Two-Wheeler Sales Q4 FY 2023-24: Hero MotoCorp Leads, 46,29,534 Units, Up 11.7% YoY
Every two-wheeler registered in India over Q4 FY 2023-24 — January 2024 to March 2024. Q4 of the financial year, January to March. Month-by-month volumes, the manufacturer leaderboard, how the segment moved against the rest of the market, and the same window in every earlier year on record.
Two-Wheeler sales month by month, Q4 FY 2023-24
India's two-wheeler market registered 46,29,534 two-wheelers in Q4 FY 2023-24. Volumes improved 11.7% against the 41,43,843 logged over the same 3 months of Q4 FY 2022-23.
March was the strongest month of the period at 15,95,791 two-wheelers and February the quietest at 15,07,411, an average of 15,43,178 a month. Every one of those 3 months grew on the same month a year earlier.
March is the fiscal year-end, when dealers clear stock and commercial buyers time purchases for the depreciation year.
Q4 FY 2023-24 ran from January 2024 to March 2024 and is closed. Every month in the table below is final, and every comparison on this page is against the matching month of Q4 FY 2022-23.
Two-wheelers accounted for 69.9% of everything registered in India over the period, up from 69.5% in Q4 FY 2022-23. The whole market ran to 66,26,145 vehicles over the same window, up 11.1% year on year.
Two-Wheeler registrations by month — Q4 FY 2023-24 vs Q4 FY 2022-23
Vahan retail registrations, each month set against the same month a year earlier.
Every completed month of Q4 FY 2023-24, with the matching month of Q4 FY 2022-23 beside it.
| Month | Q4 FY 2023-24 units | Q4 FY 2022-23 units | YoY | Share of period |
|---|---|---|---|---|
| January 2024 | 15,26,332 | 13,21,447 | +15.5% | 33.0% |
| February 2024 | 15,07,411 | 13,21,060 | +14.1% | 32.6% |
| March 2024 | 15,95,791 | 15,01,336 | +6.3% | 34.5% |
Each month links through to its own full report.
Which manufacturer sold the most, Q4 FY 2023-24
Hero MotoCorp led the period with 13,04,328 registrations, up 4.5% on Q4 FY 2022-23. Honda 2W (HMSI) follows on 11,33,898, 1,70,430 behind — a gap of 1.15x.
The fastest riser in the top 15 was Greaves Electric, up 1191.0% to 8,030, while Classic Legends was down 21.3% at 8,784.
Volumes here are registrations inside the segment only, counted with Vahan's own vehicle-class filter, so each is the manufacturer's two-wheeler volume over Q4 FY 2023-24. Companies that file electric models under a maker of their own appear as separate rows.
Top manufacturers by registrations — Q4 FY 2023-24
Registrations inside the segment (two-wheelers only).
Exact registrations over January 2024 to March 2024, with the change against Q4 FY 2022-23.
| # | Manufacturer | Q4 FY 2023-24 units | Share of two-wheelers | vs Q4 FY 2022-23 |
|---|---|---|---|---|
| 1 | Hero MotoCorp | 13,04,328 | 28.17% | +4.5% |
| 2 | Honda 2W (HMSI) | 11,33,898 | 24.49% | +12.5% |
| 3 | TVS Motor | 7,84,955 | 16.96% | +15.4% |
| 4 | Bajaj Auto | 5,58,104 | 12.06% | +21.4% |
| 5 | Suzuki 2W | 2,36,167 | 5.10% | +22.9% |
| 6 | Royal Enfield | 2,08,353 | 4.50% | −1.0% |
| 7 | Yamaha India | 1,69,047 | 3.65% | +18.8% |
| 8 | Ola Electric | 1,27,153 | 2.75% | +111.7% |
| 9 | Ather Energy | 38,807 | 0.84% | +17.0% |
| 10 | Piaggio | 9,447 | 0.20% | −3.9% |
| 11 | Classic Legends | 8,784 | 0.19% | −21.3% |
| 12 | Greaves Electric | 8,030 | 0.17% | +1191.0% |
| 13 | BGauss | 6,246 | 0.13% | +168.6% |
| 14 | Kinetic Green | 5,430 | 0.12% | +53.7% |
| 15 | Wardwizard Innovations & Mobility | 2,854 | 0.06% | +349.4% |
Two-Wheeler sales against the rest of the market
Set against the rest of the market, two-wheelers outgrew the national picture over Q4 FY 2023-24: +11.7% against +11.1% for every vehicle registered in India.
