The shift of the auspicious Navratri to April instead of March last year led to strong growth in the auto retail sector in April 2024. The 2-wheeler segment with 33% YoY retail volume sales growth was the major contributor to overall retail auto growth. The 2-wheeler segment contributed 74% to total auto retail mix in April 2024. Higher 2-wheeler retail volumes were on the back of stable fuel prices, a favourable monsoon outlook, marriage season and improved supply and the increasing demand for 125cc models. Rebound in the entry motorcycle segment demand also contributed to rise in two-wheeler sales in April 2024. Hero MotoCorp, market leader in the entry motorcycle segment, reported its highest retail volume growth in April 2024 YTD.
Even the electric 2-wheeler segment witnessed resilience as 2W-electric market share increased to 9.12% in April 2024. Ola Electric’s retail volumes increased 150 % YoY in April 2024. Cautious optimism is the key word for the auto sector in the near term as passenger vehicles witness heavy discounting and commercial vehicles face financing difficulties and election uncertainty.
