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Scooter Brands Experience Robust Gains In Early 2024
The scooter market's resurgence and continued demand for the Activa brand has led to Honda Motorcycle & Scooter India (HMSI) increasing its market share to 48%. TVS, Suzuki, Yamaha, and Bajaj Auto also recorded significant double-digit gains in the April-June 2024 quarter.
Among the four vehicle segments—passenger vehicles (up 3%), two-wheelers (up 20%), three-wheelers (up 14%), and commercial vehicles (up 3.5%)—the two-wheeler industry was the only one to register strong double-digit growth in April-June 2024. The scooter market played a significant role, with 1.66 million units accounting for 33% of total two-wheeler sales of 4.98 million units.
Scooter Market Growth
The scooter segment saw robust growth, with sales reaching 1.66 million units, marking a 28% increase. This segment accounted for a third of the total two-wheeler sales of nearly five million units during this period.
Motorcycles contributed significantly as well, with 3.19 million units sold, reflecting a 17% year-on-year growth. Mopeds also showed positive trends with sales of 122,715 units, up by 16%, making up about 2.46% of the overall two-wheeler market.
Performance of Leading OEMs
HMSI's impressive performance saw it dispatching nearly 800,000 scooters in Q1 FY2024, a year-on-year increase of 35%. This surge raised HMSI's market share from 45% to 48%. Despite this success, the numbers are still below the Q1 FY2019 figures when HMSI sold over a million scooters.
TVS Motor Co., holding the second position among scooter OEMs, dispatched over 386,000 units in April-June 2024. This represents a year-on-year increase of 21%, although its market share slightly dipped from 24.65% to 23%. The flagship Jupiter and NTorq models contributed significantly to these numbers.
Suzuki Motorcycle India posted strong growth with sales reaching over 246,000 units, marking a year-on-year increase of 30%. The company's market share also saw a slight uptick to nearly 15%, driven by popular models like Access and Burgman.
Other Key Players
Hero MotoCorp reported modest growth with sales of over 85,000 units in April-June 2024. While internal combustion engine (IC) scooter sales declined by around eight per cent, electric scooter sales under the Hero Vida brand surged by over two hundred per cent.
India Yamaha Motor experienced a significant boost in sales with over seventy-five thousand units sold in this period. The combined sales of Ray and Fascino models rose by twenty-two percent while the Aerox model added another five thousand units to the tally.
Bajaj Auto climbed up one spot from seventh to sixth place among scooter manufacturers. The company sold over forty thousand Chetak electric scooters in Q1 FY2025, almost doubling its year-on-year sales figures. June alone saw record monthly sales for Chetak since its launch in January 2020.
Future Demand Outlook
The Union Budget proposals for fiscal year 2024 focus on boosting rural income and tweaking personal income tax rates. These measures are expected to enhance disposable income for salaried employees and potentially drive further demand for scooters and two-wheelers in general.
This positive outlook is supported by sustained consumer interest in popular models across various brands and segments within the two-wheeler industry.
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