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 Yamaha Motor has announced the return of the Monster Energy Yamaha MotoGP Edition for the R15 V4 and MT-15 Version 2.0 motorcycle models. The release, the company says, responds to customer demand for the company's racing-livery options.

The Monster Energy Yamaha MotoGP Edition models display liveries inspired by Yamaha's racing division across the fuel tank, side panels, and tank shrouds. The R15 V4 MotoGP Edition is priced starting at INR 176,050 ex-showroom Delhi, while the MT-15 MotoGP Edition begins at INR 177,230.

Alongside the special editions, Yamaha updated colour variants across its FZ product range. The FZ-S Fi Hybrid receives an Ice Storm colour scheme, while the existing Matte Black version gets updated graphics. The FZ-S Fi line gains a Metallic Black finish.

Pricing for the updated FZ range starts at INR 129,880 ex-showroom Delhi for the standard FZ-S Fi, with the FZ-S Fi Hybrid variant priced at INR 139,200.

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Studds Accessories, one of the leading two-wheeler helmet manufacturer, has launched its latest product the Raider Youth, a full-face helmet designed for younger riders and adults requiring smaller head sizes at prices starting INR 1,175.

The release marks the introduction of a dedicated small-sized full-face model into the company's product line-up. The Raider Youth is an ISI-certified helmet that provides chin and lower-face coverage, moving beyond the open-face helmet designs that have traditionally dominated the youth and small-head-size segments in India. It is offered in two sizes: XXS (520 mm) and XS (540 mm), catering to children, teenagers and female riders or adults with smaller head dimensions.

The product features an outer shell constructed from ABS material paired with an expanded polystyrene (EPS) liner. The ventilation system uses top exhaust ports to channel airflow through the interior, while additional hardware includes a scratch-resistant quick-release visor, micro-fibre inner lining and a quick-release chin strap mechanism.

Sidhartha Bhushan Khurana, Managing Director, STUDDS Accessories, said, "Young riders today are more aware of style, comfort, and safety than ever before, and parents are increasingly seeking products that offer enhanced protection without compromising on usability. The Raider Youth has been developed to address these expectations through a purpose-built full-face design that delivers greater coverage and confidence for young riders. Its vibrant colour palette, modern styling, rider-focused comfort features, and trusted safety credentials have been brought together to make helmet usage both appealing and reassuring. We believe the Raider Youth will resonate strongly with young riders and their families while encouraging the habit of safe riding from an early age."

The initial launch comprises the Unicolor variant across 12 finish options, including solid, matte, and chameleon finishes: White, Black, Cherry Red, Flame Blue, Lavender Pink, Pastel Green, Petrol Blue, Dark Pink, Chameleon Pink, Chameleon Blue, Matt Black, and Military Green.

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Hero MotoCorp, the world’s two-wheeler manufacturer, has appointed Anuj Dua as the new Chief Business Officer – Premium Segment to oversee its motorcycle and scooter operations in higher-displacement categories.

Dua brings experience from previous executive roles across Hero MotoCorp, Royal Enfield and Bajaj Auto, where he managed global product strategy, brand development and market expansion.

In his new role, Dua will manage product portfolio expansion, strategic partnerships, retail network development and customer engagement initiatives, including community events and branded merchandise across performance and lifestyle segments.

In FY2026, Hero MotoCorp expanded its product line-up through the introduction of models including the Glamour X, Xtreme 125R, Xtreme 250R, Xoom 160, XPulse 210 and the Harley-Davidson X440 T. To support these offerings, the manufacturer expanded its dedicated Hero Premia retail and service network to more than 130 stores across India. The standalone outlets feature specialised sales personnel and dedicated service bays.

Dr. Pawan Munjal, Executive Chairman of Hero MotoCorp, said, “The global mobility landscape is undergoing a significant transformation, led by rising consumer aspirations for premiumization including curated premium experiences. At Hero MotoCorp, we are responding to these transformative shifts with a future-focused strategy that combines innovation, design excellence, performance engineering and deeper customer engagement. Our expanding premium portfolio, retail transformation and motorsport initiatives are integral to this strategy, accelerating product innovation, strengthening brand aspiration, and reinforcing our position as a globally admired mobility brand which is proudly Made in India.”

At present, the company manufactures its premium range from its facility Neemrana, Rajasthan, which incorporates automated assembly lines and digital quality control systems. The vehicle platforms integrate electronic architecture supporting over-the-air software updates and rider assistance systems.

Additionally, the company utilises its Hero MotoSports division to evaluate chassis dynamics, electronic systems and powertrain durability for application across its commercial production models.

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Chennai-headquartered two-wheeler and three-wheeler major TVS Motor Company, part of TVS VENU, has announced its wholesale figures for July 2026 selling 629,675 units. This marks a 38 percent increase compared to 456,350 units sold in July 2025.

The company reported its two-wheeler sales rose 38 percent to 603,138 units in July 2026, up from 438,790 units last year. Of this, domestic two-wheeler dispatches accounted for 437,394 units of the total, representing a 42 percent YoY increase, as compared to 308,720 units recorded a year ago.

In the electric vehicle segment, two-wheeler EV sales reached 60,934 units in July 2026, compared to 23,605 units in July 2025, marking a 158 percent growth rate.

International business dispatches across all categories grew 29 percent to 184,264 units in July 2026, compared with 142,629 units in the same period last year. Within the international segment, two-wheeler exports increased 27 percent to 165,744 units from 130,070 units recorded in July 2025.

Three-wheeler dispatches totalled 26,537 units during the month, up 51 percent from 17,560 units sold in the corresponding period of the previous year.

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