Auto dealers in India hoping for better two-wheeler sales in 2024. Here's why

The upcoming parliamentary election, positive consumer sentiment, and potential fuel price cut are expected to boost two-wheeler sales in India in 202
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The upcoming parliamentary election, positive consumer sentiment, and potential fuel price cut are expected to boost two-wheeler sales in India in 2024.
Bikes
The upcoming parliamentary election, positive consumer sentiment, and potential fuel price cut are expected to boost two-wheeler sales in India in 2024.

Indian two-wheeler market is expected to see a major boost in 2024, the Federation of Automobile Dealers Associations (FADA) hopes. In the year 2023, the Indian two-wheeler segment retailed 1,70,61,112 units, registering a 9.45 per cent growth over 1,55,88,352 units sold in 2022. In December 2023, the year-end sales along with other factors fuelled growth in the segment.

FADA claims the Indian two-wheeler market registered 14,49,693 units in December 2023, up by 27.56 per cent from 11,36,465 units recorded in the same month of 2022. Now, the automobile dealers are expecting the sales momentum to continue in 2024.

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Also Read : Auto dealers bet big on new launches, positive sentiment for car sales boost in 2024

Multiple factors to possibly boost growth of two-wheeler sales in 2024

FADA anticipates a positive trend in the segment after the middle of January 2024. The upcoming parliamentary election is expected to stimulate spending in this segment, while other factors like improved consumer sentiment too will play a key role in the growth of two-wheeler sales, hopes the industry body. Good crop prices and potential fuel price reduction should enhance demand for two-wheelers across India, claims FADA. Festivals and robust marriage season too would likely contribute to increased sales of the two-wheelers in the short term.

When it comes to sales and growth projection of two-wheelers in CY2024, the Indian two-wheeler market is expected to receive a boost from new model launches, especially in the first half of the year. Besides that, an overall improved economic condition coupled with a higher penetration of electric vehicles in the segment too will play a key role. The industry body further hopes that improved customer sentiments, due to factors like lower fuel prices and crop payments to farmers, are likely to drive demand in the segment.

Commenting on last year's sales performance in the segment, FADA President Manish Raj Singhania said that in the two-wheeler category, key drivers included an abundance of marriage dates and the distribution of harvest payments to farmers, which enhanced the purchasing power of the consumers. “Additionally, the availability of a wide range of models and variants, coupled with favourable weather conditions and a generally positive market sentiment, contributed to this robust growth. Enhanced product acceptance, particularly among the youth, and lucrative financial options, coupled with the anticipation of price increases in January 2024, spurred purchases," he added.

First Published Date: 08 Jan 2024, 12:50 PM IST
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