Bajaj Auto leads major 2W makers with highest domestic sales growth in FY24

Bajaj Auto’s domestic sales surged 24.63 per cent year-on-year (Y-o-Y) in 2023-24 (FY24), highest among the four major two-wheeler manufacturers in the country, touching 2.25 million units, according to data released on Tuesday.

“Improvement in sentiment, absorption of price hikes, new model launches and slow and steady revival of rural markets have led to robust growth in 2Ws (two-wheelers). The 2W segment has been the outperformer in the industry for a while now,” LKP Securities stated in its report on Tuesday.

On the other hand, TVS Motor's domestic sales jumped by 21.52 per cent Y-o-Y to 3.15 million units in FY24.

 

Hero MotoCorp, India's largest two-wheeler maker, saw domestic sales rise by 5.13 per cent to 5.42 million units in FY24.

In 2024-25 (FY25), LKP Securities anticipates that new launches, particularly in the premium motorcycle segment (especially by Bajaj, KTM, and Triumph), will contribute to promising sales figures domestically.

Domestic volume growth of 4 major 2-wheeler makers in India

	Domestic unit sales in 2022-23	Domestic unit sales in 2023-24	Annual increase (in %)
Hero MotoCorp	5,155,793	5,420,532	5.13%
Honda Motorcycle and Scooter India	4,025,516	4,530,190	12.54%
TVS Motor	2597956	3157050	21.52%
Bajaj Auto	1,805,883	2,250,585	24.63%

Source: Companies