TL;DR
India's two-wheeler market recorded its highest monthly sales in October, reaching 1.85 million units, driven by GST rate reductions and strong festive season demand.
India's two-wheeler market has experienced a significant boost in October, with registrations soaring to 1.85 million units, marking the highest monthly tally for the ongoing calendar year. This impressive surge is primarily attributed to the combined impact of the Goods and Services Tax (GST) 2.0 rollout, which rationalized rates for motorcycles up to 350cc, and the buoyant festive season. The reduction in GST from 28% to 18% has notably lowered prices, invigorating consumer sentiment across both urban and rural India.
Leading the record sales, Hero MotoCorp saw a 22% increase in volumes, while Honda Motorcycle and Scooter India (HMSI) posted a modest 3% rise. TVS Motor Company recorded a healthy 12% growth, bolstered by strong scooter sales, and Bajaj Auto's dispatches climbed 5%. Royal Enfield, owned by Eicher Motors, demonstrated the sharpest growth at 43%. This strong performance indicates a robust recovery and positive outlook for the two-wheeler sector.