TVS increases its scooter market share to 24% from half a million units in April-August
The Indian two-wheeler industry, which is finally seeing a return to demand, albeit significantly lower than in the pre-Covid FY2019 period, also owes its growth to the scooter market. Of the total sales of 66.63.265 units (an increase of 33%) in the period April-August 2022, scooters account for 33% or 21.91.208 units (an increase of 53%). A year ago, the scooter share was 28.5%, which translates into an increase of 4.5 percentage points.
Motorcycles with 42 92 050 units (an increase by 26%) account for 64.41% of the total two-wheeler market. Compared to April-August 2021, the share of motorcycles decreased – it amounted to almost 68%, with 34 03,323 units from the total sales of single-track vehicles amounting to 50 12 488 units.
A closer look at the SIAM wholesale numbers for nine scooter manufacturers in the first five months of fiscal 2023 reveals some interesting facts. Out of the top four OEMs with six-figure totals, TVS Motor Co posted strong growth of 89% year-on-year, followed by market leader Honda Motorcycle & Scooter India at 53% year-on-year and Suzuki at 13%. In terms of market share, TVS also achieved maximum profits: almost 4.5 percentage points up to 23.88% from 19.40% a year ago.
The 523,458 TVS scooters between April and August 2022 are also the best-ever result recorded in the first five months of the fiscal decade (see data table below). The company had half a million units sold earlier between April and August 2018, and its scooter market share was 16.45%.
The importance of scooters for TVS’s overall market position can be deduced from the fact that of the total of 10 06 372 two-wheelers sold in the first five months of the 2023 financial year, scooters account for 52%, followed by motorcycles (302,907 units / 30% share). ) and mopeds (180,007 units / 17.88% share).
While TVS’s flagship Jupiter, available in 110cc and 125cc versions, remains the engine of growth, the cool NTorq, which was launched in February 2018, has also given the company new impetus in the scooter market, and in the last few years, the TVS introduces a number of variants. On September 12, TVS introduced a marine blue color to the 125cc NTorq Race Edition. IQube, the only TVS electric scooter, is also gradually delivering the goods.
In May this year, TVS Motor launched the new iQube electric scooter with a range of 140 km. Between April and August 2022, 19,446 shoppers found their way home to iQube. From the premiere in January 2020. iQube had sold a total of 31,342 units by the end of August 2022.
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