New model launches and improved market sentiments boosted two wheeler retail sales by 33.21% YoY and 7.43% MoM growth in April 2024
Two wheeler (2W) retail sales moved up by 33.21% to 16,43,510 units in the past month as compared to 12,33,763 units sold in April 2023, reveals FADA. New two wheeler launches supported growth while higher demand was seen across the 125cc segment. Positive market sentiments, stable fuel prices and estimates of favourable monsoons also contributed to an affirmative effect.
2W Retail Sales April 2024 – Hero, Honda Lead
While Hero and Honda commanded this segment with a combined market share of 53%, every OEM on this list has shown off increased sales with the exception of Ather and Piaggio. Hero MotoCorp has reported a 19.5% YoY growth in retail sales to 5,11,599 units in April 2024 to command a 31.13% market share.
Honda also experienced double digit growth as retail sales stood at 3,94,147 units last month, a 38% growth from 2,44,732 units sold in April 2023. At No. 3 was TVS Motor with 2,80,204 units of motorcycles, scooters and electric scooters sold last month to command a 17.05% market share.
Bajaj Auto sales also showed a YoY growth to 1,95,842 units in April 2024, a near 50,000 unit growth over 1,46,538 units sold in April 2024. Suzuki (77,898 units) and Royal Enfield (72,056 units) each posted significant YoY growth while India Yamaha Motors has seen sales up to 55,956 units last month from 38,189 units sold in April 2024.
Electric Two Wheeler Retail Sales April 2024
New Electric Mobility Promotion Scheme (EMPS) 2024 came into effect from April 2024 after FAME II ended in March 2024. This has had an impact on sales in the past month. Even as Ola Electric reports outstanding YoY growth in retail sales to 33,963 units, sales of Ather Energy dipped substantially. Ather sales fell to 4,062 units last month from 7,802 units sold in April 2023.
Piaggio also reported a YoY decline in retail sales to 2,855 units while Classic Legends Jawa / Yezdi brand (2,778 units) and Greaves Ampere (2,511 units) saw sales improve considerably. There were others in this list that also included electric two wheelers which saw retail sales dip to 9,639 units in the past month from 24,744 units sold in April 2023.
Month on Month Comparison
Total two-wheeler retail sales soared to 16,43,510 units, marking a significant 7.43% increase over March 2024 figures. Hero MotoCorp was up by a substantial 13.32% from the previous month. Following closely behind, Honda Motorcycle & Scooter India and TVS Motor Company also reported impressive gains in April. Honda witnessed a 10.93% increase in sales, with 3,94,147 units sold, while TVS recorded sales of 2,80,204 units, marking an 11.05% growth.
Bajaj Auto and Royal Enfield maintained their momentum in April, albeit with slightly more moderate growth rates. Bajaj reported retail sales of 1,95,842 units, marking an 8.13% increase, while Royal Enfield saw a healthy 11.82% rise with 72,056 units sold.
Challenges for Electric Two-Wheelers
While most traditional manufacturers witnessed positive growth, electric two-wheeler manufacturers faced challenges in April. Ola Electric and Ather Energy reported significant declines in sales, with Ola experiencing a sharp 36.30% drop and Ather recording a staggering 76.43% decrease compared to March 2024.
