Scooters to comprise 40 percent of India’s two-wheeler sales: TVS’ K N Radhakrishnan

TVS has launched the all-new Jupiter 110 at Rs 73,700, and its top-spec variant costs Rs 87,250 (ex-showroom, Delhi).

Published On Aug 23, 2024 12:47:00 PM

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TVS Motor Company anticipates the scooter segment to expand significantly and account for around 40% or even more of the overall two-wheeler volumes in the future. Also, the company is betting on its new scooter platform to outpace the industry’s growth. “Currently, the scooter share [in the industry] is around 32% of the two-wheelers. I am a firm believer that the scooter category will substantially expand in the market, and it may go to 40% and above,” TVS Motor’s director and CEO K N Radhakrishnan told reporters.

The domestic two-wheeler industry sold 18 million units during the financial year 2024, of which 5.84 million were scooters, accounting for 32% of the overall sales. Their share was almost the same in the year-ago period, too, and in this market, TVS has the second-largest pie after Honda Motorcycle and Scooter India.

Radhakrishnan noted that TVS Motor’s scooter sales have seen a compounded annual growth rate of 12%, outpacing the industry’s 8%. The Karnataka-based automaker is India’s third-largest two-wheeler player with around 17% market share, and it attributed this growth to its product portfolio, which has scooters across all major segments.

This week, TVS launched the Jupiter 110cc scooter’s new version, which utilises its new platform, for which the company has invested Rs 150 crore. This next-generation platform is in line with TVS’ Reimagine strategy. Radhakrishnan also stated that the scooter segment is witnessing a strong demand trend in both the urban and rural markets. Meanwhile, electric two-wheeler sales continue to gain momentum, though the penetration is still in single digits. Around 9,44,126 e-two-wheelers were sold in 2023-24.

TVS, which is also India’s second-largest electric two-wheeler maker, has earlier said electric vehicles will be its top priority. The company plans to expand its EV portfolio further this year with one more affordable two-wheeler.

Also see: 6.7 million TVS Jupiter scooters sold since 2013 launch