Growth in FY25 is expected to be driven by higher electric vehicle (EV) sales supported by the government's Electric Mobility Promotion Plan (EMPS) 2024, according to knowledge-based analytics group CareEdge Ratings.
“Post-pandemic, two-wheeler sales volume steadily declined during FY20, FY21 and FY22 before starting to recover from FY23, with sales momentum continuing in FY23 as well 24," said Hardik Shah, director, CareEdge Ratings.
In FY23, the two-wheeler industry recorded sales of 19.51 million units, a growth of 8 per cent compared to 18.01 million units in the previous fiscal.
In FY24, the industry continued its upward trajectory, achieving 9.8 percent growth with a total sales volume of 21.43 million units.
However, this was below the peak sales volume recorded in fiscal 2019, when annual sales volume reached 24.46 million units, the report said.
During FY24, the domestic two-wheeler industry recorded a total sales volume of 17.97 million units, reflecting a growth rate of 13 percent, while the export volume witnessed a decline of 5 percent, although it recovered from FY23.
Overall volume growth in FY23 and FY24 was supported by rising demand for electric vehicles.
In FY23, electric vehicle sales reached around 0.73 million units, accounting for 4.54 percent of the total two-wheeler sales, reflecting a remarkable year-on-year growth of 188 percent. hundred. Continuing the positive trend, electric vehicle sales grew around 30 percent in FY24, surpassing the volume of 0.94 million units.
At the segment level, motorcycles have dominated the market, contributing to the majority of two-wheeler sales at 8 per cent in FY24 and scooter sales grew at 13 per cent during the year, the report mentioned. .
This segment-wise growth trend is expected to continue in FY25.
“Post-pandemic, two-wheeler sales volume steadily declined during FY20, FY21 and FY22 before starting to recover from FY23, with sales momentum continuing in FY23 as well 24," said Hardik Shah, director, CareEdge Ratings.
In FY23, the two-wheeler industry recorded sales of 19.51 million units, a growth of 8 per cent compared to 18.01 million units in the previous fiscal.
In FY24, the industry continued its upward trajectory, achieving 9.8 percent growth with a total sales volume of 21.43 million units.
However, this was below the peak sales volume recorded in fiscal 2019, when annual sales volume reached 24.46 million units, the report said.
During FY24, the domestic two-wheeler industry recorded a total sales volume of 17.97 million units, reflecting a growth rate of 13 percent, while the export volume witnessed a decline of 5 percent, although it recovered from FY23.
Overall volume growth in FY23 and FY24 was supported by rising demand for electric vehicles.
In FY23, electric vehicle sales reached around 0.73 million units, accounting for 4.54 percent of the total two-wheeler sales, reflecting a remarkable year-on-year growth of 188 percent. hundred. Continuing the positive trend, electric vehicle sales grew around 30 percent in FY24, surpassing the volume of 0.94 million units.
At the segment level, motorcycles have dominated the market, contributing to the majority of two-wheeler sales at 8 per cent in FY24 and scooter sales grew at 13 per cent during the year, the report mentioned. .
This segment-wise growth trend is expected to continue in FY25.
