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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Pune-headquartered two-wheeler and three-wheeler major Bajaj Auto has introduced the new Pulsar 150 and Pulsar 125 models with mechanical and technological updates to its most popular range.

The new Pulsar 150 carries an introductory price of INR 115,233 ex-showroom Delhi, while the Pulsar 125 is priced at INR 92,900.

First launched in 2001, the Pulsar line has recorded sales exceeding 20 million units across 40 countries over 25 years. The updated models retain the original chassis profile and fuel tank design while incorporating engineering changes to the engine, transmission, frame and suspension systems.

The new Pulsar 150 features a 149.5cc engine, which churns out 14 PS at 8,500 rpm and 13.7 Nm of torque at 6,500 rpm. The Pulsar 125 contains a 124.58cc engine delivering 12 PS at 8,000 rpm and 11 Nm of torque at 6,000 rpm. Both models feature revised gear ratios to improve acceleration, a diamond-type frame using the engine as a structural member and a nitrogen-charged emulsion monoshock unit.

Additional updates include a 5-inch TFT display with navigation mirroring, digital document storage, call alerts and music management functions. The new Pulsar introduce three riding modes (Road, Rain and Sport), low-speed traffic assist technology, LED headlamps and an Integrated Starter Generator with start-stop functionality on top variants to reduce fuel consumption.

Sarang Kanade, Chief Business Officer – Two-wheeler Business Unit, Bajaj Auto, said, “For over 25 years, Pulsar has been more than just a motorcycle. It has been the first taste of performance for generations of riders – the muscular tank, the unmistakable grunt, the rush of acceleration and the attitude that made it impossible to ignore. Pulsar has always been ‘Definitely Daring’, and that spirit remains at the heart of the brand. With the new Pulsar 150 and Pulsar 125, we have retained everything that makes Pulsar iconic while reimagining what lies beneath it. The result is a new generation of Pulsars that feels familiar in all the right ways, but is built for the riders of today.”

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TVS Motor Co-owned British marquee brand Norton Motorcycles has received a Bronze award at the International Design Excellence Awards for its Manx R superbike in the Automotive and Transportation category.

Organised by the Industrial Designers Society of America, the annual awards ceremony took place in Pasadena, California, where Darren McNeill, Head of Marketing at Norton US, collected the honour. Interestingly, Manx R becomes the first production sports motorcycle with an internal combustion engine (ICE) to receive an IDEA award.

Simon Skinner, Head of Design, Norton Motorcycles, said, “The Manx R was created to challenge what a modern superbike can look and feel like. We wanted to move away from visual noise and create something more reductive, more crafted and more connected to the rider. Every surface, exposed component and detail had to earn its place. Winning an IDEA award is a proud moment for the whole Norton team because it recognises the depth of design thinking behind the bike, not just the finished object.”

The Manx R was developed as the primary model under Norton's Resurgence strategy following its acquisition by TVS Motor Company. Chief Creative Advisor Professor Gerry McGovern OBE shaped the design direction, while Simon Skinner led the engineering and styling teams at Norton’s headquarters in Solihull, UK.

Gerry McGovern said, “From the beginning, the ambition for Norton’s Resurgence was to create a design direction that was modern, emotionally engaging and worthy of the brand’s extraordinary heritage. The Manx R proves that motorcycles, like cars, can be objects of desire through proportion, stance, drama and detail. To see that recognised by an international jury of designers is a meaningful endorsement of the direction Norton has taken.”

The motorcycle features a V4 engine, semi-active suspension, Brembo brakes, rider assistance systems and an eight-inch TFT display. The Manx R superbike and the Atlas adventure motorcycle will go on sale in the United States starting in October 2026.

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Chennai-headquartered mid-sized motorcycle major Royal Enfield has launched the Classic 350 Gorkha Edition in India, priced at INR 210,684 ex-showroom, New Delhi.

The new variant is finished in a Gorkha Green paint scheme and features insignia displaying crossed Khukris, reflecting design references to the Gorkha Regiment. Mechanical specifications retain the J-series engine and standard frame configuration, while additions include an assist and slipper clutch alongside a Type-C USB charging port.

Yadvinder Singh Guleria, Chief Commercial Officer, Royal Enfield, said, "With the Classic 350 Gorkha Edition, we pay tribute to an extraordinary military legacy defined by fierce bravery, loyalty and absolute honour. Every detail stays true to the timeless character of the Classic 350, while the bespoke Gorkha insignia speak of the values that have defined this regiment for generations. The Gorkha apparel collection extends that tribute beyond the ride, giving our community a way to carry that legacy forward with pride and purpose."

Lieutenant General Sanjeev Chauhan, President, Gorkha Brigade, said, "The strength of the Gorkha Regiment lies not only in its history, but in the values of courage, discipline and honour that have been upheld across generations. It is a privilege to see this legacy acknowledged through the Royal Enfield Classic 350 Gorkha Edition, which pays tribute to the spirit and traditions of the Gorkha soldiers with dignity and respect."

Royal Enfield also introduced an accompanying merchandise line, designated as the Gorkha Collection. The range includes helmets, leather boots, headgear and apparel designed using military-inspired colour options including olive green, crimson, black, and bronze.

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India Yamaha Motor has announced updates to its 125cc Fi Hybrid scooter line-up, which introduces new colour schemes, revised body graphics and technology features across the RayZR and Fascino model ranges.

The RayZR 125 Fi Hybrid receives updated paint finishes and graphics. Within the range, the Street Rally variant now incorporates a Colour TFT Instrument Cluster with Turn-by-Turn navigation functionality for smartphone integration.

The Fascino 125 Fi Hybrid also receives colour updates and bodywork revisions. Pricing for the RayZR range starts at INR 79,880 for the Drum brake variant in Metallic Black, moving to INR 87,680 for the Disc variant available in Metallic Black, Dark Matte Blue, and Ice Fluo Vermillion.

The Street Rally variant with an LCD cluster is priced at INR 93,930 in Ice Fluo Vermillion and Matte Black, while the TFT instrument cluster model costs INR 100,440 in Matte Titan and Matte Black.

The Fascino line-up begins at INR 78,980 for the Drum variant in Yellow Cocktail, rising to INR 91,070 for the Disc variant offered in Metallic Light Green, Cool Blue Metallic and Matte Black. The Fascino S variant is priced at INR 99,030 in Metallic Orangish Gray. Both model lines retain Yamaha’s Smart Motor Generator Hybrid Technology, featuring power assist, silent start and automatic engine stop-start systems.

Hardware across the range includes telescopic front suspension, 21-litre under-seat storage compartments, side-stand engine cut-off switches and E20 fuel compatibility. The Fascino S and RayZR Street Rally TFT variants also feature answer-back function capabilities.

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