Updated January 4th, 2024 at 15:42 IST
Domestic sales of two-wheeler segment grows 28% YoY
In FY2024 YTD, the two-wheeler division in auto sales has witnessed a 9 per cent growth
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Two-wheeler sales: The automobile dispatches were largely subdued in December, barring the two-wheeler segment, that witnessed an annual double-digit growth of 28 per cent from the same period last year, reveals a report prepared by Emkay Global Financial Services.
Passenger vehicle sales remained largely flat as players rationalised the high-channel inventory even as discounts were at record levels to drive year-end retails, the report says.
CVs and two-wheelers
In the commercial vehicle segment, overall sales volumes remain subdued, while tractor volumes annually declined 17 per cent due to a delay in crop harvest and lower rabi sowing, which in turn impacted rural sentiments, it said.
In FY2024 YTD, the two-wheeler division in auto sales has witnessed a 9 per cent growth, with major two-wheeler players like Bajaj Auto Limited posting an annual growth in total sales to 3,26,806 units in the month of December 2023 from 2,81,514 units sold in December 2022.
The domestic two-wheeler sales for the Pune-headquartered two-wheeler manufacturer was up by 26 per cent in December 2023 to 1,90,919 units from 1,48,583 units in the same period last year, the report mentioned.
Another two-wheeler major, TVS Motor Company, reported a 25 per cent annual rise in over wholesales to 3,01,898 units in December 2023 from 2,42,012 units in the same period previous year, while the firm's domestic sales annually rose 28 per cent to 1,90,919 units in December 2023 from 1,48,583 units in the corresponding period last year, the report added.
"Recent volumes support our thesis of broadening the ongoing two-wheeler recovery. We maintain our expectations of a two to three year growth up-cycle here, on replacement-led demand upturn," the report claimed.
Published January 4th, 2024 at 13:39 IST