The two wheeler segment posted both YoY and MoM growth in January 2024 with every leading OEM posting outstanding improvement in sales
The year 2024 commenced on a strong note for the automobile industry in India with every segment showing off strong sales. Federation of Automobile Dealers Associations (FADA) reports that the two wheeler retail sales have registered a 15 percent YoY growth while it was a 13.30 percent growth in sales seen across the passenger vehicle segment.
Two Wheeler Retail Sales Jan 2024
Taking into account two wheeler retail sales, the segment has seen a 14.96 percent YoY and 0.63 percent MoM growth in January 2024. Total sales grew to 14,58,849 units in the past month from 12,68,990 units sold in January 2023. There had been 14,49,693 units sold in December 2023. There were several factors that led to this increased sales. Rural sales improved thanks to several benefits offered by the Government of India in terms of crop production estimates. Introduction of new models, increased demand for electric vehicles and economic growth have also been contributing factors.
Hero MotoCorp led the segment with 4,10,395 units sold in January 2024, up from 3,71,244 units sold in January 2023. However, the company saw its market share dip to 28.13 percent from 29.26 percent on a YoY basis. Hero however has experienced a significant MoM decline in retail sales from 4,63,593 units sold in December 2023.
At No. 2 was Honda with 3,57,088 units sold last month. This was an improvement over 3,18,817 units sold in January 2023. There was a significant growth in TVS Motor retail sales in January 2024 to 2,54,238 units, up from 2,08,731 units sold in January 2023. Market share also improved to 17.43 percent from 16.45 percent YoY.
Bajaj Auto has also posted a YoY growth to 1,76,836 units in January 2024 from 1,38,912 units sold in January 2023 while Suzuki sales grew to 75,502 units in the past month from 59,815 units sold in the same month last year. Flat growth was reported by Royal Enfield, sales of which improved from 65,140 units sold in January 2023 to 65,816 units in the past month. Lower down the list was Yamaha Motor with 57,805 units sold in January 2024, up from 47,451 units sold in January 2023.
Electric 2W Retail Sales January 2024
The electric two wheeler segment has seen outstanding growth in the past month. Ola led the segment with 32,252 units sold last month, up from 18,353 units sold in January 2023. Ather Electric has seen just a marginal improvement in sales from 9,227 units sold in January 2023 to 9,247 units in the past month.
Piaggio has also reported minimal growth in sales in January 2024 to 3,139 units up from 3,129 units sold in January 2023. Classic Legends sales dipped YoY to 2,808 units in January 2024 from 3,641 units sold in January 2023. However, Greaves Electric sales escalated to 2,352 units in the past month from just 87 units sold in January 2023 taking its market share to 0.16 percent from 0.01 percent YoY.
BGauss Auto has also seen rising demand with sales at 1,485 units in January 2024 from 716 units sold in January 2023. There were other two wheeler OEMs in India which also included electric vehicle makers who have seen total sales of 9,886 units in January 2024, down from 23,727 units sold in January 2023.
