Royal Enfield has posted YoY growth in domestic markets with the Classic 350 and Hunter 350 bringing in most sales while its exports suffered serious setback
Royal Enfield experienced a surge in demand in March 2024. The total sales, combining domestic and exports, rose to 75,551 units, marking a notable increase from 72,235 units in March 2023, showcasing a volume growth of 3,316 units. The company is poised for further expansion with plans to introduce the new Guerrilla 450, among five new models scheduled for launch in the current fiscal year.
RE Domestic Sales Overview for March 2024
In analyzing the company’s domestic sales for the previous month, a significant year-on-year growth of 10.29% was observed, totalling 66,044 units compared to 59,884 units sold in March 2023. However, month-on-month sales experienced a slight decline of 2.76% from February 2024.
Royal Enfield’s 350cc range emerged as the frontrunner in the Indian market. The Classic 350 led the sales chart with 25,508 units sold last month, indicating a 4.26% year-on-year growth. Despite commanding a substantial 38.62% share, the Classic 350 experienced a 9.90% month-on-month decline in sales.
The Hunter 350 witnessed exceptional demand, boasting a 45.07% year-on-year and 29.53% month-on-month growth, with 15,702 units sold in March 2024. Conversely, the Bullet 350 faced a 5.91% year-on-year and 19.23% month-on-month decline in sales, totalling 11,262 units. Notably, the introduction of new colour schemes failed to significantly boost Bullet 350 sales.
Furthermore, the Meteor 350 showcased remarkable sales growth, rising by 44.31% year-on-year and 10.31% month-on-month to 8,963 units. In the higher displacement segment, Royal Enfield’s Himalayan (2,216 units), 650 Twins (2,175 units), and Super Meteor (218 units) were notable performers, with only the 650 Twins witnessing increased year-on-year and month-on-month sales in March 2024.
Royal Enfield Exports in March 2024
In contrast to domestic sales, Royal Enfield experienced a 35.03% year-on-year decline in exports in March 2024. The export volume decreased from 12,351 units in March 2023 to 9,507 units in the current month. However, there was an 18.64% month-on-month improvement from February 2024.
Global markets displayed a preference for larger motorcycles, with the Himalayan leading exports at 2,667 units, marking a significant 340.10% year-on-year growth and a 70.96% month-on-month increase. The RE Meteor 350 also garnered attention internationally, with 1,816 units shipped, reflecting a 10.66% year-on-year improvement and a substantial 45.16% month-on-month growth.
While year-on-year sales declined for models like the Classic 350, Super Meteor, Hunter 350, and 650 Twins, each saw remarkable month-on-month growth in exports, except for the Super Meteor. Additionally, Bullet 350 exports surged by 24.61% month-on-month to 400 units in March 2024.
