The two wheeler segment has seen retail sales show off a 2.48% YoY growth while MoM sales dipped 6.61% in May 2024
Federation of Automobile Dealers Associations (FADA) revealed two wheeler sales data for May 2024 which had been severely impacted by election uncertainties, market liquidity and severe heat conditions that the country faced in the past month. Retail sales of two wheelers grew by 2.48% on a YoY basis to 15,34,856 units from 14,97,778 units sold in May 2023 while MoM sales declined by 6.61% over 16,43,510 units sold in April 2024.
2W Retail Sales May 2024 – YoY Comparison
Hero MotoCorp, Honda and TVS continued to hold on to the top 3 positions with a combined market share of 71.67%. However, Hero sales declined last month down to 4,45,838 units when compared to 5,31,037 units sold in May 2023. Market share also dipped to 29.05% from 35.45% on a YoY basis.
Honda 2W retail sales grew to 3,90,924 units last month from 2,70,305 units sold in May 2023 taking up market share to 25.47% from 10.05% on a YoY basis. Honda sales were boosted by the Activa scooter and Shine 100 while in the 125cc segments, it was the Shine 125 and SP125 that continued to see growing demand.
A YoY growth in retail sales was also seen by TVS Motor with 2,63,293 units sold last month from 2,53,004 units sold in May 2023. Bajaj Auto on the other hand, suffered a YoY decline with 1,75,179 units sold in May 2024 from 1,86,571 units sold in the corresponding month last year. A new variant of the Bajaj Chetak have just been released in new colour options and promising a 123 km range.
Suzuki retail sales soared to 81,840 units last month from 61,714 units sold in May 2023 taking up market share to 5.33%. Suzuki’s primary volume drivers continued to be its Access 125 and Burgman Street scooters while there is also the new Suzuki Access 125 scooter currently under test and set to draw in even more efficient sales thanks to its extensive feature list.
Royal Enfield sales fell from 69,658 units sold in May 2023 to 63,239 units in the past month. Yamaha saw an improvement in retail sales to 54,488 units in May 2024 from 44,529 units sold in May 2023. The company is now testing the new T-Max maxi scooter while the company will enter the electric two wheeler segment with the Yamaha Neo that will compete against the Ather 450X and Bajaj Chetak EV.
Electric Two Wheeler Retail Sales May 2024 – Led by Ola
The electric two wheeler segment saw Ola Electric in the lead with 37,225 unit sales in the past month. This was a significant improvement over 28,742 unit retail sales of May 2023. The Ola S1X range received a price cut last month making these electric scooters more affordable for buyers in India while each of these models also come in with an 8 year warranty as standard.
Another electric 2W OEM suffered a YoY setback with retail sales down to 6,045 units in the past month from 15,430 units sold in May 2023. Piaggio retail sales improved to 3,033 units in the past month while Classic Legends (Jawa / Yezdi) also showed off increased sales to 2,440 units along with Greaves Electric (Ampere), sales of which increased to 1,956 units in May 2024. There were others in this segment (including EV makers) that contributed 9,356 units to total retail sales in May 2024, significantly lower when compared to 30,407 unit sales in May 2023.
