Iconic motorcycle manufacturer and India’s leading classic bike manufacturer, Royal Enfield, has ended February 2024 month with style. The company has witnessed a very decent YoY growth over last year’s sales performance and a negligible MoM decline over sales commenced a month before.
The company single-handedly dominates 300cc to 500cc motorcycle segment with an 85.3% market share. Within Royal Enfield’s sales charts, it is the 350cc portfolio, which brings the highest volume for the bike maker. This 350cc is powered by a 349cc J-series engine and J-platform.
There are a total of 4 motorcycles spawned from this platform – Classic 350, Bullet 350, Hunter 350 and Meteor 350. If we take February 2024 as an example, 350cc bikes accounted for a staggering 87.12% of company’s total sales by accounting for 66,157 units. When compared to 64,810 units sold in February 2023, there was a 2.08% YoY growth.
However, the 67,620 units sold in January 2024 ensured that Royal Enfield’s 350cc portfolio saw a 2.16% MoM decline. YoY volume growth stood at 1,347 units and MoM volume decline stood at 1,463 units. 350cc bikes sold 7,45,724 units YTD in FY24 which is a 10.71% YoY growth over 6,73,582 units from FY23.
Royal Enfield’s greater than 350cc portfolio includes company’s older 411cc platform based Scram 411, Sherpa 450 based New Himalayan and 650cc based Interceptor 650, Continental GT 650, Super Meteor 650 and recently launched Shotgun 650.
Combined, the >350cc portfolio accounted for 12.88% of RE’s total sales with 9,778 units sold. This segment registered a 45.2% YoY growth over 6,734 units from a year ago and a 14.14% MoM growth over 8,567 units from a month before. Volume growth stood at 3,044 units YoY and 1,211 units MoM.
There was a 2.67% YoY growth in YTD analysis with this <350cc segment with 91,457 units sold over 89,078 units, scoring a volume growth of 2,379 units. Royal Enfield’s domestic sales stood at 67,922 units and accounted for 89.45% of company’s total sales. There was a 5.39% YoY growth as opposed to 64,446 units from February 2023.
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And a 3.73% MoM decline when compared to 70,556 units sold in January 2024, losing 2,634 units in volume. With 7,68,751 units sold, domestic sales saw a 13.90% YoY growth in YTD analysis as well. Launching newer and more compelling products has ensured an increased potential in exports.
At 8,013 units, Royal Enfield exports have seen a commendable 12.73% YoY growth and a massive 42.30% MoM growth as opposed to 7,108 units shipped a year ago and 5,631 units shipped a month before. In YTD, exports saw a 21.98% YoY decline with 68,430 units shipped.
In total, Royal Enfield sales February 2024 charts accounted for 75,935 units. The 71,554 units from February 2023 ensured a 6.12% YoY growth. However, the 76,187 units from January 2024 ensured a 0.33% MoM decline. Where YTD sales are concerned, Royal Enfield pushed a total of 8,37,181 units and saw 9.77% YoY growth over 7,62,660 units from FY23 with 74,521 units volume growth.