Bajaj Auto sells 463,413 three-wheelers in FY2024, increases market share to 67%

Three-wheeler market leader Bajaj Auto increases its dominance in both passenger and cargo model sales with best-ever fiscal performance, market share jumps to 67% from 61% in FY2023; Piaggio sells 100,060 units for a 14% share in FY2024 when the industry saw its second-best performance yet at a shade below 700,000 units.

By Ajit Dalvi calendar 16 Apr 2024 Views icon11082 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Bajaj Auto sells 463,413 three-wheelers in FY2024, increases market share to 67%

India Auto Inc’s strong performance with sales of 23.85 million units in FY2024, up 12.5%, saw all vehicle segments register growth. While most of the headlines for the number-crunching sales analyses have been dominated by passenger vehicles or two-wheelers, the three-wheeler sub-segment has been carving out its very own solid growth trajectory.

In FY2024, three-wheeler wholesales, which are split into passenger carriers, goods carriers, e-rickshaws and e-carts, were 691,749 units. This means an additional 202,981 units were sold, which constitutes handsome 42% year-on-year growth (FY20023: 488,768 units).

FY2024 was the Indian three-wheeler industry's second-best fiscal with 691,749 units, falling short of its best-yet FY2019 figure of 701,005 units by just 9,256 units!

The bulk of the sales in the three-wheeler segment in FY2024 belong to the passenger carrier category. The 545,038 passenger carriers sold comprise 79% of total segment sales and up 51% YoY (FY2023: 361,094 units). In comparison, goods carrier sales were more muted at 111,519 units, up 14% YoY (FY2023: 97,540 units).

Of the seven SIAM member companies, five have recorded growth, four of them in double digits. Let’s take a closer look at these OEM performances.

BAJAJ AUTO TIGHTENS ITS STRANGLEHOLD, EATS INTO RIVALS' SHARE
This segment’s strong performance can be credited in a large part to Bajaj Auto, which can be termed as the Maruti Suzuki of the three-wheeler market. With total sales of 463,413 units in FY2024, the company recorded 54% YoY growth, selling an additional 163,404 units which constitutes 80.50% of the total 202,981 additional units sold by the industry.

Bajaj Auto’s dominance is across both the passenger and cargo segments. The company sold 411,607 passenger models, up 57%, and had 75.51% of the market. Cargo model sales at 51,806 units were up 34% and accounted for 46.45% of the 3W cargo market.

This all-round show gives Bajaj Auto a total 3W industry market share of 67% in FY2024, up from the 61% it had in FY2023.

Piaggio Vehicles has done well too, surpassing the 100,060 units mark for the first time and registering 18% YoY growth. This gives it a 14.46% market share, albeit with a much expanded market Piaggio’s FY2024 share has dropped below its FY2023’s 17.32% share. The bulk of its sales came from passenger models – 67% or 67,028 units, up 24% YoY. Cargo model sales at 33,032 units comprised 33% of total company sales.

Mahindra & Mahindra is ranked No. 3 on the three-wheeler ladder board with sales of 77,589 units, up 33% YoY. These comprised 37,664 passenger models, up 88%, and 16,544 cargo variants, up 11 percent.

Atul Auto, which dispatched 23,798 units and saw 4% growth is at fourth place, followed by TVS Motor Co with 20,791 units, up 29% YoY.

 

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