Even as MoM retail sales posted double digit de-growth of 10.36%, the 2W segment has experienced a 4.66% YoY growth
The two wheeler segment in India has experienced a 4.66% YoY growth in June 2024 in terms of retail sales. A shift in customer preferences, new and improved model launches and other economic factors brought in better sales results in June 2024 with sales at 13,75,889 units. This was a 4.66% YoY growth over 13,14,628 units sold in June 2023.
However, MoM sales declined by 10.36% over 15,34,856 units sold in May 2024. The extreme heat wave that encompassed the country through June 2024 coupled with constraints in market liquidity caused this decline.
2W Retail Sales June 2024 Vs June 2023
Retail sales of two wheelers as revealed by FADA saw Hero MotoCorp, Honda and TVS Motor holding on to top 3 positions with combined market share of 71.57%.
The two wheeler sales list was headed by Hero MotoCorp with 3,97,029 units sold last month to command a 28.86% market share. Sales however, declined over 4,27,203 units sold in June 2023 when market share had stood at 32.50%. Hero MotoCorp showed off the new Hero Destini 125cc scooter last month while earlier this month, the new Hero Centennial has been launched, limited to just 100 units.
On the other hand, Honda Motorcycle and Scooter India has posted significantly higher YoY sales which improved to 3,51,422 units in June 2024, up from 2,83,398 units sold in the same month last year. Honda is currently expanding their portfolio in the adventure bike segment. Honda’s CRF300L and CRF300L Rally have been spotted on test runs. They will share the same 286cc, liquid-cooled, single-cylinder engine though no official timeline of launch has been announced.
4.66% YoY growth
TVS Motor retail sales also went up effectively YoY to 2,36,180 units in June 2024 from 2,27,163 units sold in the same month last year. Currently commanding a 17.17% market share, TVS Motor continues to see high demand for models such as the Jupiter, Apache, XL, Raider, NTorq and iQube.
Retail sales of Bajaj Auto dipped to 1,53,535 units last month, from 1,63,536 units sold in June 2024. Market share also fell to 11.16% from 12.44% YoY. Bajaj Freedom 125 has just been launched in India. This launch is particularly noteworthy as it is the world’s first petrol+CNG bi-fuel capable motorcycle with two separate switches for petrol as well as CNG.
Suzuki Motorcycle sales also went up significantly in June 2024 to 73,048 units, up from 62,682 units sold in June 2023 taking up market share to 5.31%. Royal Enfield however, suffered a setback in terms of retail sales last month. Sales dipped from 62,374 units sold in June 2023 to 55,249 units in June 2024. With the new Guerilla 450 set for launch later this month, the company should see better sales performance in the months ahead. It was followed by India Yamaha Motor with retail sales growth to 50,106 units in June 2024 to command a3.64% market share.
Electric Two Wheeler Retail Sales June 2024
The electric two wheeler sales in India are growing rapidly. Several factors such as favorable government policies, improvement in charging infrastructure and advancement in battery technology has boosted sales across this segment.
Continuing its dominance in the electric two-wheeler segment Ola Electric was the best-selling OEM in terms of electric two wheelers with 36,723 units sold last month. This was a growth of 19,031 units over 17,692 units sold in June 2023. Market share also doubled to 2.67% from 1.35% YoY.
Ather Energy also saw retail sales growth to 6,104 units last month from 4,603 units sold in June 2023 while sales of Greaves Electric improved to 2,713 units in June 2024 from 1,440 units sold in the corresponding month last year.
Piaggio and Classic Legends have reported YoY de-growth in retail sales down to 2,669 units and 2,033 units respectively. There were other 2W OEMs that added 9,078 units to total retail sales last month significantly lower when compared to 12,294 units sold in June 2023.
Source: Bike - rushlane.com
