Monday, November 11, 2024

Two-Wheeler Industry To Sustain Steady Volume Growth Rate Of Up To 9 Pc In FY25: Report | Markets News

Date:

Share post:


New Delhi: The Two-wheeler industry is expected to sustain a steady volume growth rate of around 7 to 9 per cent in FY25, considering both domestic and export markets, a new report said on Monday.

The growth in FY25 is expected to be driven by higher electric vehicle (EV) sales supported by the government’s Electric Mobility Promotion Scheme (EMPS) 2024, according to the knowledge-based analytical group CareEdge Ratings.

“Post-covid, sales volume of two-wheelers had consistently declined during FY20, FY21 & FY22 before starting to recover from FY23, with sales momentum continuing in FY24 as well,” said Hardik Shah, Director at CareEdge Ratings.

In FY23, the two-wheeler industry recorded sales of 19.51 million units, an 8 per cent growth compared to the previous fiscal year’s 18.01 million units. In FY24, the industry continued its upward trajectory, achieving 9.8 per cent growth with a total sales volume of 21.43 million units.

However, this was short of the peak sales volume recorded in FY19 when annual sales volume had reached 24.46 million units, according to the report. During FY24, the domestic two-wheeler industry witnessed a total sales volume of 17.97 million units, reflecting a growth rate of 13 per cent, while the export volume experienced a decline of 5 per cent though recovered from FY23.

The overall volume growth in FY23 and FY24 was supported by the increasing demand for EVs. In FY23, EV sales reached about 0.73 million units, accounting for 4.54 per cent of total two-wheeler sales, reflecting a remarkable year-on-year growth of 188 per cent. Continuing the positive trend, EV sales grew by around 30 per cent in FY24 surpassing volume of 0.94 million units.

Segment-wise, motorcycles have dominated the market, contributing to the majority of the two-wheeler sales -while sales volumes of motorcycles grew by 8 per cent in FY24 that of scooters grew by 13 per cent during the year, the report mentioned.

This segment-wise growth trend is expected to continue in FY25.


LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img

Related articles

Israeli wars in Gaza, Lebanon on Arab-Islamic summit agenda in Saudi Arabia | Israel-Palestine conflict News

Palestinian President Mahmoud Abbas and Lebanese PM Najib Mikati among those who will be attending the Riyadh...

‘Pakistan is safe … ‘: Mohammad Hafeez on India’s refusal to travel to Pakistan for Champions Trophy | Cricket News

NEW DELHI: India has declined to participate in the Champions Trophy scheduled in Pakistan from...

Quality certification must for sesame exports to the US from November 16

The government has made it mandatory for Indian exporters to obtain quality certification from the...

"Should think about Australian cricket": Gautam Gambhir slams Ricky Ponting

Team India head coach Gautam Gambhir defended senior batsmen Virat Kohli and Rohit Sharma following the criticism...