High two-wheeler gamers Hero MotoCorp, HMSI lose market share as others, EV makers acquire

The highest two two-wheeler gamers, Hero MotoCorp and Honda Motorbike & Scooter India (HMSI), misplaced market share in FY24 regardless that they bought extra autos final yr in contrast with the earlier yr.

• Additionally learn:Ola, TVS, Hero MotoCorp, others get EMPS certificates manually to avail subsidy as Navratri approaches

In keeping with the newest information shared by Federation of Car Sellers Associations (FADA), Hero MotoCorp bought 53.96 lakh two-wheelers in FY24 in contrast with 51.35 lakh items in FY23, however nonetheless its market share got here all the way down to 30.80 per cent in FY24 (32.04 per cent).

Equally, HMSI’s market share fell to 23.36 per cent in FY24 (24.79 per cent), however bought 40.92 lakh items in FY24 (39.73 lakh bikes and scooters).

On the similar time, Tamil Nadu-based TVS Motor Firm gained market share by greater than 1 per cent to 16.93 per cent in FY24 (15.53 per cent). The ‘Apache’ maker bought round 29.66 lakh items within the final monetary yr (25.89 lakh two-wheelers).

Bajaj Auto Group additionally gained market share by greater than 1 per cent to 12.03 per cent in FY24 (10.63 per cent). Its retail gross sales grew at 21.08 lakh items in the course of the yr (17.04 lakh items).

Different firms, together with Suzuki Motorbike India and Royal Enfield, additionally gained market share marginally in the course of the yr.

e2W section

Within the electrical two-wheeler section, Ola Electrical grew its market share from 0.95 per cent in FY23 to 1.88 per cent market share within the general Indian two-wheelers market (ICE+EV).

Ather Vitality, too, noticed a rise in market share to 0.62 per cent in FY24 (0.48 per cent).

“The 2-wheeler section demonstrated resilience and flexibility, with electrical car (EV) gross sales surging as a result of expiration of the FAME-2 subsidy on March 31. This led to a notable increase within the two-wheeler EV market share to 9.12 per cent,” Manish Raj Singhania, President, FADA, stated.

Optimistic market sentiment was supported by seasonal occasions, improved car provide, and monetary incentives, he stated. “Regardless of going through market volatility and intense competitors, the business is strategically evolving, significantly within the premium and EV classes, signalling a vivid future,” he added.

One of many causes for decline in market share for among the main firms can also be due to surge within the demand of electrical two-wheelers.

• Additionally learn:Besides Hero MotoCorp, all different OEMs report progress in two-wheeler gross sales in March

In keeping with Emkay International Monetary Companies, retail volumes inside the two-wheeler business witnessed a 5 per cent year-on-year progress in March 2024, accompanied by a notable surge in electrical two-wheeler penetration, reaching 8.9 per cent in comparison with the earlier vary of 5-6 per cent.