TVS witnessed a steep rise in its scooter market share in the course of the first quarter of FY2023.
The wholesale numbers of the Indian Vehicle sector have risen within the first quarter of FY2023, indicating a cautiously optimistic temper within the business. Extra notably, after a spot of 4 years, it’s the scooter section that has seen an enormous soar in gross sales figures – nearly to pre-COVID-19 ranges.
In FY2018, 67 lakh scooters have been bought and it was the final time that scooter producers had witnessed development, till now. From FY2019, this section has seen demand drop to round four lakh models in FY2022. Whereas the slowdown had set in FY2019, the COVID-19 pandemic and the resultant lockdowns solely exacerbated the state of affairs.
Now, the Q1 numbers, as launched by business physique SIAM, augur nicely for FY2023 – complete two-wheeler business gross sales of 37,24,533 models, which is a 54 % yr on yr development. Extra importantly, the scooter section witnessed a 32 % rise in gross sales with 12,07,903 models bought.
TVS Motor Firm beneficial properties the very best market share
An in depth take a look at the scooter market wholesale in Q1 FY2023 – cumulatively in addition to company-wise – reveals the numbers have doubled yr on yr. Of the 9 producers in SIAM’s listing, three have ceded market share – Hero MotoCorp, Suzuki and Piaggio – whereas TVS Motor Firm has made the utmost market share beneficial properties: almost 5 share factors from 20.64 % to 24.91 % in. In FY2022, when it clocked cumulative gross sales of 8,66,851 scooters, TVS had a 21.62 % market share, with its greatest fiscal for scooters being FY2019, when it bought 12,41,327 models.
TVS’ complete of three,00,980 models in Q1 FY2023 marks a strong 141 % yr on yr development with demand rising for scooters such because the NTorq 125 and Jupiter in addition to its solely electrical providing, the iQube.
Scooter market chief Honda is, in fact, forward of the competitors with 5,62,050 models bought. HMSI recorded 110 % development within the first quarter and elevated its market share to 46 % from 44 % a yr in the past.
Regular rise in numbers
With faculties and schools opening and lots of workplaces working in hybrid mode – two to a few days in workplace – demand is choosing up for scooters, that are usually seen as city mobility options for various family members.
That mentioned, excessive petrol costs are a matter of concern and will impression gross sales. In reality, all-time excessive petrol costs in addition to the lure of electrical mobility, albeit at a better preliminary value, can be drawing consumers to electrical scooters. Proof of this market pattern is that electrical two-wheelers account for 3.6 % of retail gross sales in Q1 FY2023.
All in all, the upswing in scooter demand is welcome information for producers, who shall be holding their fingers crossed that the necessity to scoot on a two-wheeler grows stronger within the coming months and quarters.