The table covers every segment Vahan reports over the same 3-month window, so the comparison is like for like — the same months, the same source, on both sides.
Two-Wheeler share of the Indian market, month by month
Two-wheelers as a percentage of every vehicle registered that month.
Exact segment volumes over January 2024 to March 2024.
| Segment | Q4 FY 2023-24 units | Share | vs Q4 FY 2022-23 |
|---|---|---|---|
| Two-Wheelers | 46,29,534 | 69.87% | +11.7% |
| Cars & UVs | 10,22,952 | 15.44% | +5.0% |
| Three-Wheelers | 3,10,408 | 4.68% | +25.2% |
| Tractors | 2,47,916 | 3.74% | +8.6% |
| Goods Carriers | 2,39,859 | 3.62% | −3.6% |
| Taxis & Cabs | 88,782 | 1.34% | +76.3% |
| Other classes | 61,350 | 0.93% | +11.0% |
| Buses | 25,344 | 0.38% | +52.2% |
What two-wheelers run on
Vahan splits a segment by fuel only across a whole calendar year, so this table covers full-year 2024 rather than Q4 FY 2023-24 alone — it is exact for that window.
Petrol accounts for 93.6% of two-wheeler registrations over full-year 2024, with battery-electric at 6.2%.
Two-Wheeler registrations by fuel — full-year 2024
The full-year 2024 mix.
| Fuel | 2024 units | Share | vs full-year 2023 |
|---|---|---|---|
| Petrol | 1,83,94,961 | 93.62% | −1.29pp |
| Electric | 12,14,768 | 6.18% | +1.09pp |
| CNG / LPG | 38,748 | 0.20% | +0.20pp |
| Other | 17 | 0.00% | 0.00pp |
| Diesel | 2 | 0.00% | 0.00pp |
| Hybrid | 1 | 0.00% | 0.00pp |
Every Q4 on record
Across the 3 completed windows in our Vahan record, two-wheeler registrations went from 46,29,534 in Q4 FY 2023-24 to 57,18,501 in Q4 FY 2025-26, up 23.5% over the stretch.
Two-Wheeler registrations by quarter
* window still in progress.
| Period | Months | Units | YoY |
|---|---|---|---|
| Q4 FY 2025-26 | 3 | 57,18,501 | +25.0% |
| Q4 FY 2024-25 | 3 | 45,73,246 | −1.2% |
| Q4 FY 2023-24 | 3 | 46,29,534 | +11.7% |
Each row compares only the months that window holds, so a part period is never set against a full one.
Frequently asked questions
How many two-wheelers were sold in India in Q4 FY 2023-24?
What period does Q4 FY 2023-24 cover?
Which manufacturer sold the most two-wheelers in Q4 FY 2023-24?
Which was the strongest month for two-wheeler sales in Q4 FY 2023-24?
What share of the Indian market were two-wheelers in Q4 FY 2023-24?
Which quarter had the highest two-wheeler sales?
Are these retail sales or factory dispatches?
Two-Wheeler sales, other periods
More from the reports desk
Source. Every figure is a vehicle registration, taken daily from the Ministry of Road Transport & Highways' Vahan 4 dashboard (vahan.parivahan.gov.in) — the same source FADA and the industry use for retail data. Registrations are not the wholesale dispatch numbers manufacturers announce each month. "EV" means battery electric (Vahan fuels PURE EV and ELECTRIC(BOV)); hybrids are counted separately. Information only, not investment advice.
Using these numbers? Cite "Flash Finance (Vahan data)" with a link to this page. This report's chart card is free to republish with the same credit.
