Three stalwarts – Hero MotoCorp, Honda and TVS Motor commanded this segment, which has seen a double digit YoY growth in total retail sales
Two wheeler retail sales in March 2023 saw a total of 14,45,867 units sold, up 12.42 percent from 12,86,109 units sold in March 2022. This was a 1,59,758 unit volume growth. It was also a MoM growth from 12,67,233 units sold in Feb 2023. Retail sales in FY 2022-23 grew 18.54 percent to 1,59,95,968 from 1,34,94,214 units retailed in FY 2021-22.
Two Wheeler Retail Sales March 2023
Top sellers in the past month were Hero, Honda, TVS and Bajaj, each of which saw significant increase in YoY retail sales. The same could not be said for Hero Electric, Okinawa and Classic Legends and Piaggio that have all posted YoY de-growth
Hero MotoCorp was the best-selling two wheeler ORM in March 2023. Retail sales stood at 4,66,963 units in the past month, up from 4,14,869 units sold last year. Market share improved marginally to 32.30 percent from 32.26 percent YoY. Honda retail sales were at 3,23,901 units in March 2023, up from 2,81,936 in March 2022. Market share improved to 22.40 percent from 21.92 percent YoY.
At No. 3 on the list was TVS Motor with 2,37,920 units sold last month. This was a YoY growth with market share going up to 16.46 percent from 15.34 percent YoY. TVS iQube electric scooter is what contributed significant numbers to total sales. Next up was Bajaj Auto Limited with 1,63,926 units sold in March 2023 from 1,42,790 units sold in March 2022. Chetak electric scooter sales are listed under Chetak Technologies Limited. It posted retail sales at 2,332 units last month with a 0.16 percent market share.
Retail sales growth was also reported for Royal Enfield with sales at 69,791 units in March 2023 up from 53,233, taking up market share to 4.83 percent from 4.14 percent on a YoY basis. It was also Suzuki Motorcycle that saw retail sales improve to 64,304 units in the past month. India Yamaha Motors sales were up to 46,987 units in March 2023 from 44,187 in March 2022 though market share dipped to 3.25 percent from 3.44 percent YoY.
Electric 2W Retail Sales March 2023
Electric two wheeler retail sales saw significant growth. Ola Electric was the leading electric two wheeler maker in terms of sales with 21,274 units sold last month, up from 9,145 units sold in March 2022. This took up market share to 1.47 percent from 0.71 percent held in March 2022. Ola has reported its best ever sales in March 2023.
Ather Energy sales in the past month stood at 12,076 units, up from 2,233 last year. Ampere, which offers a diverse range of products such as the Zeal, Magnus and Primus has seen retail sales at 9,334 units in March 2023, up from 6,341. Market share improved marginally to 0.65 percent from 0.49 percent YoY.
Retail sales of Hero Electric dipped to 6,652 units in March 2023 from 13,029 in March 2022. There was also Okinawa Autotech that posted YoY de-growth in retail sales to 4,507 units in March 2023. Classic Legends (Jawa / Yezdi) retail sales dipped to 3,253 units last month from 4,265 units sold in the same month last year. Piaggio also reported a YoY de-growth in retail sales to 3,072 units in March 2023 from 4,543 sold in the same month last year.
