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News: In the 2-W space, Bajaj Auto reported healthy growth in domestic segment with total volumes at 4 lakh units, up 22% YoY. TVS Motor continued its healthy performance and reported volume growth of 22% YoY at 4.7 lakh units. Royal Enfield at Eicher Motors also reported a positive performance with sales volumes at 87k units, up 11% YoY.
Views: Bajaj Auto outperformed its peers with rise in domestic volumes (up 28% YoY). Royal Enfield at Eicher Motors recorded its highest ever wholesale volumes but saw a marginal deterioration in its product mix (MoM). TVS Motors also registered its highest ever monthly volume. The growth can be attributed to healthy monsoons (+8% of LPA) and pick up in rural demand. Exports grew healthy double digit at all the players in the 2-W space for September 2024. We expect 2-W space to achieve double digit volume growth in FY25E.
Impact: Neutral