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Motilal Oswal Report
While we expect the two-wheeler segment to continue to outperform other segments even in FY25, this is fully priced-in after the recent strong rally in 2W stocks.
Maruti Suzuki India Ltd. is our top pick among auto original equipment manufacturers as it continues to be a play on rural recovery with an attractive valuation.
We have analyzed model-wise data for two-wheelers and passenger vehicles for year-to-date-FY25. Below are the key highlights:
In April-May 2024, domestic two-wheeler industry volumes rose 19% YoY. While domestic motorcycle volumes increased 18.5%, scooters grew 21.6% and mopeds rose 16%.
One key highlight in the current fiscal is that Honda Motorcycle and Scooter India has its supply constraints resolved and gained the most market share across segments in the first two months of FY25.
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