Scooter sales cross half-million mark for the fourth consecutive month

The action is back in India’s scooter market. As per SIAM’s wholesales numbers, with 5,09,119 units sold, November 2023 is the fourth consecutive month that scooter sales have surpassed the half-a-million mark. And cumulative sales for the April-November 2023 period at 39,64,293 units are up 7 percent year-on-year (April-November 2022: 36,90,501 units).

Last month, scooter sales accounted for a 31.36 percent share of the overall two-wheeler market (16,123,399 units) and logged a solid 23 percent YoY growth. Motorcycles (10,70,798 units) had a 66 percent share, while mopeds (43,482 units) had a 2.67 percent share.

In November 2023, of the 10 SIAM member OEMs that make scooters, only two saw YoY declines. The other eight saw strong double-digit growth. While Honda with 2,20,034 units recorded 14 percent growth and a 43 percent market share, TVS Motor with 1,27,879 units and 59 percent YoY growth had a scooter market share of 25 percent. Suzuki Motorcycle India (70,921 units / up 14 percent / 14 percent share), Hero MotoCorp (46,216 units / up 24 percent / 9 percent share), India Yamaha Motor (23,569 units / up 14 percent, 4.6 percent share) and Bajaj Auto (8,472 units / up 153 percent / 1.66 percent share) were the other strong performers.

Top 3 OEMs account for 84 percent of total sales

The top five OEMs among the SIAM 10 scooter members account for 37,89,463 units, or an overwhelming 96 percent of total scooter sales in April-November 2023. Of them, the top three players – Honda Motorcycle & Scooter India, TVS Motor Co and Suzuki – cumulatively have 33,23,773 units or 84 percent of the industry numbers. In terms of volume increase amongst these 10 OEMs, five OEMs –TVS, Suzuki, Yamaha, Ather and Bajaj Auto – stand out.

Honda Motorcycle & Scooter India (HMSI), which sells the bestselling brand of Activa scooters, has 1.75 million units to its credit, 20,232 units fewer than a year ago and down 1 percent YoY. This sees HMSI’s scooter market share reduce to 44.28 percent from the 48.11 percent it had a year ago.

TVS Motor Co, with 987,840 units, posted 14 percent growth, which helped increase its market share to 25 percent from 23 percent a year ago. While the Jupiter continues to be its best-seller, followed by the NTorq 125, the iQube electric scooter has contributed 1,32,894 units to its overall scooter sales, which works out to be a 13.45 percent EV share.

Suzuki Motorcycle India is the third OEM to have sold over half-a-million scooters – 5,80,457 units – up 20 percent YoY and an increase of 98,072 units. This sees Suzuki’s market share rise to 14.64 percent from 13 percent a year ago.

Hero MotoCorp with 2,71,150 units, up 10 percent and a market share of 6.82 percent takes fourth position among the 10 OEMs. India Yamaha Motor with 1,90,540 units, saw demand up 41 percent YoY, a strong performance that enabled its scooter share rise to nearly 5 percent, up from 3.74 percent a year ago.

Two electric vehicle OEMs – Ather Energy and Bajaj Auto – have both witnessed strong sales in April-November 2023. While Ather has sold 68,220 e-scooters in the form of the 450S and 450X for  a market share of 1.72 percent, a hard-charging Bajaj Auto has dispatched 62,991 Chetaks, 39,831 units more than in April-November 2022 for a market share of 1.58 percent, up on the 0.62 percent a year ago.

The electric two-wheeler market leader though is Ola Electric, which is not a SIAM member company. At 29,764 units, its November sales were up 25 percent on October’s 23,821 units. Ola’s market share has grown to 32 percent in November. What’s more, it has clocked cumulative sales of 2,36,441 units in the first 11 months of 2023 and will easily cross the 2,50,000-unit mark for the year, making it the first OEM in India to do so. 

Average monthly scooter sales for the April-November 2023 period are 4,95,536 units. With four months still to go for FY2024 to end, given that sales maintain the same pace, the scooter industry could add another 1.98 million units to the entire fiscal total. That would take the FY2024 total to around 5.94 million units, which would be better than FY2023 and also ahead of pre-Covid FY2020.

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