Bikes will retake pre-covid peak in two years: TVS
Two-wheeler sales in India will surpass pre-Covid peak either this fiscal year or the next, Sudarshan Venu, managing director at TVS Motor Company, said, indicating a broad-based revival in the economy where demand for entry-level two-wheelers have been languishing in the last few years due to a sharp rise in acquisition costs and the pandemic's financial impact.
Domestic two-wheeler sales totalled 17.9 million units in FY24, recovering from a low of 13.57 million units in FY22 but falling short of peak sales of 21.18 million units in the pre-Covid year of FY19.
Venu said the Indian economy is in a «good situation» with inflation under control, which will drive consumption going forward.
«Economic growth, policy stability, schemes like Make-in-India, PLI (Production Linked Incentive) are doing a lot to catalyse growth. I think the market will continue to grow and will probably reach an all-time high for the Indian two-wheeler market either this financial year or next,» Venu told ET.
He said TVS, India's fourth-largest two-wheeler maker, will launch multiple products to grow faster than the market, including a slew of EVs at varied price points to cater to diverse customers. «Electric is, of course, a big opportunity for us. The iQube will have new variants and we will also launch another new electric scooter.»
TVS Motor's electric two-wheeler sales more than doubled to about 183,000 units last fiscal, as per vehicle registration data collated from VAHAN portal by the Federation of Automobile Dealers
