Hero, Honda, TVS and Bajaj are in the top 4 with about 90% market share – Top 2, Hero and Honda have 60% market share
In May 2024, the Indian two-wheeler market showcased varied performance among the leading brands, with the total domestic sales reaching 15,45,789 units. This marked a 9.85% increase compared to May 2023, despite a 7.76% decline from April 2024. Hero MotoCorp continued to lead the market with 4,79,450 units sold, although this represented a 5.68% year-over-year (YoY) decrease from the 5,08,309 units sold in May 2023. Hero’s market share for May 2024 stood at 31.02%.
Two Wheeler Sales May 2024
Honda Motorcycle & Scooter India reported a remarkable YoY growth of 44.82%, selling 4,50,589 units compared to 3,11,144 units in May 2023, thus securing a 29.15% market share. TVS Motor Company also experienced growth, with sales rising by 7.30% YoY to 2,71,140 units.
In contrast, Bajaj Auto saw a slight decline of 3.32%, with 1,88,340 units sold. Suzuki Motorcycle India reported a strong performance with a 37.28% YoY increase, selling 92,032 units. Royal Enfield faced a significant drop, with sales decreasing by 12.25% to 64,238 units. On a month-over-month (MoM) basis, all major brands, except Suzuki, experienced declines. Hero MotoCorp’s sales fell by 6.59% from April 2024, while Honda’s sales dropped by 6.33%. TVS and Bajaj faced more substantial MoM declines of 10.05% and 13.19%, respectively. Suzuki managed to buck the trend with a 4.50% increase in sales, whereas Royal Enfield saw a sharp 14.39% decline.
Two Wheeler Exports May 2024
In May 2024 total exports reached 2,92,435 units from leading 6 brands, a significant 23.16% increase from the 2,37,435 units exported in May 2023. However, on a month-over-month (MoM) basis, exports saw a slight decline of 1.64% from April 2024’s figure of 2,97,313 units.
Bajaj Auto retained its leading position in the export market, with 1,17,142 units shipped in May 2024, marking a 3.77% YoY growth. TVS Motor Company demonstrated a strong performance with 88,450 units exported, reflecting a notable 32.80% YoY growth from May 2023’s 66,605 units. Honda Motorcycle & Scooter India recorded the highest YoY growth among the major players, with exports skyrocketing by 129.37% to 41,858 units, up from 18,249 units in May 2023.
Suzuki Motorcycle India faced challenges, with exports falling by 19.76% YoY to 19,480 units from 24,276 units in May 2023. Hero MotoCorp experienced a substantial YoY growth of 67.25%, exporting 18,673 units in May 2024 compared to 11,165 units in May 2023. Royal Enfield showed a solid YoY growth of 60.56%, with exports rising to 6,832 units in May 2024 from 4,255 units in May 2023.
Two Wheeler Total (Sales + Exports) May 2024
Total sales, combining domestic and export figures, reached 18,38,224 units, representing an 11.77% increase from May 2023. However, this was offset by a 6.84% decrease compared to April 2024’s total of 19,73,159 units.
Hero MotoCorp remained the market leader with total sales of 4,98,123 units in May 2024. Despite holding the largest market share at 27.10%, Hero’s sales declined by 4.11% year-over-year (YoY) from 5,19,474 units in May 2023 and 6.65% month-over-month (MoM) from April 2024’s 5,33,585 units. Honda Motorcycle & Scooter India reported a robust performance, with total sales of 4,92,447 units in May 2024. This marked a substantial 49.50% YoY increase from 3,29,393 units in May 2023. However, MoM sales decreased by 9.13% from 5,41,946 units in April 2024, securing a 26.79% market share.
TVS Motor Company saw consistent growth, with sales rising by 12.62% YoY to 3,59,590 units from 3,19,295 units in May 2023. Nevertheless, TVS faced a 4.00% MoM decline from April 2024’s 3,74,592 units, holding a 19.56% market share in May 2024. Bajaj Auto experienced a slight YoY decline of 0.72%, selling 3,05,482 units in May 2024 compared to 3,07,696 units in May 2023. MoM sales fell by 10.62% from April 2024’s 3,41,789 units, with Bajaj capturing a 16.62% market share.
Suzuki Motorcycle India reported positive trends, with a 22.12% YoY increase in total sales, reaching 1,11,512 units in May 2024 from 91,316 units in May 2023. Suzuki’s MoM sales also grew by 12.21% from April 2024’s 99,377 units, achieving a 6.07% market share. Royal Enfield faced challenges, with total sales declining by 8.25% YoY to 71,070 units in May 2024 from 77,461 units in May 2023. The company also saw a 13.19% MoM decrease from April 2024’s 81,870 units, resulting in a 3.87% market share.
In summary, while the Indian two-wheeler market exhibited strong YoY growth, driven by impressive performances from Honda, TVS, and Suzuki, the overall MoM decline highlighted short-term market volatility. Hero and Bajaj continued to face pressures, while Royal Enfield also experienced notable declines. The market dynamics in May 2024 underscore both opportunities and challenges within the two-wheeler sector.
