The two wheeler segment in India continues to grow by leaps and bounds. April 2024 sales results are out and each of the major OEMs show off outstanding results with double digit growth. Talking specifically about the 6 leading two wheeler makers, the list was headed by Hero MotoCorp and Honda while sales of TVS Motor, Bajaj Auto, Suzuki and Royal Enfield also ended positively both in terms of YoY and MoM sales.
In domestic markets, total 2 wheeler sales of these 6 leading OEMs shot up 31.40% YoY and 18.59% MoM to 16,75,846 units. There had been 12,75,397 units sold in April 2023 and 14,13,152 units sold in March 2024. Taking into account YoY sales, this was a volume growth of an astronomical 4,00,449 units. Hero MotoCorp once again topped the domestic sales list with 5,13,296 units sold last month, a 31.91% YoY and 11.77% MoM growth to command a 30.63% share.
Honda two wheeler sales in April 2024 went up 42.20% YoY and 34.31% on a MoM basis to 4,81,046 units. There had been 3,38,289 units and 3,58,151 units sold in April 2023 and March 2024 respectively. Honda Activa scooter is among the lead sellers in the company portfolio along with the CB Shine and Dio.
TVS Motor also reported increased sales in April 2024 by 29.40% YoY to 3,01,449 units while its MoM sales were up 15.71% over 2,60,532 units sold in March 2024. The company currently commands a 17.99% share on this list. Bajaj Auto (2,16,950 units) Suzuki (88,067 units) and Royal Enfield (75,038 units) have each posted outstanding YoY and MoM growth in sales in April 2024. It was once again the RE 350cc range that saw its sales in stark contrast to its more powerful models.
Exports also improved by 23.83% on a YoY basis while it suffered a MoM set back by 1.31% in April 2024. Exports grew from 2,40,095 units shipped in April 2023 to 2,97,313 units in the past month while there had been 3,01,269 units exported in March 2024. Most two wheeler makers with the exception of Honda have seen a MoM decline in exports while all but Suzuki saw their YoY exports improve by great numbers.
It was Bajaj Auto that amassed the highest exports at 1,24,839 units in April 2024, up 17.60% over 1,06,157 units shipped in April 2024 to command a 41.99% share on this list. The company however suffered a MoM decline of 4.62%.
TVS exports were up to 73,143 units in the past month followed by Honda with 60,900 units shipped. Hero MotoCorp reported a 104.46% YoY growth to 20,289 units in April 2024 from just 9,923 units exported in April 2024, though the company suffered a 34.88% MoM decline. Suzuki (11,310 units) and Enfield (6,832 units) ended up lower down on this list.
Honda led over Hero MotoCorp in terms of total sales last month to 5,41,946 units as against Hero’s 5,33,585 units. TVS also saw 3,74,592 unit total sales posting YoY and MoM growth while Bajaj Auto sales stood at 3,41,789 units. It was followed by Suzuki with 99,377 unit sales and Royal Enfield at 81,870 units. Total sales of these 6 two wheeler makers thus stood at 19,73,159 units in the past month, up 30.20% YoY over 15,15,492 units sold in April 2023.