Two-Wheeler Industry To Sustain Steady Volume Growth Rate Of Up To 9 Pc In FY25: Report

[ad_1]

New Delhi: The Two-wheeler industry is expected to sustain a steady volume growth rate of around 7 to 9 per cent in FY25, considering both domestic and export markets, a new report said on Monday.

The growth in FY25 is expected to be driven by higher electric vehicle (EV) sales supported by the government's Electric Mobility Promotion Scheme (EMPS) 2024, according to the knowledge-based analytical group CareEdge Ratings.

"Post-covid, sales volume of two-wheelers had consistently declined during FY20, FY21 & FY22 before starting to recover from FY23, with sales momentum continuing in FY24 as well," said Hardik Shah, Director at CareEdge Ratings.

In FY23, the two-wheeler industry recorded sales of 19.51 million units, an 8 per cent growth compared to the previous fiscal year's 18.01 million units. In FY24, the industry continued its upward trajectory, achieving 9.8 per cent growth with a total sales volume of 21.43 million units.

However, this was short of the peak sales volume recorded in FY19 when annual sales volume had reached 24.46 million units, according to the report. During FY24, the domestic two-wheeler industry witnessed a total sales volume of 17.97 million units, reflecting a growth rate of 13 per cent, while the export volume experienced a decline of 5 per cent though recovered from FY23.

The overall volume growth in FY23 and FY24 was supported by the increasing demand for EVs. In FY23, EV sales reached about 0.73 million units, accounting for 4.54 per cent of total two-wheeler sales, reflecting a remarkable year-on-year growth of 188 per cent. Continuing the positive trend, EV sales grew by around 30 per cent in FY24 surpassing volume of 0.94 million units.

Segment-wise, motorcycles have dominated the market, contributing to the majority of the two-wheeler sales -while sales volumes of motorcycles grew by 8 per cent in FY24 that of scooters grew by 13 per cent during the year, the report mentioned.

This segment-wise growth trend is expected to continue in FY25.

[ad_2] Source link https://worldnews2023.com/business/two-wheeler-industry-to-sustain-steady-volume-growth-rate-of-up-to-9-pc-in-fy25-report/?feed_id=327639&_unique_id=675bdcc3c4532

Comments

Post a Comment

Popular posts from this blog

Real Housewives of Beverly Hills couple Kyle Richards and Mauricio Umansky ‘seperate’

Image
[ad_1] Stay ahead of the trend in fashion and beyond with our free weekly Lifestyle Edit newsletter Stay ahead of the trend in fashion and beyond with our free weekly Lifestyle Edit newsletter Real Housewives of Beverly Hills ’ Kyle Richards and Mauricio Umansky have reportedly separated after 27 years of marriage. Richards joined the popular Bravo reality series in 2010 with Umansky making regular appearances over the last 13 years. “Kyle and Mauricio have been separated for a while now but are still living under the same roof. They remain amicable as they figure out what’s next for them and their family,” a source confirmed to People on Monday (3 July). The separation will affect both Real Housewives , which is gearing up for its 13th season, and the Netflix reality series Buying Beverly Hills, which follows Umansky’s real estate business as two of their daughters work as agents. Richards has already filmed the second season of the Netflix show, according to Deadline . The I...
Read more

Pfizer RSV vaccine for infants has 'generally favorable' safety data, FDA staff say

Image
[ad_1] Blood sample for respiratory syncytial virus (RSV) test Jarun011 | Istock | Getty Images U.S. Food and Drug Administration staff on Tuesday said Pfizer's vaccine that protects infants from respiratory syncytial virus has "generally favorable" safety data. The FDA staff made the conclusion in briefing documents ahead of a meeting on Thursday when a panel of external advisors to the agency will discuss whether to recommend full approval of the RSV shot . The advisors will vote on whether Pfizer's late-stage clinical trial data on the vaccine supports its safety and efficacy. The FDA typically follows the advice of its advisory committees, but is not required to do so. The agency is slated to make a decision on whether to clear the shot in August before RSV season in the fall. If approved, Pfizer's jab would become the world's first vaccine that protects infants against RSV.  RSV usually causes mild, cold-like symptoms. But infants and older ad...
Read more

Casemiro has improved Man Utd: Maguire | The Express Tribune

Image
[ad_1] LONDON: Casemiro scored twice as Manchester United turned on the style to beat 10-man Reading 3-1 and reach the FA Cup fifth round on Saturday as Tottenham forward Son Heung-min ended his recent goal drought. On a day lacking major shocks, there were wins for Premier League strugglers Leeds, Leicester and Southampton but Fulham were held by Championship side Sunderland. United – fourth in the Premier League and within touching distance of a place in the League Cup final – produced more compelling evidence they are back on track under new manager Erik ten Hag . The home side took the lead at Old Trafford in the 54th minute when Anthony produced a defence-splitting pass to find Brazil teammate Casemiro, who lifted the ball over goalkeeper Joe Lumley. Four minutes later United were two up, when Casemiro let fly with a stunning strike from outside the box to find the bottom corner. With the home side brimming with confidence, substitute Fred produced an audacious flic...
Read more