Two wheeler Sales in India FY 2023-24 | Analysis of Top Brands

Long story short: Get ready for an exciting deep dive into the pulse of India’s two-wheeler market!. This two-wheeler sales report will examine India’s two-wheeler sales data in the Financial year 2024 1 (April to 31 March) and the same period in 2023. These two-wheeler sales trends are crucial indicators of the performance of key players, providing valuable data for industry analysts and market researchers in India.

India’s two-wheeler market is dynamic and competitive, with many companies vying for market share. The market is dominated by domestic players like Hero MotoCorp and Bajaj Auto, and international brands like Honda and Suzuki. India’s petrol two-wheeler market grew from 1.60 crore units in FY 23 to 1.75 crore units in FY 24, a 9.3% year-on-year increase. Hero MotoCorp and Honda together commanded over 55% of the market in FY 24, underscoring the dominance of commuter segments.

In this report, we will give you the two-wheeler sales data for each company in India. We will also focus on major winners and losers, providing a comprehensive overview of the market in 2023 and 2024. Join us as we explore the sales trends of two-wheeler companies and uncover what drives their successes and setbacks!

Key Takeaways

1. India’s petrol two-wheeler market grew from 1.60 crore units in FY 23 to 1.75 crore units in FY 24, a 9.3% year-on-year increase.
2. Hero MotoCorp and Honda together commanded around 55% of the market in FY 24, underscoring the dominance of commuter segments.
3. According to the two-wheeler sales report, the data shows that Jawa/Yezdi two-wheelers in India witnessed a –16.64% decline in FY 2024.
4. According to the sales report, the data shows that the Bajaj Auto and Suzuki Motorcycle India surged with around 23% change in FY 2024.

Company/brand-wise two-wheeler sales data analysis and report of top brands in FY 2024 and FY 2023

This section will delve into the sales data of the two key-wheeler companies in India, analysing their performance in FY 2023 and 2024. We will also discuss the factors influencing their sales and market trends during this period. In FY 24, India’s total two-wheeler dispatches reached 1,75,17,173 units, up from 1,60,27,411 units in FY 23—a 9.30% increase driven by sustained rural recovery, new model launches, and increasing transition toward BS-VI emission norms.

1. Hero MotoCorp

1. FY 23: 51,35,129 units
2. FY 24: 53,95,924 units
3. Growth: +2,60,795 units (+5.08%)

Hero’s commuter models (Splendor, HF Deluxe) continued to lead rural and semi-urban demand, maintaining their flagship status.

2. Honda Motorcycle and Scooter India (HMSI)

1. FY 23: 39,73,186 units
2. FY 24: 40,92,126 units
3. Growth: +1,18,940 units (+2.99%)

Honda Activa, India’s best-selling scooter, and the Shine motorcycle drove incremental growth despite the maturity of the scooter segment.

3. TVS Motor Company

1. FY 23: 24,89,121 units
2. FY 24: 29,65,744 units
3. Growth: +4,76,623 units (+19.15%)

Aggressive expansion in the 125 cc segment (Raider, Apache) boosted TVS’s share, reflecting rising consumer preference for higher-capacity commuter bikes.

4. Bajaj Auto

1. FY 23: 17,04,445 units
2. FY 24: 21,08,049 units
3. Growth: +4,03,604 units (+23.68%)

The Pulsar series and Platina models continued to resonate, while the CNG-powered Freedom bike hinted at alternative-fuel diversification.

5. Suzuki

1. FY 23: 6,87,176 units
2. FY 24: 8,46,991 units
3. Growth: +1,59,815 units (+23.26%)

Suzuki’s expansion in the commuter motorcycle category improved its market share to 4.84% in FY 24.

6. Yamaha

1. FY 23: 5,56,308 units
2. FY 24: 6,06,560 units
3. Growth: +50,252 units (+9.03%)

Yamaha’s portfolio (FZ series, RayZR) delivered steady growth, reinforcing its brand positioning in performance-commuter segments.

7. Royal Enfield

1. FY 23: 6,98,117 units
2. FY 24: 7,80,904 units
3. Growth: +82,787 units (+11.86%)

Royal Enfield’s mid-capacity motorcycles (Classic, Hunter) maintained premium-segment growth despite macroeconomic headwinds.

8. Jawa/Yezdi

1. FY 23: ≈ 44,000 units
2. FY 24: 36,680 units
3. Change: –7,320 units (–16.64%)

Retro-styled Jawa and Yezdi witnessed a sales decline amid supply-chain constraints and rising competition from value-oriented mid-capacity models.

