2W retail sales showed 17.17% YoY and 4.91% MoM growth in July 2024 boosted by several economic factors
The two wheeler (2W) segment in India continues to grow with new product launches and smooth supply chains coupled with improvement in economic conditions. New product launches with advanced features and better fuel efficiency also lent a positive impact to improved sales.
The 2W segment has witnessed a 17.17% YoY growth to 14,43,463 units in July 2024, up from 12,31,930 units sold in July 2023. This was a volume growth of 2.11.533 units. MoM sales also improved by 4.91% over 13,75,889 units sold in June 2024. Every two wheeler OEM on this list has posted YoY growth in retail sales with the exception of Classic Legends.
2W Retail Sales July 2024 YoY Growth
Hero MotoCorp was at the top of this list with 3,99,324 unit retail sales last month, a significant growth over 3,61,766 units sold in July 2023. Market share however, dipped to 27.66% from 29.37% on a YoY basis. In July, Hero launched the 2024 Hero Xtreme 160R 4V at Rs 1.38 lakh. It enters a segment wherein it will compete with the TVS Apache RTR 160 4V and Honda Hornet 2.0.
At No. 2 was Honda with 3,68,753 unit sales, a marked improvement over 2,99,790 units sold in July 2023. Market share improved to 25.55% over 24.33% on a YoY basis. Another 2W OEM to report improvement in retail sales was TVS Motor with 2,51,140 units sold last month. This was over 2,13,628 units sold in July 2023. TVS Motor continues to see high demand for its Jupiter, Apache, XL, Raider, NTorq and iQube while the company also teased a new scooter which will debut this month.
At No. 4 was Bajaj Auto with 1,61,435 units sold last month, up from 1,46,633 units sold in July 2023. Bajaj also commenced sales of the new Freedom 125 which promises a total range of 330 km when combined with CNG. Suzuki followed with YoY improvement in retail sales to 79,796 units, a growth over 62,755 units sold in July 2023. Royal Enfield has witnessed retail sales at 57,325 units last month from 56,328 units sold in July 2023 while Yamaha sales went up to 54,622 units over 45,899 units sold on a YoY basis.
Ola Electric Sales Surge
Ola Electric saw its retail sales surge in July 2024 to 41,624 units. There had been 19,406 units sold in July 2023 relating to a volume growth of 22,218 units. Ola Electric is now set to enter the electric motorcycle segment and teasers of the Ola bike have been doing the rounds. Once launched, it will take on rivals from Revolt, Oben, Tork etc.
Ather Energy has also seen improvement in retail sales last month to 10,087 units, up from 6,685 units sold in July 2023. Lower down the sales order was Greaves (3,154 units), Piaggio (3,026 units), Classic Legends (2,131 units) and Bgauss (1,792 units). There were others on this list including electric vehicle makers who added 9,254 units to total retail sales, down from 11,378 units sold in the same month last year.
