TVS Motor Company anticipates the scooter segment to expand significantly and account for around 40% or even more of the overall two-wheeler volumes in the future. Also, the company is betting on its new scooter platform to outpace the industry’s growth. “Currently, the scooter share [in the industry] is around 32% of the two-wheelers. I am a firm believer that the scooter category will substantially expand in the market, and it may go to 40% and above,” TVS Motor’s director and CEO K N Radhakrishnan told reporters.
The domestic two-wheeler industry sold 18 million units during the financial year 2024, of which 5.84 million were scooters, accounting for 32% of the overall sales. Their share was almost the same in the year-ago period, too, and in this market, TVS has the second-largest pie after Honda Motorcycle and Scooter India.
Radhakrishnan noted that TVS Motor’s scooter sales have seen a compounded annual growth rate of 12%, outpacing the industry’s 8%. The Karnataka-based automaker is India’s third-largest two-wheeler player with around 17% market share, and it attributed this growth to its product portfolio, which has scooters across all major segments.
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This week, TVS launched the Jupiter 110cc scooter’s new version, which utilises its new platform, for which the company has invested Rs 150 crore. This next-generation platform is in line with TVS’ Reimagine strategy. Radhakrishnan also stated that the scooter segment is witnessing a strong demand trend in both the urban and rural markets. Meanwhile, electric two-wheeler sales continue to gain momentum, though the penetration is still in single digits. Around 9,44,126 e-two-wheelers were sold in 2023-24.
TVS, which is also India’s second-largest electric two-wheeler maker, has earlier said electric vehicles will be its top priority. The company plans to expand its EV portfolio further this year with one more affordable two-wheeler.
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