According to Manish Raj Singhania, President of the Federation of Automobile Dealers Associations of India (FADA), these factors contribute to a favorable environment for the two-wheeler segment, indicating a positive trajectory in the coming months.
2023-12-15 19:44:41
