
Market Dynamics: A Transformative Five-Year Journey
In the vibrant world of India’s two-wheeler industry, the past five years have brought remarkable shifts in market dynamics. With significant sales volumes reaching new heights, manufacturers have had to adapt to evolving competition, changing demand patterns, and preferences among consumers. Insights from Jefferies Equity Research reveal how the top four players—Hero MotoCorp, Honda Motorcycle, TVS Motor, and Bajaj Auto—have jostled for position in this competitive landscape.
Hero MotoCorp: A Decline from Dominance
Initially, Hero MotoCorp boasted a commanding market share of 37% in FY21, demonstrating its stronghold in the industry. However, recent years have seen a downturn, with its share falling to 34% in FY22, 32% in FY23, and further diminishing to 29% in FY24. By FY25, Hero's market share settled at 28%, signaling a concerning trend for this once-dominant player.
Honda Motorcycle: A Steady Climb
On the contrary, Honda Motorcycle presents a story of resilience. Starting with a market share of 26% in FY21, it experienced a minor dip to 25% in FY22 but managed to maintain that percentage until FY24. Ultimately, Honda rebounded with a rise to 27% in FY25, showcasing the brand’s enduring appeal amongst consumers.
TVS Motor: The Steady Climber
TVS Motor stands out for its consistent growth over the years. Beginning with a 14% market share in FY21, it incrementally climbed to 18% by FY25. This upward trajectory reflects effective strategies tailored to meet consumer demands and an innovative product lineup that resonates well with the market.
Bajaj Auto: A Mixed Performance
Meanwhile, Bajaj Auto has had a more fluctuating journey. Starting with a 12% market share in FY21, it held steady for the next year before experiencing a slight decline to 11% in FY23. A resurgence in FY24 saw its market share return to 12%, where it remained in FY25, indicating a possible trend of stabilization.
Conclusion: A Forecast for Future Trends
As the two-wheeler market continues to mature, these insights reveal the challenges and opportunities that lie ahead. With consumers becoming increasingly discerning, manufacturers must remain agile and innovative to thrive in an ever-evolving landscape. This industry is not just about numbers; it's about people's needs and stories behind the machines they ride.
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