This October 2024, fueled by the simultaneous celebration of Navratri and Diwali, there was an exceptional month in the country. This two major festivals boost, combined with strategic promotions, new model launches, and strong rural demand, led to a 36% YoY growth and an impressive 71% MoM increase in the Two-Wheeler segment.

Key Players: Performance Overview

• TVS Motor Company: TVS continued to ride the wave of strong demand, especially in the entry-level and commuter segments. The company’s flagship models, like the TVS Jupiter and TVS Apache, gained traction thanks to festive offers and growing interest in affordable, fuel-efficient models. TVS is also seeing an uptick in its electric two-wheeler sales, notably the TVS iQube, as demand for EVs continues to rise, particularly in urban areas.
• Hero MotoCorp: As India’s largest two-wheeler manufacturer, Hero MotoCorp saw robust sales across its portfolio, from commuter bikes like the Splendor and Passion to more premium models such as the Xtreme and Xpulse. The brand's strategic focus on rural markets, combined with attractive finance schemes, helped it capitalize on the festival buying rush. Hero's strong distribution network and availability of models in high-demand regions bolstered its growth during the month.
• Bajaj Auto: Bajaj Auto continued to perform strongly, particularly in the premium segment with models like the Pulsar and Dominar, which have long been popular choices among Indian riders. The company also saw steady demand for its Discover and Platina models in the commuter segment. Bajaj’s strategy of offering discounts and incentives, along with a well-positioned product lineup, made it one of the top performers in the 2W sector during October.
• Honda Motorcycle & Scooter India (HMSI): Honda’s Activa continues to dominate the scooter segment, with significant sales growth in October, bolstered by the festival buying rush. The company also saw a positive response to its motorcycles, such as the CB Shine and CB350, which cater to both the commuter and premium bike segments. Honda’s strong dealer network and the launch of new models and colour variants helped it capture a larger market share in a competitive environment.
• Suzuki Motorcycle India: Suzuki experienced solid growth in its scooter and motorcycle segments. The Access 125 remains a top performer in the scooter category, while Suzuki’s Gixxer series continues to cater to the urban premium market. The brand’s strong value proposition in terms of fuel efficiency, reliability, and service network helped boost its sales, particularly in semi-urban and rural areas.
• Royal Enfield: Royal Enfield, a leader in the premium motorcycle segment, saw steady growth, with a year-over-year increase of 10-15%. Models like the Classic 350, Meteor 350, and Interceptor 650 remain popular, thanks to their strong brand image and continued appeal to both new and seasoned riders. The rise in motorcycle tourism and the increasing popularity of road trips in India also contributed to higher sales for Royal Enfield during the festive season.
• Others: Other brands like Yamaha, Piaggio, and Ampere (electric) also showed growth in October. Yamaha’s Fascino and Ray ZR scooters continued to perform well in the urban market, while Ampere and other electric two-wheeler manufacturers saw rising demand as EV adoption continues to pick up momentum.

Market Share Data for Oct’24 with YoY Comparison

The following breakdown illustrates the performance of the major two-wheeler OEMs in October 2024, highlighting shifts in market share, the growing presence of electric two-wheelers, and the overall strength of traditional brands like Hero and Honda in the Indian market.

Analysis of Two-Wheeler Market Share & Growth Trends

2W Market Share & Growth Trends Analysis

• Hero MotoCorp maintained its leadership position with a 27.92% market share in October 2024, showing a slight YoY increase from 27.64% in October 2023.
• Honda Motorcycle & Scooter India (HMSI) followed closely with a 26.84% market share in October 2024, up marginally from 26.65% YoY.
• TVS Motor Company saw a growth in market share, capturing 17.04% of the market, up from 16.66% last year.
• Bajaj Auto experienced a slight decline in market share, down from 11.84% in October 2023 to 11.15% in October 2024.
• Suzuki's market share slightly decreased to 5.15% from 5.30% YoY, while Royal Enfield held steady at 4.61% in both years.
• Electric Vehicle (EV) manufacturers showed significant growth, with Ola Electric and Ather Energy making notable strides. Ola Electric increased its market share to 2.02% from 1.58%, while Ather Energy doubled its share to 0.77% from 0.56%.
• Other smaller players in the market (including EVs) collectively captured 0.65% of the market, showing a small decline from 0.82% in October 2023.

Key Trends Driving Growth

1. Rural Demand: A significant portion of the sales in October came from rural India, where two-wheelers continue to be the preferred mode of transportation due to their affordability and fuel efficiency. The announcement of an increase in the Minimum Support Price (MSP) for Rabi crops further boosted consumer sentiment in rural areas, leading to a rise in purchases of both commuter bikes and scooters.
2. Festive Promotions: Discounts, attractive finance schemes, and special offers during the Navratri-Diwali period played a crucial role in boosting sales across the board. Manufacturers and dealerships ramped up their marketing efforts, offering limited-time offers on various models, which helped drive footfalls to showrooms.
3. Electric Two-Wheelers: The electric two-wheeler segment continued its upward trajectory in October 2024, with growing interest in affordable EV options such as TVS iQube, Hero Electric, and Ampere. Government incentives, rising fuel prices, and increasing environmental awareness have all played a role in driving consumer adoption of electric two-wheelers, particularly in urban areas.
4. New Model Launches: Many brands took advantage of the festive period to launch new models and variants, sparking renewed consumer interest. For instance, Honda introduced new color variants for the CB Shine and Activa models, while Bajaj unveiled special editions of the Pulsar to attract festival buyers.

Outlook for the 2W Market in FY'25

With the strong performance of October 2024, the two-wheeler segment looks set for a strong finish to FY'25. The continuation of festival offers, combined with ongoing demand in rural markets and a shift toward electric mobility, is expected to drive further growth in the coming months. However, challenges such as inflation, rising vehicle prices, and potential supply chain disruptions may temper growth, particularly in the entry-level segments.

In summary, October 2024 marked a period of exceptional growth for the two-wheeler market, with all major players—TVS, Hero, Bajaj, Honda, Suzuki, Royal Enfield, and others—seeing significant sales boosts. The combination of favorable festive conditions, strong rural demand, and attractive offers made October one of the best months for two-wheeler sales in recent years, positioning the segment for continued success heading into FY'25.