Two-wheeler volumes grew 8% y-o-y in February, the most in three months, at over 1.01 million units following a demand pull from rural pockets and general improvement in consumer sentiment despite continued hikes in auto loan rates and product prices.
Four of India’s top five two-wheeler makers, who make up more than 75% of the sales volume, recorded double-digit growth in February, as per data shared by them.
Sales volumes of TVS Motor Company grew 28% y-o-y to 221,402 units, while those of Bajaj Auto
Domestic two-wheelers will witness a subdued base till H1FY24, helping them deliver over 10% growth in FY24, according to ICICI Securities.
Data generated by Vahan and Emkay Research showed that electric two-wheeler volumes were nearly stagnant in February at around 65,500 compared to the preceding two months. December and January had clocked volumes of around 64,500 units each.