Bikemakers That Succeeded In The First Half Of 2024
Article by Drivio | 26th Oct 23
Despite seeing a decline in sales, Hero MotoCorp retains its first position
- Hero is closely followed by the ever reliable Honda
- Triumph, surprisingly, was among the last bike makers
- That was despite the brand bringing its very likeable roadster, the Triumph Speed 400
After a prolonged period of lackluster sales in the Indian two-wheeler market, a resurgence is evident. In the first six months of the current fiscal year, scooter and motorcycle manufacturers have shipped a total of 8.73 million units, marking a significant 4% increase year on year (April-September 2022/H1 FY2023: 83,98,464 units). The top gainers include Hero Splendor, Honda Activa, TVS Raider and Bajaj Pulsar.
Crucially, this growth has been widespread across the two primary sub-segments of the industry. Scooter dispatches, totaling 28,65,372 units, have risen by 4% (compared to H1 FY2023: 27,64,127), while motorcycle sales have increased by 5%, reaching 56,51,127 units (H1 FY2023: 54,06,717).
|Segment||Apr-Sep 2023||Apr-Sep 2022||Change|
Here’s how the top three brands performed
India's two-wheeler market leader, Hero MotoCorp, has witnessed a 1% decline in year-on-year sales, with over 2.68 million units sold. Its market share has decreased from 32.35% in H1 FY2023 to 30.67%. Although it faced a slowdown in sales of commuter bikes during the initial months of FY2024, recent trends indicate a revival in demand, and the company is expected to gain momentum in the coming months.
Honda’s sales for H1 FY2024 have dipped by 5% year on year, amounting to 2.20 million units (April-September 2022: 23,10,050 units). Notably, the company sold 103,986 fewer units compared to H1 FY2023. HMSI continues to maintain its dominant position in the scooter segment, primarily driven by the Activa brand.
In H1 FY2024, the company dispatched 1.28 million Activas (109.5cc and 124cc), a decrease of 58,144 units compared to the previous year. Consequently, HMSI's scooter market share has reduced to 44.81%, down from the 48.56% it held in April-September 2022.
TVS& Bajaj Auto
Among the four OEMs with sales exceeding one million units in April-September 2023, TVS Motor Co stands out with an impressive growth of 17%. Following closely is Bajaj Auto, which holds the fourth position and has achieved a 12% growth. TVS Motor Co.'s success can be attributed to sustained demand for both scooters and motorcycles, and the company has also dispatched 222,907 mopeds.