It was a 7.30 percent YoY decline in 2 wheeler retail sales in April 2023 while the segment also saw a de-growth in terms of MoM retail sales
Two wheeler retail sales in April 2023 has seen a YoY decline by 7.30 percent. This segment was impacted due to new OBD 2 emission standards being made mandatory from 1st April 2023 which also resulted in automakers resorting to increase in prices. Untimely rains damaged crops, thus raising concerns for farmers which in turn had an adverse effect on sales.
Total two wheeler retail sales stood at 12,29,911 units in April 2023, down 7.30 percent from 13,26,773 units sold in April 2022. It was also a MoM de-growth from 14,45,867 units sold in March 2023. Two leading two wheeler OEMs Hero MotoCorp and Honda posted a YoY de-growth while sales of TVS Motor, Bajaj Auto and Suzuki improved on a YoY basis.
Two Wheeler Retail Sales April 2023
Hero MotoCorp sales dipped to 4,10,947 units in the past month, down from 4,55,287 units sold in April 2022. This took market share down to 33.41 percent in April 2023, from 34.32 percent held in April 2022. Honda two wheeler sales also dipped in April 2023 to 2,44,044 units, down from 2,94,952 units sold in April 2022.
At No. 3 was TVS Motors with a YoY sales growth to 2,08,266 units in April 2023 from 1,95,773 units sold in April 2022. Market share improved to 16.93 percent from 14.76 percent YoY. The TVS iQube e-scooter has been particularly instrumental in these increased sales causing the company to boost production from this month onwards to cater to this added demand.
Bajaj Auto retail sales also improved on a YoY basis to 1,46,172 units from 1,40,602 units sold in April 2022. Currently commanding a market share of 11.88 percent, Bajaj Auto is set to expand the Chetak lineup in 2023. Chetak electric scooter, which is listed under Chetak Technologies Limited, had 370 units sold last month. It is set to see production increase to over 10,000 units from June 2023.
Retail sales of Suzuki Motorcycles went up to 61,660 units in April 2023 from 44,897 units sold in April 2022. This took market share up to 5.01 percent from 3.38 percent YoY. Royal Enfield sales also saw a YoY growth to 60,799 units in April 2023 from 49,257 units sold in April 2022 while sales of Yamaha Motors dipped to 38,065 units in the past month from 43,987 units sold in April 2022.
Electric 2W Retail Sales April 2023
In the electric two wheeler segment, it was Ola Electric that was the largest EV maker with the most retail sales last month. Ola sales improved to 21,882 units in April 2023 from 12,708 units sold in April 2022. Market share improved to 1.78 percent from 0.96 percent YoY. Ola sells S1, S1 Air and S1 Pro electric scooters in India. Retail sales of Ampere Vehicles also increased to 8,318 units in April 2023 from 6,540 units sold in April 2022.
Lower down the list was Ather Energy with retail sales of 7,746 units, up from 2,451 units sold in April 2022. Sales of Hero Electric dipped to 3,331 units in the past month from 6,578 units sold in April 2022. Okinawa also noted significantly lower YoY sales to 3,216 units in April 2023 from 11,010 units sold in April 2022. Ather, Ola, Hero MotoCorp and TVS had overcharged customers to the tune of over Rs 300 crores. They will now be making refunds.
Piaggio sales also fell to 2,945 units in the past month from 4,701 units sold in the same month of the previous year. Classic Legends sales dipped to 2,274 units in April 2023 from 3,718 units sold in April 2022 and there was Okaya EV on this list with 1,562 units sold in the past month. Retail sales of other two wheeler makers, that also included electric vehicles, accounted for 8,684 units in the past month, down from 54,312 units sold in April 2022.
