Royal Enfield has registered an 11% growth YoY in Aug 2023 – Thanks to their 350cc motorcycle range
In the dynamic world of motorcycle manufacturing, Royal Enfield continues to solidify its position as a leader in the mid-size motorcycle segment. With a diverse portfolio of motorcycles spanning both sub-350cc and above-350cc categories, the iconic brand has shown remarkable growth in its sales performance in August 2023.
Royal Enfield Year-on-Year Analysis (August 2023 vs. August 2022)
August 2023 proved to be a milestone month for Royal Enfield, with robust year-on-year growth. The brand reported a total of 77,583 units sold, reflecting a substantial increase of 10.66% compared to the same period in 2022 when they had sold 70,112 units.
In the sub-350cc segment, Royal Enfield’s offerings, including the ever-popular Classic 350, Hunter 350, Meteor 350, and the newly launched 2023 Bullet 350, witnessed a combined sales figure of 69,023 units. This segment experienced impressive growth, with an increase of 10.91% compared to August 2022.
On the other hand, the above-350cc segment, featuring motorcycles like the Himalayan 411, Scram 411, Super Meteor 650, Interceptor 650, and Continental GT 650, also contributed positively to the overall sales performance. In August 2023, Royal Enfield sold 8,560 units in this category, marking an 8.68% increase from the same month the previous year.
These figures highlight the company’s strong foothold in the under-350cc market, with an 88.97% market share, as well as its growing presence in the above-350cc segment, where it holds an 11.03% share. Domestically, Royal Enfield witnessed a commendable 10.34% growth year-on-year, selling 69,393 motorcycles in August 2023 compared to 62,892 in August 2022. Exports also showed a remarkable uptick, with a 13.43% increase, totaling 8,190 units. The company’s strong performance domestically and internationally underscores its global appeal.
Month-on-Month Analysis (August 2023 vs. July 2023)
Analyzing the month-on-month performance, August 2023 continued to build on the momentum seen in July. While sales in the sub-350cc segment grew by 7.18%, reaching 69,023 units, the above-350cc segment experienced a minor dip of 1.82%, with sales totaling 8,560 units.
On the domestic front, Royal Enfield sold 3,331 more motorcycles in August than in July, reflecting a 5.04% increase. In the export market, the company recorded an impressive 16.09% month-on-month growth, shipping out 1,135 more units in August.
Fiscal Year-to-Date Sales vs. Previous Year (FY24 YTD vs. FY23)
In terms of the fiscal year-to-date sales for the current financial year (FY24 YTD), Royal Enfield displayed robust growth compared to the same period in the previous year (FY23). In the sub-350cc category, sales reached 3,35,851 units, marking an outstanding 27.04% increase. In contrast, above-350cc models reported a 12.25% decrease, with 42,555 units sold.
Domestically, Royal Enfield’s performance was exceptional, achieving a 28.29% YoY growth, selling a total of 3,42,626 motorcycles. However, in the export market, the brand encountered a decrease of 21.89%, shipping 10,029 units less than the previous year. The cumulative fiscal year-to-date sales reached an impressive 3,78,406 units, reflecting a substantial YoY growth of 20.95%.
