The Indian two-wheeler industry has seen a significant resurgence, recording strong growth in the first six months of FY2025. Between April and September 2024, a remarkable 1,01,64,980 units of motorcycles, scooters, and mopeds were dispatched to dealers across the country. This represents a robust 16.31% year-on-year growth, compared to the 87,39,406 units sold during the same period last year.
The last time the industry achieved such impressive figures was in H1 FY2019, when it crossed 11.56 million units in sales. Now, after six years, the two-wheeler segment has once again breached the 10-million-unit mark, raising hopes of a record-breaking year. With H1 FY2025 already accounting for 56% of FY2024’s total sales of 17.97 million units, the industry could potentially set a new sales benchmark by the end of FY2025.
Segment-Wise Growth
The two-wheeler market witnessed double-digit growth across all its segments. Motorcycles, the largest sub-segment, posted a 16.31% growth, while scooter sales surged by 22%, and mopeds recorded a 16.55% year-on-year increase. This widespread growth reflects the rising demand for affordable personal transportation options across urban and rural India.
Hero vs. Honda: The Gap Narrows
The competition between industry giants Hero MotoCorp and Honda Motorcycle & Scooter India (HMSI) continues to intensify. Hero MotoCorp, the market leader, registered sales of 2.94 million units, reflecting a 10% year-on-year growth and securing a 28.92% market share. However, HMSI is closing in fast with 2.88 million units sold, marking a 31% year-on-year increase and capturing a 28.34% market share.
The gap between these two industry leaders has significantly narrowed. At the end of H1 FY2025, the difference in sales between Hero and Honda was just 59,247 units, down from a staggering 475,126 units a year ago. Hero’s market share has dipped from 33% to 28.92%, while Honda has seen a surge from 25% to 28.34%.
Other Key Players
TVS Motor Co, with 1.74 million units sold in H1 FY2025, saw a 15% year-on-year growth, maintaining its 17% market share. Bajaj Auto followed closely with 1.21 million units, a 17% increase, also holding a 12% market share.
Suzuki Motorcycle India clocked sales of 516,530 units, reflecting a 16% growth and a 5% market share. Royal Enfield sold 410,843 motorcycles, down by 6,044 units compared to last year, while India Yamaha Motor posted 5% growth with 368,565 units. In the electric vehicle segment, Ather Energy registered an impressive 30% growth, selling 64,718 units.
Outlook for FY2025
With over 10 million units already sold in H1 FY2025, the Indian two-wheeler industry is on track to surpass last year’s total sales figures. The ongoing growth, driven by robust consumer demand and increasing preference for two-wheelers, especially in rural areas, suggests that the industry is heading for a record-breaking year. If this momentum continues, FY2025 could see the two-wheeler industry set new benchmarks in India’s automotive sector.
