As festive enthusiasm swept the nation, October 2024 proved highly successful for the two-wheeler market, with nearly all manufacturers reporting significant growth. Royal Enfield emerged as a standout, achieving record-breaking monthly sales. Here’s a closer look at each company’s performance over the past month:
Hero MotoCorp
Hero MotoCorp’s sales climbed to 679,091 units in October 2024, reflecting an 18.12% increase from the 574,930 units sold in October 2023. Motorcycles led the sales, with 635,787 units sold—a 20.11% rise from 529,341 units in the previous year. This category accounted for 93.62% of the company’s overall sales, showcasing the robust demand for Hero motorcycles.
TVS Motors
October was a record-setting month for TVS as well, with a 13% growth in total sales, reaching 489,000 units. Motorcycle sales surged by 14.29% year-on-year, reaching 230,822 units compared to 201,965 units in October 2023, showing an increase of 28,857 units. This segment secured a 48.27% share, underscoring its popularity among consumers.
Bajaj Auto
Bajaj Auto had a more moderate month compared to others, with a 2% rise in overall sales to 414,372 units in October 2024, up from 408,144 units the previous year. However, domestic two-wheeler sales dipped by 8%, decreasing from 278,486 units in October 2023 to 255,909 units last month. Despite recent launches like the Freedom CNG and a compact Pulsar model, Bajaj faced challenges in regaining momentum in October.
Royal Enfield
Royal Enfield achieved a milestone with its highest monthly sales ever, recording 110,574 motorcycles sold in October 2024, a 31% increase from 84,435 units in October 2023. Domestic sales reached 101,886 units, while exports surged to 8,688 units—a remarkable 150% growth in international shipments.
Electric Two-Wheeler Market Performance
Demand fueled by the festive season and attractive discounts helped e-two-wheeler sales reach their second-highest month ever, with 139,000 units sold, nearly matching March’s peak of 140,333 units.
Ola Electric saw a strong recovery after lower sales in August (27,615 units) and September (24,716 units), which had cut its market share below 30%. October sales rebounded to 41,605 units, marking a month-over-month growth of 68% and a 74% year-on-year increase.
After Bajaj Auto briefly claimed the No. 2 spot in September, TVS Motor Co regained its second-place position in the electric segment in October. TVS sold 29,890 units, reflecting an 81% year-on-year growth from 16,507 units in October 2023, achieving a 21% market share for the month and an 18.41% share for the year to date.
Bajaj Auto continued to benefit from strong e-scooter sales. The company, which dispatched a record 28,517 Chetak scooters to dealers across India in September, sold 28,188 Chetaks in October 2024—an impressive 211% increase from 9,070 units in October 2023. This also marked Bajaj’s highest monthly sales for its e-scooters.
Ather Energy held its No. 4 position in the e-scooter market with 15,984 units sold in October, an 88% year-on-year increase from 8,484 units. Though its peak sales occurred in March (17,427 units), Ather has seen consistent monthly growth since April, achieving an 11.49% market share in October, up from 6% a year ago.
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