Overall, the Indian two-wheeler industry experienced robust growth in September 2024, led by Hero, Honda, TVS and Bajaj
Leading two wheeler brands recorded a total of 19,38,193 units, marking a 17.67% year-on-year (YoY) growth compared to 16,47,192 units in September 2023. This surge was not only a positive indicator of market recovery but also showcased strong month-on-month (MoM) growth, with a 18.56% increase over August 2024, during which 16,34,738 units were sold.
Two Wheeler Sales Sep 2024 – YoY vs MoM
Hero MotoCorp continued its dominance in the domestic two-wheeler segment, selling 6,16,706 units in September 2024. This represented a remarkable 24.77% YoY growth, as the brand sold 4,94,270 units in the same period last year. On a MoM basis, Hero’s domestic sales saw a substantial 25.28% increase, compared to the 4,92,263 units sold in August 2024, demonstrating its continued appeal to Indian consumers. Honda followed closely behind with 5,36,391 units, showing a 9.07% YoY growth compared to 4,91,802 units in September 2023. The brand also saw a modest MoM growth of 9.09%, up from 4,91,678 units in August 2024.
TVS Motor Company had an excellent month, selling 3,69,138 units in September 2024, up 22.84% YoY from 3,00,493 units in September 2023. This increase was complemented by an impressive 27.70% MoM growth over the 2,89,073 units sold in August 2024. Bajaj Auto also posted strong numbers, with 2,59,333 units sold domestically, reflecting a 28.06% YoY growth over September 2023’s 2,02,510 units. On a MoM basis, Bajaj registered a 24.31% increase from the 2,08,621 units sold in August 2024.
Royal Enfield, known for its niche motorcycles, recorded 79,362 units in September 2024, a modest 6.87% increase over September 2023’s 74,261 units. MoM, the brand witnessed a solid 20.94% growth, up from 65,623 units sold in August 2024. Suzuki, on the other hand, was the only major two-wheeler brand to experience a decline, selling 77,263 units in September 2024, down 7.86% YoY from 83,856 units in September 2023. MoM, Suzuki also saw a decline of 11.68%, down from 87,480 units in August 2024.
Exports Performance – YoY vs MoM
Exports of Indian two-wheelers also showcased strong growth in September 2024. Total two-wheeler exports reached 3,40,970 units, reflecting a YoY growth of 19.47% compared to 2,85,414 units in September 2023. MoM, exports saw a 10.37% rise, with an additional 32,048 units exported over August 2024’s total of 3,08,922 units. Bajaj Auto led the export market with 1,41,156 units, representing a 12.74% YoY increase and an 11.54% MoM growth. TVS followed with 1,02,654 units, marking an 18.73% YoY increase and a 14.35% MoM increase.
Honda’s exports also grew significantly, with 47,242 units shipped, reflecting a 34.23% YoY increase. Suzuki outperformed with 21,922 units, marking a staggering 55.06% YoY growth and 26.57% MoM growth. Hero MotoCorp saw 20,344 units exported in September 2024, with a marginal 1.23% YoY growth and a similar MoM increase.
Total (Sales + Exports) – YoY vs MoM
In September 2024, the combined domestic and export sales for two-wheelers in India reached 22,79,163 units, reflecting a strong 17.93% year-on-year (YoY) growth, as compared to 19,32,606 units in September 2023. Month-on-month (MoM), the total sales saw an increase of 17.26%, with 3,35,503 more units sold compared to August 2024.
Hero MotoCorp led the market with 6,37,050 units, showing an impressive 23.85% YoY growth and 24.34% MoM rise. Honda followed with 5,83,633 units, registering a 10.75% YoY growth and an 8.31% MoM increase. TVS reported 4,71,792 units, marking a strong 21.92% YoY growth and a 24.54% MoM jump. Bajaj also posted solid gains, with 4,00,489 units, up 22.21% YoY and 19.49% MoM. Suzuki recorded 99,185 units, with a minimal YoY growth of 1.22% but a MoM decline of 5.36%. Royal Enfield saw 87,014 units, achieving a 10.73% YoY increase and a 18.18% MoM rise.
