The two-wheeler industry in India is expected to sustain a steady volume growth rate of around seven to nine percent in FY2024-25 as far as the domestic market as well as the export markets are concerned. 

The growth in FY2024-25 is expected to be driven by higher electric vehicle (EV) penetration in the market, according to a report released by CareEdge Ratings. A big catalyst in higher EV penetration in the market is going to be the Electric Mobility Promotion Scheme 2024 (though only till July 2024 and likely to get an extension), expectation of interest rate cuts in second half of FY2024-25, strong demand for new model launches, recovery in exports from its low base of FY2023-24 and favourable monsoon which would improve rural consumer sentiment and income levels. 

Pointing out at a combination of factors behind the growth of two-wheelers in such as traction in EV volumes, wider range of models and new launches, the report highlights a robust double-digit growth pace in each of the two quarters that ended on March 2024 on a year-on-year basis in FY2023-24, the report states the restriction in the automotive segment growth in the first half of FY2023-24 was on account of the increase in vehicle prices post the implementation of the phase-II of the BS VI emission norms, higher interest rates and stressed rural incomes. Sales revived in the second half of the respective fiscal on the back of festive season demand and uptick in rural sentiments.

“Post-covid, sales volume of two-wheelers had consistently declined during FY20, FY21 and FY22 before starting to recover from FY23, with sales momentum continuing in FY24 as well. CareEdge Ratings anticipates two-wheeler sales volume growth to continue in FY25 and it would be more driven by improved domestic sales, higher EV sales, launch of CNG powered two-wheelers and good traction in executive and premium segment motorcycles.” said Hardik Shah, Director, CareEdge Ratings.

In FY2022-23, the Indian two-wheeler industry recorded sales of 19.51 million units, an eight percent growth compared to the previous fiscal year’s 18.01 million units. In FY2023-24, the industry continued its upward trajectory, achieving 9.8 percent growth with a total sales volume of 21.43 million units. However, this was still short of the peak sales volume recorded in FY19 when annual sales volume had reached 24.46 million units, as per the report.

In FY2023-24, the domestic two-wheeler industry witnessed total sales volume of 17.97 million units, reflecting a growth rate of 13 percent. Exports volume experienced a decline of five percent even though it recovered from the low of FY2022-23. The decline in exports was attributed to challenges in the African markets, which traditionally accounted for a significant portion of India’s two-wheeler exports. 

EVs propel two-wheeler growth 

The overall volume growth in FY2022-23 and FY2023-24 was supported by the increasing demand for electric two-wheelers, according to the CareEdge Ratings report. In FY2022-23, electric two-wheeler sales reached approximately 0.73 million units, accounting for 4.54 percent of total two-wheeler sales (compared to 1.87 percent in the previous year), reflecting a remarkable year-on-year growth of 188 percent albeit on a low base. 

Continuing the positive trend, electric two-wheeler sales grew by around 30 percent in FY2023-24 surpassing volume of 0.94 million units. The demand for electric two-wheelers is driven by a shift in consumer preferences towards options that offer lower fuel costs, reduced maintenance, and lower servicing requirements compared to internal combustion engine (ICE) models. The government’s FAME II programme – till FY2023-24 – has made EV ownership more affordable, thereby contributing to volume growth.

The Indian Government’s newly introduced Electric Mobility Promotion Scheme 2024 (EMPS 2024) has continued to bolster electric two-wheeler sales in FY2024-25 – that is until July 2024. Despite the higher initial cost of electric two-wheelers, consumers are increasingly making the switch to EVs, the report pin points.

Segment wise, motorcycles have consistently dominated the market, contributing to majority of the two-wheeler sales. Sales volumes of motorcycles grew by eight percent in FY2023-24 and that of scooters grew by 13 percent during the respective period. This segment-wise growth trend is expected to continue in FY2024-25. 

With motorcycles continuing to be popular due to their superior fuel efficiency, cost-effectiveness, and versatility, scooters have also gained traction among urban commuters. 

Image for representative purpose only.

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India Bike Week (IBW), presented by Gulf Syntrac, has shifted its 2025 venue from Goa to Panchgani, Maharashtra. The move, executed due to the rescheduling of Zilla Parishad elections in Goa to the IBW dates, means riders will now converge in the Deccan hills on 19^th and 20^th December 2025.

IBW 2025 will transform Panchgani into a high-altitude playground for riders, featuring new trails, cooler winds, bonfire nights, camping and after-parties. The edition promises IBW’s line-up yet, offering motorcycling experiences across multiple terrains – from hill climbs and mud trails to manufacturer-led road tests.