What are the Analysis & Market Dynamics of two-wheeler sales data analysis in FY 2024 and FY 2023?

Let’s delve into the market dynamics that have shaped the market in FY 2024 and FY 2023

1. Commuter Segment Resilience: High fuel efficiency and low maintenance costs underpinned growth for Hero and Honda.
2. Upsizing Trend: A significant shift toward 125 cc motorcycles powered TVS’s double-digit growth.
3. Premium & Retro Niche: Royal Enfield sustained growth, while Classic Legends faced contraction due to limited network reach.
4. Electric Adjacent Impact: Although growth was led by petrol models, electric two-wheelers began capturing a sub-2% share in overall FADA dispatches, hinting at future transition.
5. Supply-Chain & Chip Shortage: Constrained premium-small-capacity manufacturers (Piaggio, Triumph, KTM) struggled to publish volumes, reflecting production bottlenecks.

FY 24 marked a robust recovery in India’s petrol two-wheeler market, buoyed by rural demand and upsizing within commuter segments. Hero, Honda, and TVS consolidated their leadership, while niche players confronted supply and network challenges. As the market evolves toward electrification and stricter emission norms, manufacturers must innovate across powertrains and distribution to sustain growth.

What key factors led Jawa/Yezdi’s two-wheeler sales decline in India in FY 24?

1. Quality Issues and Reliability Concerns

One of the primary factors affecting Jawa/Yezdi’s sales is the persistent quality issues and reliability concerns associated with their motorcycles. Despite technically modern designs, the motorcycles have been criticised for their higher levels of NVH (Noise, Vibration, and Harshness).

2. Inadequate After-Sales Service and Support

The lack of a robust service network and difficulty obtaining spare parts significantly affect customer satisfaction and loyalty. This inadequacy in after-sales support has created a negative perception among consumers. The multiple issues reported by the service team indicate persistent problems with maintenance and customer support.

3. Negative Showroom Experiences

Customer experiences at Jawa/Yezdi showrooms have contributed to the brand’s poor image. Reports of rude staff behaviour and restrictive test drive policies have deterred potential buyers. These negative interactions starkly contrast with more positive experiences reported at competing brands’ showrooms.

4. Market Positioning and Brand Perception

Jawa and Yezdi successfully leverage their historical significance and classic design to appeal to consumers’ sense of nostalgia. However, the brand has struggled to create a strong, aspirational image comparable to Royal Enfield’s. The lack of clear differentiation between the Jawa and Yezdi brands may also lead to the cannibalisation of sales.

5. Product Lineup and Innovation

Despite introducing new models like the 42 Bobber and 42 FJ 350, Jawa/Yezdi still needs to differentiate its products significantly. The brand’s lack of substantial innovation and unique features has made it challenging to stand out.

6. Pricing Strategy

The pricing of Jawa and Yezdi motorcycles has been contentious. Given the quality and features offered, some models are perceived as overpriced, making it difficult to compete with brands offering better value propositions.

7. Distribution and Supply Chain Challenges

Jawa and Yezdi have faced logistical and supply chain challenges, which have impacted their ability to effectively meet market demand. This has been a significant barrier to scaling their operations and achieving sales targets. In contrast, successful competitors have optimised their distribution networks and ensured consistent product availability, contributing to their market dominance.

8. Competitive Pressure

The Indian motorcycle market is competitive, with Royal Enfield leading sales at 7,15,056 units in 2023 and capturing a 26.05% market share with new models like the Hunter 350. Brands like Honda and KTM are also experiencing growth and increasing competition.

9. Market Trends and Consumer Preferences

The shift towards electric vehicles (EVs) in the Indian motorcycle market, driven by government incentives and rising fuel prices, poses a challenge for Jawa/Yezdi. The brands have yet to make inroads into the EV segment, potentially missing out on this growing market trend.

10. Economic Factors

Despite rising disposable incomes and urbanisation in the Indian motorcycle market, Jawa/Yezdi has struggled to compete. Economic volatility, such as fuel price and exchange rate fluctuations, may have impacted them more due to their smaller scale and weaker market position.

What factors led to Royal Enfield’s Rise in two-wheeler Sales in India in FY 2024 compared to 2023?

1. Rising Income Levels and Urbanisation

Royal Enfield’s sales growth in India is closely tied to the country’s economic development. As disposable incomes have increased, particularly among the middle class, more consumers have been able to afford premium motorcycles.

This trend has been incredibly beneficial, as its products are positioned for the mid-range to premium segments. Urbanisation has also played a crucial role in boosting motorcycle sales.

