TVS Motor Company predicts that the scooter market will expand quickly and eventually account for about 40% of all two-wheeler volumes in the two-wheeler sector. The company is counting on its new scooter platform to do better than the industry growth.
“At the moment, about 32% of two-wheelers in the industry are scooters. I firmly think that the scooter category will grow significantly in the market and may reach 40% and higher.” TVS Motor Company’s Director and CEO KN Radhakrishnan told reporters.
18 million two-wheelers were sold domestically in the fiscal year 2024, with 5.84 million of those being scooters. Scooters accounted for 32% of all sales, a figure that remained essentially constant from the previous year. TVS Motor is the second-biggest player in the Indian scooter market, behind Honda Motorcycle and Scooter India.
“Scooter possesses every advantage. It is desired by numerous customers for a variety of purposes. Any family member can use it because of its flexibility. Therefore, I anticipate scooters doing considerably better in terms of applicability, benefits, and usage.” he said.
According to Radhakrishnan, TVS Motor’s scooter sales have grown at a CAGR of 12%, outpacing the industry’s 8% growth. The company credited its product portfolio, which includes scooters in all significant market categories, for this success.
There are four scooters on TVS Motor’s current lineup: the Zest 110, Jupiter 110, NTorq 125, and Jupiter 125. With a market share of about 17%, the Karnataka-based automaker, which is still the third-biggest two-wheeler operator in the nation, unveiled a new Jupiter 110cc scooter model built on its new platform.
The next-generation platform was developed with an investment of Rs 150 crore by TVS Motor, in keeping with the company’s Reimagine strategy. The new platform, according to the company, offers unmatched comfort, convenience, performance, and design. He added that there is a noticeable demand trend for scooters in both urban and rural areas.
Although the penetration is still in the single digits, electric two-wheeler sales are constantly increasing. In 2023–2024, about 944,126 electric two-wheelers were sold.
The second-largest manufacturer of electric two-wheelers, TVS Motor, has stated that producing electric vehicles will be its main priority. This year, the company intends to add one more reasonably priced two-wheeler to its lineup.
Currently, it offers five different models of electric two-wheelers under the iQube brand. One of the most popular electric scooters in the nation is the iQube. The iQube line, which currently starts at Rs 84,999, now includes three additional models from the manufacturer.
