8 minutes read

India's Motorcycle Market Sees Unprecedented Growth in 2023

India's motorcycle market has recorded its 14th consecutive growth period, with electric vehicles playing a significant role. Discover the key trends and top performers in the industry.

Dheeraj Kumar
22/01/2024

The Indian motorcycle market has been on an upward trajectory, marking its 14th consecutive period of growth with a 2.4% increase in December sales. The year 2023 has seen the market reach a near 17.5 million in registrations, which is an 8.5% rise from the previous year, making it the fifth highest sales level ever and the best in the last four years. Unlike other countries where data is based on registrations, the figures for India include wholesales and cover a wide range of two-wheeled vehicles including motorcycles, mopeds, scooters, and ATVs, with both ICE and electric engines, as well as the popular commercial three-wheelers.

Government incentives for electric vehicle manufacturers have played a significant role in the market's growth, contributing to 0.2 million additional sales in this segment. Electric vehicles alone have hit a new record with 866,853 units sold, marking a 33.5% increase.

Among the top manufacturers, Hero MotoCorp leads with 5.3 million domestic sales, up by 6.4%, solidifying its position as the second-largest manufacturer globally. Honda follows, despite a 4% drop in sales, totaling 4 million units. TVS Motor has seen a significant rise, with sales up by 21.6% to 3 million units, thanks to the success of its electric scooter, the iQube, which saw a 255% increase, and the Raider 125, which grew by 151%. Bajaj Auto and Royal Enfield have also reported strong performances, with sales up by 22% and 17.3% respectively.

In conclusion, the Indian motorcycle market's robust growth is a testament to the increasing demand for two-wheeled vehicles in the country, supported by government incentives for electric vehicles. As the market continues to evolve, platforms like Probz.ai, an AI-powered insights collection platform, play a crucial role in gathering qualitative and quantitative data to understand consumer preferences and market trends better.

Tags:
Marketing
Development
HR & Recruiting
Design
Management
Share:

Dheeraj Kumar

data specialist

Archit has been working in the field of data science since 2018. He has worked with various clients in the field of healthcare, education, and finance. He has worked with various clients in the field of healthcare, education, and finance. He has worked with various clients in the field of healthcare, education, and finance.

Member since Mar 15, 2021

Latest Posts

08 Apr 20248 minutes read
Exploring the Surge in India's Two-Wheeler Market: Trends and Forecasts
Dheeraj Kumar
View All

Get Free
Product Feedback

hello@probz.in
Bangalore, India 560066

Sign Up For Newsletter

Receive 50% discount on first project after the Launch