The Indian two-wheeler market experienced a significant downturn in September 2024, with sales dropping by 8.51% year-on-year (YoY) to 1.20 million units, down from 1.31 million units in September 2023. Month-on-month (MoM) sales also fell by 10%, compared to 1.33 million units in August 2024.
According to the Federation of Automobile Dealers Associations (FADA), low consumer sentiment, sluggish inquiries, and fewer walk-ins contributed to the declining numbers. Seasonal factors, including the Shraddh period, Pitrapaksha, and heavy rains, further dampened demand, leading to postponed purchases and a subdued market atmosphere.
In a significant shift, Honda Motorcycle & Scooter India (HMSI) overtook long-time market leader Hero MotoCorp in September 2024. Honda sold 334,034 units, surpassing Hero MotoCorp’s 271,465 units. This performance propelled Honda to a market share of 27.73%, up from 26.57% a year ago, while Hero MotoCorp’s share dropped to 22.24%, down from 26.76% in September 2023. However, with a robust festive season marketing strategy, Hero MotoCorp is expected to rebound strongly in October.
TVS Motor Co., with 221,257 units sold, increased its market share to 18.37%, up from 17.43% in September 2023, despite a 3.54% YoY decline in sales (September 2023: 229,381 units). Bajaj Auto, which garnered attention with its Chetak e-scooter outselling TVS’s iQube for the first time, reported 141,668 units sold, marking a 5.34% YoY decline.
Suzuki Motorcycle India and India Yamaha Motor saw minimal growth, with Suzuki selling 74,287 units (up by 450 units YoY) and Yamaha recording 50,065 units (up by 426 units YoY). Meanwhile, Royal Enfield saw a 10% YoY drop, with 57,504 units sold in September 2024, down from 64,159 units in the same month last year.
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