World’s Largest Motorcycle Manufacturer Shows Resilience and Growth in Aug 2023
Hero MotoCorp has reported an impressive sales performance for the month of August 2023. The company dispatched a total of 488,717 units, marking a significant increase from the 462,608 units sold during the same period in the previous year (August 2022).
Hero MotoCorp Aug 2023 Sales Year-on-Year Growth
In a year-on-year comparison, Hero MotoCorp showcased robust growth. Motorcycle sales in August 2023 reached 452,186 units, up by 4.96% compared to the 430,799 units sold in August 2022. Splendor continued to be their top seller. Almost 90% of Hero MotoCorp domestic sales are thanks to the Splendor and HF Deluxe range of motorcycles.
Scooter sales also saw an increase of 14.84%, with 36,531 units sold compared to 31,809 units in the previous year. Domestically, Hero MotoCorp sold a total of 472,947 units in August 2023, a 4.93% increase from 450,740 units in August 2022. Meanwhile, exports experienced a remarkable surge, with 15,770 units exported in August 2023, a substantial 32.88% growth compared to the 11,868 units shipped in the same month last year.
Hero MotoCorp Sales Aug 2023 Month-on-Month Performance
The month-on-month performance for August 2023 compared to July 2023 also displayed remarkable growth. Motorcycle sales shot up by 25.40%, from 360,592 units in July to 452,186 units in August. Scooter sales also registered an 18.92% increase, with 36,531 units sold in August, up from 30,718 units in July.
Domestically, Hero MotoCorp outperformed the previous month by a significant margin, with a 27.41% increase in sales, totaling 472,947 units in August. Exports, however, experienced a slight dip, with 15,770 units exported in August, reflecting a 21.57% decrease from July.
Fiscal Year Sales to Date
Looking at the fiscal year sales to date, Hero MotoCorp’s performance remained strong despite certain challenges. Motorcycle sales in the current fiscal year (FY24 YTD) stand at 20,75,418 units, with a marginal decrease of 3.84% compared to the previous fiscal year (FY23), which recorded 21,58,381 units. Scooter sales, on the other hand, showed an impressive 12.27% growth, with 1,57,183 units sold in FY24 YTD, compared to 1,40,000 units in FY23.
Domestic sales for FY24 YTD reached 21,61,401 units, slightly down by 2.18% compared to the same period in the previous fiscal year (22,09,590 units). Exports saw a decrease of 19.81%, with 71,200 units exported in FY24 YTD compared to 88,791 units in FY23.
Positive Outlook
Despite the challenges posed by the ongoing global economic situation and supply chain disruptions, Hero MotoCorp remains optimistic. There is a strong likelihood of an uptick in customer demand as the festive season approaches. Favorable monsoon conditions across most parts of the country, coupled with decent agricultural activity, are also expected to contribute positively to customer sentiments.
Hero MotoCorp’s consistent growth and strong sales figures demonstrate its resilience in a dynamic market, solidifying its position as the world’s leading manufacturer of motorcycles and scooters. The company continues to innovate and expand its product portfolio to meet the evolving demands of its customers, ensuring a bright future for the brand.
