Best-ever scooter and bike sales power TVS Motor Co to a new high: 3.15 million units in FY2024

Chennai-based scooter, motorcycle and moped manufacturer TVS Motor Co has recorded its best-ever two-wheeler domestic market sales of 3.15 million units in FY2024, an increase of 21.52% on FY2023’s 2.59 million units.

The FY2024 total beats the company’s previous best of 3.13 million units in FY2019, the best fiscal for India Auto Inc (26.26 million units). In the process, TVS Motor Co’s cumulative sales over the past decade (FY2015 to FY2024) have crossed the 25 million-units mark at 2,51,96,366 units (see decadal sales table at the bottom of this analysi).

In FY2024, TVS two-wheeler sales comprised 14,51,409 scooters (up 16.49% YoY), 12,23,838 motorcycles (up 34.43% YoY) and 4,81,803 mopeds (up 9.1% YoY). The company averaged monthly sales of 263,087 two-wheelers a month in FY2024. A look at the monthly wholesales reveals that the 300,000-unit mark was surpassed in September and October 2023, which were the pre-Diwali and Diwali months respectively and saw the company rev up dispatches to its showrooms across India.

TVS averaged monthly sales of 263,087 two-wheelers a month in FY2024

TVS’ scooter sales continued to be dominated by two products – the Jupiter and the NTorq 125, the former selling more than the latter. As per SIAM wholesales data released on April 12, combined sales of the Jupiter and NTorq were 12,56,381 units, up 17% YoY, accounting for 87% of scooter sales. Add 189,896 units of the all-electric iQube, up 96% (FY2023: 96,654 units) and 5,132 units of the Pep+ and you get the 1.45 million scooters sold in FY2024. EV sales penetration in TVS scooter sales is 13% in FY2024.

Of the 1.22 million motorcycles sold in FY2024, two TVS bike brands dominate – the Raider and the Apache series and together contributed 856,615 units and accounted for 70% of bike sales. The Raider, which is now the best-selling TVS motorcycle, sold 478,443 units while the Apache series sold 378,172 units.

FY2024's record 3.15 million sales have been boosted by 1.45 million sooters and 1.22 million motorcycles, even as mopeds added 481,803 units. 

How scooter share of TVS’ two-wheeler sales has jumped since FY2015
A deep dive into decadal wholesales data of TVS Motor Co (above) reveals interesting findings. Ten fiscals ago, in FY2015, of the total sales of 2.10 million units, the scooter share (684,569 units) was 32.47% to motorcycles’ 31.67% (667,624 units) and mopeds’ 35.84% (755,503 units).

TVS scooter sales hit the million sales milestone for the first time in FY2018 with 10,99,133 units, accounting for 38.22% of total two-wheeler sales of 2.87 million units. Motorcycles in that fiscal had a 31.88% share (916,776 units) and mopeds a 29.89% share (859,518 units).

The following year, in FY2019, when TVS recorded its best-ever fiscal with 3.13 million units (which has now been surpassed in FY2024), its scooter, bike and moped sales all registered their best-ever numbers: scooters with 1.24 million units had a 39.57% share, motorcycles with 1.01 million units a 32.35% share, and mopeds with 880,243 units a 28% share.

Then the Covid pandemic happened and auto sales in India and the world fell sharply. TVS saw its overall two-wheeler sales decline by 23% to 2.41 million units in FY2020 and by 5.39% to 2.04 million units in FY2021.

FY2023 saw the green shoots of recovery for the Indian two-wheeler industry with total dispatches at 1,58,62,087 units, up 17% YoY. In tandem with that growth, TVS Motor sold 2.59 million units, up 27% YoY with the bulk of the sales coming from scooters (1.24 million units), followed by 910,376 motorcycles and 441,567 mopeds.

TVS’ FY2024 performance has raised the bar higher, what with total two-wheeler wholesales of 31,57,050 units comprising 1.45 million scooters (up 16% YoY), 1.22 million motorcycles (up 34% YoY) and 481,803 mopeds (down 9% YoY). 

Thus, seen over the past decade, TVS scooter wholesales have more than doubled – up 112% from 684,569 units in FY2015 to 14,51,409 in FY2024. Motorcycles sales, in the period under review, have witnessed a 83% increase – from 667,624 units to 12,23,838 units. Moped sales, however, have seen a sharp decline: from the 755,503 units in FY2015 to 481,803 in FY2024. Moped demand was at its highest in FY2017: 890,367 units.

TVS Motor Co also exported 887,774 two-wheelers in FY2024 but that calls for an altogether different sales analysis. Stay plugged in for the latest sales updates across vehicle segments.

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