TVS Motors Accelerates Ahead: November 2024 Sales Showcase Scooter and EV Dominance

​TVS Motor Company, one of the leading players in the Indian two-wheeler market, posted a year-on-year increase of 6.36% in domestic sales for November 2024, delivering a total of 305,265 units compared to 287,017 units in November 2023.

Top Performers:

TVS Jupiter:This was the best seller and was sold in a total of 99,710 units in November 2024, with YoY growth of 36.85%. The company witnessed a sales figure of 72,859 units during the same month last year. This model held an impressive share of 32.66% of the company's domestic sales.

TVS XL Moped: The XL moped remained strong in the market, with a 5.61% increase in sales, with 45,923 units sold as against 43,482 units in November 2023. It accounted for 15.04% of total sales.

Declining segments

Apache Series:The Sales in the Apache series registered a decline of 13.20%, which included the sales of 35,610 units compared with 41,025 units recorded in November 2023, accounting for 11.67% of domestic sales.

Raider: It declined by more at 20.24%. It sold only 31,769 units compared to last year's 39,829 units. That is, it comprised 10.41% of all sales.
Ntorq Scooter: Sales for the Ntorq declined by 12.28%, with only 26,664 units sold compared to 30,396 units in November 2023.

Electric Vehicle Segment:

TVS iQube:Electric scooter had a continuation of its up-trend sales and touched 25,681 units from 16,702 units in November 2023, witnessing an upward growth of 53.76% YoY. It gained 8.41% of market share in the domestic space.

Other Models of Note

Radeon:This model showed a remarkable growth rate of 28%, with 13,722 units sold as against 10,720 units in November last year.

Sport:The Sport model declined by a substantial 31.48% as sales fell to 11,756 units against 17,157 units in the same period.

Zest Scooter: The Zest registered a minor decline of 1.99%, with 7,764 units sold as against 7,922 units in the same period last year.

Ronin:This model achieved considerable growth with 51.87% sales. This recorded as many as 3,200 units as compared to 2,107 sold in November last year which shows increasing interest for high-end bikes.

Star City: The sales figure recorded for this model stood at 3,009 units, recording a fall of 27.05 % YoY against last year's 4,125 units.

Apache 310: The company flagship motorcycle saw a deep-cut drop of 34.05%, with only 457 units sold to just 693 units during the previous year.

Month-on-Month (MoM) Performance:

Even though TVS Motor Company claimed YoY growth, MoM growth witnessed a huge decline of 21.78%, amounting to a loss of nearly 85,020 units from October's total sale of 390,285 units.

Jupiter:MoM sales growth dipped by 9.11% with November at 99,710 units as against October's total sales figure of 109,702 units.

XL Moped: Sales declined by 12.33% from October's total of 52,380 units to November's total of 45,923 units.

Apache Series: Had a MoM fall of 28.92%. It sold 50,097 units in October but just over 35,610 units in November.

Raider: Recorded a steep fall of 37.89%. In November, it sold just 31,769 units as against over 51,153 units in October.

Ntorq: It had a MoM fall of about 33.45%. It sold just 26,664 units in November as against over 40,065 units in October.

Conclusion

In conclusion, though TVS Motor Company has had quite impressive YoY growth for November 2024—driven mainly by a strong performance in the scooter and electric vehicle segments—the company has seen several models struggling with YoY and MoM sales decline. The company still leads the scooter market with models like the Jupiter while working on issues within its motorcycle segment that need strategic solutions to improve.

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