In June 2024, the global motorcycle market saw a robust performance, with two wheeler sales remaining strong and top 10 brands maintaining their share of dominance. The motorcycle industry recorded 6 million sales, a notable milestone driven by both commuter motorcycles and premium models. Key markets like India and Southeast Asia were witnessing a significant rise in demand, reflecting a YoY growth of over 2 percent compared to the previous year.
Leading Brands in June 2024
Honda remained the best in the market with 18.4 million units sold globally, marking a 4.3% YoY growth compared to June 2023. Honda's dominance was fueled by its best selling models such as the Activa and CB Shine, which remain popular choices in both domestic and international markets. Express drives of Honda's success can be linked to its widespread appeal in the commuter segment, which has freedom of choice for many riders..
Hero MotoCorp, the Indian giant, secured second place globally with 5.6 million sales. According to the latest data, Hero’s commuter motorcycles, particularly the Hero Splendor, have cemented the brand’s stronghold in India, contributing to its high performance in June 2024.
Yamaha sold 4.6 million units, placing it third globally. Its underbone models and moped series contributed to its success, especially in Southeast Asia, while its best sellers include the FZ series, which has gained popularity among sport and commuter bike users. Yamaha is also witnessing growth in the electric motorcycle segment as more customers are looking to greener alternatives. Yamaha’s adaptability and innovative range of products make it a key player in the world market.
Bajaj Auto, another popular Indian manufacturer, followed closely in fourth place with 3.6 million units sold in June 2024. Bajaj’s strength lies in its popular models like the Pulsar and Dominar, which continue to resonate with both domestic and international customers. The company has been actively expanding in Latin America and Africa, contributing to its impressive growth trajectory.
TVS Motors completed the list taking the fifth place in the ranking and achieving 3.4 million sales. With models like the TVS Apache and Jupiter, TVS recorded significant sales growth, particularly in the commuter segment. The brand posted a 19.8% YoY growth, primarily due to the first half of 2024 showing strong sales of models like the TVS Apache and Jupiter. TVS also gained traction in the electric scooter market, further enhancing its appeal to environmentally-conscious riders.
Premium Segment and Emerging Markets
In the premium motorcycle segment, Royal Enfield remained a dominant force, even though it saw a slight decline in sales. Royal Enfield sold around 500,000 units globally in June 2024, down from the previous year. However, the brand continues to be a favorite among enthusiasts, particularly with its classic models like the Royal Enfield Classic 350 and Meteor. Despite challenges, Royal Enfield remains a significant player in the market, with its loyal customer base ensuring steady demand.
The rise of Chinese motorcycle brands like Haojue and Loncin cannot be overlooked. These brands are gaining traction in both domestic and international markets, with a focus on affordable commuter bikes. Together, these brands sold around 400,000 units in June 2024, showing the increasing demand for budget-friendly options, especially in Southeast Asia and Africa.
Electric Motorcycles and Future Trends
The last few years have shown a significant push toward electric motorcycles. Brands like Hero MotoCorp and TVS are investing heavily in electric two-wheelers, anticipating a future shift towards greener transportation. This segment saw a moderate YoY growth, with some challenges due to limited charging infrastructure and high upfront costs.
In June 2024, global motorcycle sales reached over 6 million units, showcasing the resilience and adaptability of the industry. Key markets such as India, Southeast Asia, and Latin America drove most of the million sales, while brands like Honda, Hero MotoCorp, Yamaha, Bajaj, and Royal Enfield continued to dominate the market.
Conclusion
The motorcycle sales figures for June 2024 reflect a strong recovery and growth across the industry. The top brands maintained their leadership positions through innovation, expansion into new markets, and a focus on electric motorcycles. With YoY growth of over 2 percent, the industry is poised for further growth in the coming years. Premium brands like Royal Enfield continue to thrive despite challenges, while Honda, Hero MotoCorp, and Yamaha lead the global brands ranking. One image of the future is clear: premium brands and electric motorcycles are set to shape the industry's next evolution.