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. 

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TVS Motor Company, a leading two- and three-wheeler manufacturer, has launched the updated TVS Apache RTR 160 4V at INR 139,000.

The TVS Apache RTR 160 4V is powered by a 159.7cc, oil-cooled, fuel-injected, 4-valve, which produces 17.55 PS at 9,250 rpm and 14.73 Nm of torque at 7,500 rpm.

It comes with a segment-first 37mm Upside Down (USD) suspension and three ride modes — Sport, Urban, and Rain, which the company claims enhance control, stability, and adaptability across diverse riding conditions.

Like with most of the new models from the TVS Motor Co’s stable, the Apache RTR 160 4V now comes with TVS SmartXonnect technology, which provides Bluetooth connectivity, providing turn-by-turn navigation, call & SMS alerts, and voice assist.

In terms of design, the refreshed TVS Apache RTR 160 4V’s can be had in three colour options – Granite Grey, Matte Black, and Pearl White, which are complemented by sporty, race-inspired graphics, golden-finish USD forks, and red alloy wheels. 

Vimal Sumbly, Head of Business – Premium, TVS Motor Company, said, “We are proud to lead the way in engineering and innovation in motorcycles. With that commitment, we are excited to announce the upgrade of the TVS Apache RTR 160 4V with cutting-edge features and advanced technology. Built on a rich racing legacy, the TVS Apache Series proudly serves over 5.5 million enthusiasts, making it one of the fastest-growing premium motorcycle brands globally. We are committed to meeting the evolving needs of our customers by integrating performance, technology, and style. By constantly evolving in our set of offerings, we have set new benchmarks for performance motorcycles in India.”

KAW Veloce Motors Pvt Ltd (KVMPL) has unveiled the Brixton brand of motorcycles (600 cc and 1200 cc) and an e-scooter of the Italian brand Velocifero (VLF) called Tennis in Kolhapur, Maharashtra.

The unveiling of both the machines – the motorcycle with an ICE and the e-scooter with a battery and motor – at the Highland Club on the outskirts of the city took place amid much fanfare.

The Brixton motorcycle and VLF e-scooter – with an angular bodywork overall that is synonymous with Italian design culture and featuring a 2.1kW hub motor, and a range of 130 km – will be offered through the MotoHaus retail channel, the first outlet of which is set to be commissioned in a few days from now in Kolhapur.

Both the two-wheelers – the e-scooter is priced at INR 1,30,000 ex-showroom – are being put together (from a CKD kit) at a plant that is about 12 km from the launch venue as part of the Phase I strategy. To be offered through MotoHaus outlets in cities Mumbai, Thane, Pune, Jaipur, Vapi, Goa, Bangalore, Chennai, Cochin, Nashik, Nagpur, Surat, Ahmedabad and Vadodara besides Kolhapur, the two vehicle brands are expected to be joined by a third Italian brand and an in-house electric two-wheeler brand at a later date.

Once the Phase I strategy plays out and the Bixton and VLF offerings find a footing in the Indian market, the company will embark on the Phase II strategy that will include a design and development centre at Kolhapur. The strategy will also include a manufacturing plant that can do 25,000 units and enable the engineering of a robust supply chain in terms of localisation.

It is at the Phase II level that investments from Brixton Motorcycles (Austria) and VLF are expected to come into the venture, which is initially supported by the parent company of KAW Veloce.

TVS Motor Company-owned British premium motorcycle brand Norton Motorcycles, has announced changes to its leadership structure.

The company has announced Dr. Robert Hentschel, currently CEO, will step back from his role effective immediately. He will transition to a non-executive director role within the company.

On the other hand, Nevijo Mance will join Norton Motorcycles as Executive Director, overseeing all upstream business operations, as part of the new leadership structure.

He will be responsible for product design, development and engineering, manufacturing, procurement, quality control, and supply chain management.

In addition, Richard Arnold, who was appointed Executive Director in June 2024, will be responsible for downstream business operations, including marketing, brand management, sales, distribution, customer relationship management, aftersales service, product management, and public relations.

He will also be responsible for enhancing customer experience, expanding Norton’s market reach, and strengthening the brand’s presence across global markets.

Dr Rober had been leading the company since 2021, and has been instrumental in strengthening Norton’s foundations, guiding the company through crucial stages of its growth plan and establishing a strong operational base. He had played a key role in synergistic relationship with parent TVS Motor Company, which has been pivotal in advancing Norton’s progress and setting the stage for future success.

TVS Motor Company (TVSM), a global manufacturer of two- and three-wheelers, has announced the date and venue for the fourth edition of its TVS MotoSoul festival. The two-day festival will be held at Vagator, Goa, on 6 and 7 December 2024 with a focus on eco-friendly branding and sustainable practices.

Riding on this year’s theme of ‘Feel the Adrenaline, Feel the Inspiration, Feel the Groove’, TVS MotoSoul 4.0 is expected to draw visitors not only from India but also from other countries where the company has a presence. The two-day event promises attractive sessions like culinary experiences, wellness and personal care sessions, bike trips and tricks sessions and community and bonding sessions, as well as live music performances by top artists. The festival will provide attendees with a chance to participate in motorsports including dirt track racing, stunt shows and flat track challenges. Additionally, the attendees will be able to interact with race champions, riding experts and motorcycling legends.

Vimal Sumbly, Head of Business – Premium, TVS Motor Company, said, “TVS MotoSoul is a mark of the motorcycling spirit. It celebrates the bond between man and machine. Each edition has not only grown in scale but has also deepened this connection among enthusiasts. Our commitment goes beyond just motorcycles; we are devoted to nurturing a thriving ecosystem of riders. As we gear up for TVS MotoSoul 4.0, we are excited to redefine the journey with extraordinary experiences, all wrapped in a vibrant and colourful theme that captures the free-spirited essence of our community. We are confident that our mission to democratise these experiences will lead to one of the most exhilarating celebrations of riders and their journeys at TVS MotoSoul 4.0.”