Indian Motorcycles Market – Facts & Data 2023

Indian Motorcycles Market started the year up. Data regarding the first three months of the year confirm the expectations, with January up 4.8%, February 10.2% and finally March up 11.0% with Year to Date figures at 3.8 million (+9.5%).

Data reported for India regards wholesales and not – as for all the other countries – registrations. The perimeter of data covered includes motorcycles, moped, scooter, and ATV, both on ICE and electric engines. In addition, data includes the commercial three wheeler, very popular in the country.

Indian Motorcycles 2023 Trends and Data

Following the recovery shown in the 2022, when Indian domestic motorcycles/scooter market reduced the gap to the Chinese market consolidating the second place in the global ranking, the 2023 is expected to be near a double-digit growing year.

The market is finally evolving rapidly pulled up by the success of several new OEMs specialized in the electric scooter which braked up the dominion of Top 5 traditional manufacturers, forcing them to invest in EVs and in new and more modern models.

Data regarding the first three months of the year confirm the expectations, with January up 4.8%, February 10.2% and finally March up 11.0% with Year to Date figures at 3.8 million (+9.5%).

The electric segment performance was astonishing with the Electric L1 segment (equivalent to below 50cc ICE models) up 108.2% and the Electric L3 segment up 96.2%.

Looking at top manufacturers performance, Hero is still on top, having recovered in the first quarter although a bad January start (-2.6%) with 1.23 million sales (+11.6%).

In second place Honda is struggling with 702.751sales (-22.8%) and a sharp -36.2% reported in March. It seems that Honda is suffering the attack from new electric vehicles specialist!

In third place TVS in third is shining with a huge growth (+26.3%) at 678.653 sales, driven up by the success of the only electric scooter in the line up (the iQube, +659%) and by the Raider 125 (+131%).

In fourth place Bajaj Auto seems in recovery after a bad 2022 and sales at 435.207 are up 33.5%, with March up 42.8%.

Royal Enfield keeps growing fast with 204.373 sales (+29.5%) celebrating the new Hunter 350 success.

Indian Motorcycles Industry Trend and Perspectives

Following years of troubling, with the industry hit in sequence by price increases correlated with highest safety and emission standards and then by covid shutdowns, late vaccination process and 2021 persistent covid spread in the country, the industry finally moved up the head in 2022 starting a recovery which should be long.

However, the inflation winds across the World and the supply chain disruption were representing serious risks against the recovery, considering that India is the most sensitive country to price effects and the local production represents 99.9% of domestic sales.

The industry acceleration due to the electrification is now in place in India as well after that government sharply increased incentives and the demand for EVs scooter is a new positive factor in the market.

New 2-Wheeler sales in 2022 have been 16.2 million (+13.2%), even thanks to a roaring +20% scored in December and just for few thousand units the country is not back on top of global ranking.

Data confirms that the electric segment is finally growing up with sales at 630.000, up a huge 511.5%. However, already in 2023 the segment is expected to jump around the 1 million volume.

Looking at the top manufacturer performance, Hero is on top with 5.0 million sales (+4.8%) ahead of Honda with 4.2 million (+11.3%) and TVS Motor with 2.5 million (+19.5%). 

Bajaj Auto ranks 4th with 1.6 million sales (-3.0%) and Suzuki in 5th with 731.934 (+18.7%).

New OEMs, specialized in electric scooter are growing fast, with Okinawa at 123.737 and Ola at 108.705.