The rapid growth of cities has created a demand for efficient personal transportation that can navigate congested urban environments. Royal Enfield’s motorcycles, known for their manoeuvrability and fuel efficiency, have become a preferred choice for many urban dwellers.

2. Economic Growth and Consumer Confidence

India’s economic growth has provided a favourable backdrop for Royal Enfield’s expansion. Improved consumer confidence has encouraged people to invest in personal vehicles like motorcycles. Its products are often viewed as aspirational purchases that align with the growing prosperity of Indian consumers.

3. Efficient Manufacturing Process

Royal Enfield’s manufacturing strategy, centred around its production facilities in Chennai, has been crucial to its success. The company has focused on maintaining high standards of quality and efficiency in its manufacturing process.

This is essential for meeting the increasing demand for motorcycles. Royal Enfield’s commitment to quality has helped it maintain its reputation and meet customer expectations, contributing to its sales growth.

4. Robust Distribution Network

The company has developed a strong dealership network across India, which has been instrumental in its sales success. This network facilitates the sale of motorcycles and provides crucial after-sales services.

Royal Enfield’s distribution strategy has particularly effectively targeted urban and rural consumers. Royal Enfield slightly prefers urban markets due to higher purchasing power and lifestyle alignment.

5. Product Launches

Over the past decade, Royal Enfield has significantly diversified its product lineup to cater to a broader audience. The introduction of new models has been a key driver of sales growth:

1. The Classic 350, launched in 2010, combined classic design with modern technology, appealing to new and existing customers.
2. The Interceptor 650 and Continental GT 650, introduced in 2018, marked the brand’s successful entry into the modern middleweight segment.
3. Recent launches like the Shotgun 650, Roadster 450, Bobber 350, and Scrambler 650.

6. Customisation Options

Royal Enfield has embraced the personalisation trend by offering customisable motorcycle options. This strategy has enhanced the customer experience and fostered a sense of community among owners, increasing brand loyalty and repeat purchases.

7. Legacy and Emotional Connection

Royal Enfield’s long history in India, dating back to 1949, has created a strong emotional connection with consumers. The brand’s vintage appeal and timeless designs have attracted a dedicated following, inspiring many to embrace motorcycling as more than just a mode of transport. This heritage has positioned Royal Enfield as a cultural icon in India, similar to Harley-Davidson in the United States.

8. Community Building and Lifestyle Association

Royal Enfield has successfully positioned itself as a lifestyle brand that resonates deeply with the aspirations of Indian motorcyclists. The company has actively fostered unity among riders through initiatives like Rider Mania and Royal Enfield Owners’ Clubs. These events bring together enthusiasts nationwide, creating a loyal customer base.

9. Targeted Marketing Campaigns

Royal Enfield has strategically targeted younger demographics, particularly urban millennials who value lifestyle and experiences. This pivot has involved comprehensive market research in identifying consumer preferences and behaviours.

10.Digital Presence and Social Media Engagement

The brand has established a strong digital presence, particularly on social media platforms like Instagram, Facebook, and YouTube. This strategy has significantly increased engagement and brand affinity, with the brand’s Instagram following reaching over 1.5 million followers. Using visually appealing content and user-generated stories has helped build a community of passionate riders.

11. Adventure and Exploration Narrative

Royal Enfield has successfully tapped into the spirit of adventure and exploration through its marketing campaigns. The brand has inspired riders to explore India’s diverse landscapes and embark on epic journeys.

Bike expeditions like the Himalayan Odyssey are an example. This narrative has redefined motorcycling as a means of escape and discovery, appealing to thrill-seekers and wanderers alike.

12. Dominance in the Premium Segment

Royal Enfield has maintained a dominant position in India’s premium motorcycle segment (350cc and above), with an 88% market share. This has driven sales growth and made India the go-to choice for premium motorcycles.

13. Strategic Partnerships and Global Expansion

Royal Enfield exported around 89.2 thousand motorcycles from India by the end of the fiscal year 2023, significantly influencing the two-wheeler market. Its presence in over 60 countries has boosted sales and strengthened its premium positioning domestically.

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4. Electric two-wheeler sales figures | FY 2023 – 2024
5. Odysse

Conclusion

We hope you are familiar with the two-wheeler sales data and report for the top motorcycle brands in FY 2023 and 2024. If you have any questions or need more information about the two-wheeler sales data report for FY 2023 and 2024, please email us at bikeleague2017@gmail.com or leave a comment below. We’re always here and happy to help! However, don’t forget to check out Bikeleague India on our social media platforms to stay connected!