India’s largest two-wheeler manufacturer, Hero MotoCorp has seen increased demand in September 2023 as the country is in the midst of the festive season. A favourable monsoon, increased disposable income and other positive economic factors have also led to this increase in sales. Vehicles like Splendor, Passion and Pleasure remain some of the most popular.
Despite strong competition in this segment, sales of Hero MotoCorp were also boosted due to the company’s resilience in adapting to market dynamics and bringing in new products in line with consumer preferences thus allowing the company to hold on to its strong market share.
The company’s total sales (motorcycles + scooters) (domestic sales + exports) growth stood at 3 percent to 5,36,499 units when compared to sales of 519,980 units in September 2023 while it was also a MoM growth from 4,88,717 units sold in August 2023.
Hero MotoCorp motorcycle sales in September 2023 improved to 4,94,270 units, up from 4,80,237 units sold in September 2022. This related to a 14,033 units volume growth. On a YTD basis, motorcycle sales fell to 25,69,688 units in the FY24 period from 26,38,618 units sold in the same period last year.
Scooter sales have also grown YoY to 42,229 units in September 2023 from 39,743 units sold in September 2022 while YTD FY24 scooter sales stood at 1,99,412 units, up from 1,79,743 units sold during the FY23 period. Total domestic sales stood at 5,19,789 units in September 2023 from 5,07,690 units sold in September 2022 while YTD sales fell to 26,81,190 units in the FY24 period from 27,17,280 units sold in FY23.
Exports also grew YoY but dipped on a YTD basis. With a strong global presence, the company shipped 16,710 units in September 2023 as against 12,290 units exported in September 2022 while YTD exports fell to 87,910 units in the FY24 period from 1,01,081 units exported in FY23.
This took total sales to 5,36,499 units in September 2023 from 5,19,980 units sold in September 2022 while YTD sales dipped to 27,69,100 units in the FY24 period from 28,18,361 units sold in the same period last year.
Following the recent launch of the Karizma XMR in India, Hero MotoCorp is also expanding its current portfolio. The company has been actively testing the Xpulse 210 and Xtreme 210 range. Test models of these adventure bikes have been spied doing the rounds along with the new Hero Xtreme 440. Hero Xtreme 440 could be launched sometime early next year and will borrow its overall makeup from the Harley-Davidson X440.