The top two two-wheeler players, Hero MotoCorp and Honda Motorcycle & Scooter India (HMSI), lost market share in FY24 even though they sold more vehicles last year compared with the previous year.
According to the latest data shared by Federation of Automobile Dealers Associations (FADA), Hero MotoCorp sold 53.96 lakh two-wheelers in FY24 compared with 51.35 lakh units in FY23, but still its market share came down to 30.80 per cent in FY24 (32.04 per cent).
Similarly, HMSI’s market share fell to 23.36 per cent in FY24 (24.79 per cent), but sold 40.92 lakh units in FY24 (39.73 lakh motorcycles and scooters).
At the same time, Tamil Nadu-based TVS Motor Company gained market share by more than 1 per cent to 16.93 per cent in FY24 (15.53 per cent). The ‘Apache’ maker sold around 29.66 lakh units in the last financial year (25.89 lakh two-wheelers).
Bajaj Auto Group also gained market share by more than 1 per cent to 12.03 per cent in FY24 (10.63 per cent). Its retail sales grew at 21.08 lakh units during the year (17.04 lakh units).
Other companies, including Suzuki Motorcycle India and Royal Enfield, also gained market share marginally during the year.
e2W segment
In the electric two-wheeler segment, Ola Electric grew its market share from 0.95 per cent in FY23 to 1.88 per cent market share in the overall Indian two-wheelers market (ICE+EV).
Ather Energy, too, saw an increase in market share to 0.62 per cent in FY24 (0.48 per cent).
“The two-wheeler segment demonstrated resilience and adaptability, with electric vehicle (EV) sales surging due to the expiration of the FAME-2 subsidy on March 31. This led to a notable boost in the two-wheeler EV market share to 9.12 per cent,” Manish Raj Singhania, President, FADA, said.
Positive market sentiment was supported by seasonal events, improved vehicle supply, and financial incentives, he said. “Despite facing market volatility and intense competition, the industry is strategically evolving, particularly in the premium and EV categories, signalling a bright future,” he added.
One of the reasons for decline in market share for some of the leading companies is also because of surge in the demand of electric two-wheelers.
According to Emkay Global Financial Services, retail volumes within the two-wheeler industry witnessed a 5 per cent year-on-year growth in March 2024, accompanied by a notable surge in electric two-wheeler penetration, reaching 8.9 per cent compared to the previous range of 5-6 per cent.