In an interview with ET, Graffi stated, “The domestic two-wheeler industry witnessed a double-digit growth year-on-year in 2022-23 after three consecutive years of decline. We anticipate that the ongoing festive season will generate strong numbers for the industry. We believe that the industry will regain its pre-Covid sales figures by 2025.”
During the last fiscal year, two-wheeler sales reached 15.86 million units, compared to a peak of around 21 million units in FY19.
While commuter motorcycles were previously the main drivers of sales in the two-wheeler segment, it is now the premium category that is expected to boost sales volumes in the Indian market.
Graffi observed a distinct change in consumer behavior, with buyers seeking more from their two-wheelers than just a means of commute. He stated, “There is a growing affinity and interest in upgrading to premium offerings in both motorcycles and scooters. Several factors are driving this change, including rising disposable income, an increasing preference for more powerful motorcycles, improved road infrastructure, and a wider variety of models available in the market.”
To tap into this potential, Piaggio, which sells scooters under the Vespa and Aprilia brand names in India, recently introduced its first sports bike, the Aprilia RS 457, in the local market. Graffi believes that the mid-performance segment will grow substantially over the next decade.
Data from the Society of Indian Automobile Manufacturers (SIAM) shows that sales of motorcycles with engine capacities between 250cc and 750cc grew by 38% last fiscal year, surpassing the overall two-wheeler category. In total, 791,878 motorcycles in this range were sold in the Indian market, compared to 574,675 units the previous fiscal year. Royal Enfield currently dominates the mid-weight motorcycle market with more than a 90% market share.
While the Aprilia RS 457 targets niche consumers, Graffi revealed that Piaggio has several projects underway to further expand its presence in the midsize motorcycle segment.
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