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Published: September 28, 2024
Updated: September 28, 2024

September Auto Sales: Two-Wheelers Surge While Passenger Vehicles Struggle

Two-Wheelers Shine with Double-Digit Growth

September 2024 brought a robust performance in the two-wheeler segment, driven by increased electric vehicle sales and strong exports. Leading brands such as Bajaj Auto, Hero MotoCorp, TVS Motor, and Honda Motorcycle & Scooter India all posted notable gains compared to the same period last year.

Bajaj Auto led the charge with a 22% growth in sales, reaching 4,00,489 units, crossing the 4-lakh milestone for the first time. This included a significant 28% rise in domestic sales and a 13% boost in exports. Year-to-date, Bajaj has sold 1.98 million two-wheelers, marking a 12% increase year-on-year.

Similarly, TVS Motor Company reported a 22% increase, with 471,792 units sold in September, up from 386,955 units last year. Honda also saw growth, with domestic wholesale sales rising to 536,391 units, up from 491,802 in September 2023.

Hero MotoCorp experienced a 19% increase in two-wheeler sales, with 637,050 motorcycles and scooters sold in September. Cumulatively, from April to September 2024, Hero MotoCorp sold over 3 million units, reflecting a 10% year-on-year growth.

Electric Two-Wheeler Market Gains Momentum

In the electric two-wheeler segment, Bajaj Auto took second place, surpassing TVS Motor. Bajaj sold 18,933 units of its electric scooter, the Bajaj Chetak, in September, while TVS Motor sold 17,865 iQube scooters, a 15% year-on-year increase. Bajaj’s market share in the electric two-wheeler space reached 21.47%, trailing Ola Electric, whose market share dropped to 27% as its retail sales declined to 23,594 units—the lowest in 11 months.

Passenger Vehicle Sales Continue to Decline

While two-wheelers thrived, passenger vehicle (PV) sales remained under pressure. September marked the third consecutive month of declining sales, despite automakers offering significant discounts to boost demand.

Maruti Suzuki, India's largest car manufacturer, reported a 4% decline in domestic sales, with 144,962 units sold, down from 150,812 in September 2023. Although sales in the mini car segment, including the Alto and S-Presso, showed a slight increase, the compact segment, featuring models like the Baleno and Swift, saw a steep decline.

Hyundai Motor India also faced a 6% drop in domestic sales, while Tata Motors witnessed an 8% decrease in total PV sales, including electric vehicles. Despite these struggles, Mahindra & Mahindra saw a 24% increase in domestic SUV sales, and Toyota Kirloskar Motor and Kia India recorded 14% and 17% growth, respectively.

A Mixed Picture for the Auto Industry

September’s auto sales paint a mixed picture for India’s auto industry. While two-wheelers, particularly electric models, showed strong growth, the passenger vehicle segment continues to face headwinds with declining sales. As the festive season approaches, the industry will be watching closely to see if demand for PVs can recover and bring balance to the overall market.