Each of these 6 leading automakers have contributed to total positive growth across domestic markets while MoM total exports dipped 6.21%
Two wheeler domestic sales of 6 leading automakers – Hero, Honda, TVS, Bajaj, Suzuki and Enfield entered the first month of the New Year with an overall (domestic + exports) 25.94 percent growth to 16,63,127 units. It was also a MoM improvement of 16.55 percent when compared to 14,27,010 units sold in December 2023. Taking a breakup of domestic sales and exports into account, these 6 automakers have each posted both YoY and MoM growth in domestic markets. However, exports saw Suzuki and Enfield post a YoY de-growth while except for Honda and Suzuki each of the other automakers have seen MoM decline in exports.
Two Wheeler Domestic Sales January 2024
Total domestic sales stood at 14,16,096 units in the past month, up 26.40 percent from 11,20,330 units sold in January 2023. This was a volume growth of 2,95,766 units. Hero MotoCorp led the segment with a 20.46 percent YoY growth to 4,20,934 units sold in January 2024. This was a volume growth of 71,497 units over 3,48,437 units sold in January 2023. MoM sales also saw a significant improvement of 11.40 percent from 3,77,842 units sold in December 2023. Hero MotoCorp currently commands a 29.72 percent share among these 6 automakers.
At No. 2 was Honda with a 37.52 percent YoY and 33.70 percent MoM growth in sales in January 2024. There were 3,82,512 units sold in the past month, up from 2,78,143 units sold in January 2023. It was also a marked improvement from 2,86,101 units sold in December 2023 taking up share percentage to 27.01%. TVS sales also grew by 23.91 percent YoY to 2,68,233 units in January 2024, up from 2,16,471 units sold in January 2023. This was a 51,762 unit volume growth. MoM sales were up 24.77 percent from 2,14,988 units sold in December 2023.
Posting a YoY and MoM growth was Bajaj Auto with 1,93,350 units sold last month, up 35.81 percent from 1,42,368 units sold in January 2023. This was also a MoM improvement by 22.09 percent from 1,58,370 units sold in December 2023. Suzuki also posted a Yoy and MoM growth in sales in January 2024 to 80,511 units which was a 21.60 percent YoY and 16.64 percent MoM growth from 66,209 units and 69,025 units sold in January 2023 and December 2023 respectively. Trailing the list was Royal Enfield with 70,556 units sold last month, a 4.22 percent YoY and 23.15 percent MoM growth over 67,702 units and 57,291 units sold in January 2023 and December 2023 respectively.
2W Exports January 2024
Exports saw a 23.40 percent growth in January 2024 to 2,47,031 units, up from 2,00,192 units sold in January 2023. It was however a MoM decline by 6.21 percent from 2,63,393 units shipped in December 2023. Bajaj Auto has seen a YoY growth of 14.12 percent to 1,14,898 units, up from 1,00,679 units shipped in January 2023 while MoM exports fell by 7.81 percent from 1,24,631 units sold in December 2023. Its export share currently stands at 46.51 percent.
TVS has also posted a YoY growth but MoM decline in exports to 61,704 units in January 2024. There had been 48,239 units and 75,076 units shipped in January 2023 and December 2023 respectively. Its current export market share is at 24.98 percent. Outstanding YoY improvement in exports has been reported by Honda with a 102.43 percent increase to 36,883 units in January 2024, up from 18,220 units shipped in January 2023. It was also an 18.89 percent growth from 31,022 units shipped in December 2023.
Suzuki exports fell by 18.69 percent YoY but improved MoM by 45.83 percent to 15,251 units. There was also Hero with a 74.60 percent YoY growth but a decline by 21.39 percent MoM to 12,664 units while Enfield finished at No. 6 with both YoY and MoM dip in exports to 5,631 units.
Total 2W Sales January 2024
These 6 leading two wheeler makers have each posted YoY and MoM growth in terms of total sales which stood at 16,63,127 units in the past month. This related to a YoY growth of 25.94 percent from 13,20,522 units sold in January 2023. MoM sales also improved by 16.55 percent when compared to 14,27,010 units sold in December 2023.
This saw Hero MotoCorp head the list with 4,33,598 units sold last month relating to a 21.56 percent YoY and 10.06 percent MoM growth. Honda was at No. 2 with the highest percentage growth at 41.51 percent YoY and 32.25 percent MoM with 4,19,395 units sold in January 2024 with a 41.51 percent YoY and 32.25 percent MoM growth. It was followed by TVS (3,29,937 units), Bajaj Auto (3,08,248 units) and Suzuki (95,762 units) while Royal Enfield was at No. 6 with 76,187 total units sold last month.
