The company recently expanded its exports by launching Interceptor 650, Continental GT 650 and Shotgun 650 in North America and Bullet 350 in Japan
Being India’s de facto classic motorcycle manufacturer, Royal Enfield, has been touching new heights where sales are concerned. The company has been inching ahead beating its own sales numbers in the domestic market YoY. However, there was a MoM decline in domestic market. Where exports are concerned, there is a MoM growth, but YoY decline.
Royal Enfield Sales March 2024
The iconic motorcycle manufacturer, Royal Enfield, has been one of the most influential brands in Indian motorcycling scene. Especially the Bullet name is synonymous with classic motorcycles in India and the company enjoys a cult following. In March 2024, Royal Enfield sold 66,044 units in the domestic market.
When compared to the 59,884 units sold in March 2023, Royal Enfield registered 10% YoY growth. That said, there were 67,922 units sold in February 2024 resulting in a 2.76% MoM decline. In FY 23-24, Royal Enfield sold 8,34,795 units in the domestic market. As opposed to the 7,34,840 units sold in FY 22-23, the company witnessed a very healthy 14% YoY growth over last FY. Classic 350, Bullet 350, Hunter 350 and Meteor 350 are some of the best-sellers in India.
Where exports are concerned, Royal Enfield’s shipments for the month of March 2024 stood at 9,507 units. Although it is higher than February 2024’s 8013 units shipped witnessing an 18.65% MoM growth, Royal Enfield saw a 23% YoY decline owing to the 12,351 units it shipped last year.
Exports grew MoM, dipped YoY
YTD, Royal Enfield exports stood at 77,937 units in FY 23-24, which couldn’t hold a candle to the 1,00,055 units shipped in FY 22-23. Thus resulting in a 22% YoY decline over last FY. Royal Enfield has recently launched the 650 Twins, Continental GT 650 and Interceptor 650, along with Shotgun 650 in North American market. While Bullet 350 was launched in Japan.
In total, Royal Enfield pushed 75,551 units out of its manufacturing facilities last month. When compared to the 72,235 units from last year, it was a 5% YoY growth. When compared to the 75,935 units sold a month ago, there was a marginal 0.5% MoM decline. YTD, the company sold a total of 9,12,732 units, which is a whole 77,837 units higher than the 8,34,895 units sold in last FY.
Statement from Royal Enfield
Speaking about the performance for March 2024, B Govindarajan, CEO, Royal Enfield said, “At Royal Enfield, we’ve had yet another year of very spectacular performance across the board. We have outpaced our pre-COVID numbers and have registered healthy growth. We have outgrown the two-wheeler and motorcycle industry in the domestic market.
All our motorcycles in the last two years have performed exceedingly well and have grown the market for Royal Enfield. Our non-motorcycling business including Apparel, spares and GMA continues to grow significantly. With our exciting lineup of products, we are confident that we will be able to sustain our growth momentum well in FY 2024-25.”
