However, the industry is yet to reach its highest-ever volume of 21.2 million recorded in FY19.
According to TVS Motor Chairman Ralf Speth, the industry– especially TVS Motor Company–has a lot of room for further improvement.
At the company's annual general meeting (AGM) on Tuesday, Speth said TVS Motor maintains a “cautiously optimistic” outlook. He expects the two-wheeler industry to grow on the back of strong economic indicators, including normal rainfall and uptick in rural demand.
“India is making steady progress towards becoming one of the largest economies in the world. With a young, intelligent, thriving workforce the nation is well-positioned to leverage its advantages,” Speth said.
"I am also convinced that India can benefit from major shifts in the geo-political, geo-economic, environmental and social landscape. India can go its own way, and can overtake," he added.
Exports
The two wheeler industry reported a year-on-year decline of 7% to 3.5 million units in FY24. However, TVS is confident of a gradual recovery in FY25.
Last year, the company announced its entry into European markets through a distribution partnership. It is now ready to begin as the products have been homologated.
“In response to strong inflationary pressure, advanced global economies tightened their monetary policies with consequent cascade-impact felt on global markets, especially on the economies of emerging and low-income countries,” Speth said.
Countries exposed are now trying hard to get back up again. Some African geographies – with significant TVS market share – are particularly affected, he added.
The Africa market improvement is expected to be supported by a moderation in inflation due to easing of monetary tightening globally. Expansion programs in LATAM, ASEAN and the Middle East will also contribute to the recovery.
Along with BMW Motorrad, TVS is also working on “design and development of additional new vehicles for the global markets”.
Plans for Norton
TVS Motor Chairman stated that Norton Motorcycles will be launching 6 new premium products in the next 3 years. The facility in Solihull, UK, is ramping up. The sales & marketing strategy, including mixed distribution channels, has also been aligned. The company is currently delivering the first bikes to the customers in the UK.
Britain's sporting motorcycle brand Norton was acquired by TVS Motor Company in 2020.
Additionally, TVS has a stake in Swiss E-Mobility Group AG (SEMG). Last year, it took over the trademark rights of Cilo and Simpel (bike brands) as well. TVS also holds a stake in Ion Mobility, a tech and automotive OEM startup.
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