Martin Da Costa, Founder and CEO, Seventy Event Media Group, said, “As we celebrate 12 years of India Bike Week, it’s incredible to witness how this festival has grown into one of the world’s most spirited motorcycling gatherings. Although circumstances pushed us to shift venues this year, our ethos remains the same – community, adventure, and the freedom to explore. Panchgani offers us a fresh canvas and IBW 2025 is shaping up to be our most exciting edition yet.”

IBW’s 12th edition includes showcases such as the Endurance Stunt Show by Pol Tarres powered by Gulf Syntrac, the Wheelie Experience by Aprilia and India’s Test Ride Arena featuring the majority of India’s premium motorcycle line-up, now including a showcase by the Gulf TrackHouse MotoGP Team.

Over 10 riding experiences await, from the Pulsar Stunt School to a dedicated Kids’ Mini Moto Track by Vida’s Dirt-E K3, along with masterclasses led by expert creators and overlanders.

Competitive racing will feature on FMSCI-backed tracks such as the IBW Hill Climb by Reise Moto and Harley-Davidson Flat Track Race.

The Skoda Kodiaq All-Wheel Drive Track makes its debut, offering driving and off-road challenges.

Presented by Carlsberg Elephant Strong Soda, the festival’s music line-up includes performances by King, Karan Kanchan, Sugga Honey, along with Harley-Davidson Rock Riders’ Music featuring Antariksh.

The BIG TRIP presented by Gulf Syntrac returns with a compelling line-up. Twelve speakers – including global overlanding legends Simon & Lisa Thomas, Elspeth Beard, Zubin Jaafar and storytellers Kshitij Saxena, Gautham AG, Candida Louis and Maral Yazarloo – will bring narratives of grit, resilience and exploration.

The Ladakh Tent presented by Carlsberg Elephant Strong Soda hosts discussions, including ‘India on Two Wheels,’ a Storytellers Roundtable, ‘RTW 101,’ and ‘Women in Motorsports.’

The Jameson Connects Howling Dog space brings together creators, rider groups, and lifestyle influencers.

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Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, registered dispatches of 604,490 units in November 2025, marking a 31 percent YoY growth.

In the domestic market, the company sold 570,520 two-wheelers, up 30 percent YoY, as against 439,777 units sold last year. On the exports front, the sales came at 33,970 units, as against 20,028 units, marking a 70 percent increase YoY.

This performance sustains the growth momentum following the festive season, driven by positive consumer sentiment across urban and rural markets, supported by GST benefits and a macroeconomic landscape.

VAHAN registrations showed strong domestic demand, with 886,330 units registered in November 2025. Retail registrations grew 26 percent to 1,882,739 units for the combined period of October and November 2025, reflecting dealership and consumer demand.

The company's performance was supported by the success of new models such as the Xtreme 125R, GlamourX 125, Destini 110, and Xoom 160.

VIDA, powered by Hero, sustained its growth trajectory with 12,199 VAHAN registrations, reflecting a 66 percent growth compared to the same period last year. The company strengthened its position in the EV sector, capturing a 10.4 percent market share. The VIDA Evooter VX2 continued to drive retail growth and sales volume, and the company also expanded the line-up with the VX2 Go 3.4 kWh variant.

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Suzuki Motorcycle India (SMIPL), the two-wheeler subsidiary of Suzuki Motor Corporation, Japan, has announced its sales performance for November 2025, recording total sales of 122,300 units. This marks a strong 30 percent YoY growth over 94,370 units sold in November 2024.

In the domestic market, the sales touched 96,360 units last month, which was 23 percent growth over 78,333 units a year ago.

On the exports front, sales grew 62 percent reaching 25,940 units in November, up from 16,037 last year.

Additionally, SMIPL’s aftersales business continued gaining momentum with spare parts sales of INR 955 million in November.

Deepak Mutreja, Vice-President – Sales & Marketing, Suzuki Motorcycle India, said, “We are grateful for the growing confidence our customers place in Suzuki. Their support, along with the dedicated efforts of our dealer network, continues to drive our growth. Alongside strengthening our presence, we are also expanding customer engagement initiatives and experience-led programs to bring riders closer to the brand. We will continue to invest in enhancing accessibility, after-sales experience, and community-building as we work towards sustained growth.”

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Honda Motorcycle & Scooter India (HMSI), one of the leading two-wheeler manufacturers in the country, has reported wholesales of 591,136 units in November 2025, up 25 percent YoY.

The total sales figure for the month included 533,645 units in domestic sales and 57,491 units in exports.

During the period, the automaker continued its commitment towards road safety by organising awareness campaigns across various cities nationwide, encouraging responsible road behaviour through interactive learning.

HMSI also celebrated Children’s Month with a Kids Carnival across all its manufacturing facilities, Traffic Training Parks (TTPs), and Safety Driving Education Centers (SDECs). The initiative, themed ‘Safety Explorers: Journey Through Traffic Land,’ aimed to make road safety learning engaging for children while promoting safe habits from an early age.

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