Hero MotoCorp topped the domestic sales list while Bajaj Auto was at No. 1 in terms of exports in the past month
When assessing sales of top 6 two wheeler makers in India, sales in March 2023 saw some growth in domestic markets both YoY and MoM, while exports fell YoY but improved MoM.
Hero MotoCorp topped the sales charts, heading over TVS, Honda, Bajaj Auto, Suzuki and Royal Enfield by a significant margin.
Two Wheeler Domestic Sales March 2023
Two wheeler sales of the leading 6 automakers stood at 12,26,262 units in March 2023, up 7.75 percent from 11,38,101 units sold in March 2022. This was a volume growth of 88,161 units. MoM sales also improved by 14.82 percent from 10,68,009 units sold in Feb 2023 relating to a volume growth of 1,58,253 units.
Hero MotoCorp continued its dominance in the two wheeler segment. Sales stood at 5,02,730 units last month, a 20.92 percent YoY growth from 4,15,764 units sold in March 2022. MoM sales also improved by 31.50 percent from 3,82,317 units sold in Feb 2023. Hero MotoCorp share currently stands at 41 percent from 35.80 percent held in Feb 2023.
At No. 2 was TVS Motor with domestic sales at 2,40,780 units in March 2023, up 22.54 percent when compared to 1,96,496 units sold in March 2022. It was also an 8.75 percent MoM growth from 2,21,402 units sold in Feb 2023.
Domestic sales performance was not positive for Honda as the company has noted a YoY and MoM de-growth by 36.19 percent and 13.01 percent respectively. Sales dipped to 1,97,512 units in the past month whereas the company had sold 3,09,549 units in March 2022 and 2,27,064 units in Feb 2023. Market share also dipped to 16.11 percent last month from 21.26 percent held in Feb 2022. Bajaj Auto was at No. 4 with a 42.22 percent YoY growth and 26.55 percent MoM growth to 1,52,287 units.
It was followed by Suzuki with a 44.02 percent YoY and 39.30 percent MoM growth to 73,069 units. The company had sold 50,734 units in March 2022 and 52,455 units in Feb 2023 and currently commands a 5.96 percent market share. Royal Enfield sales improved by 2.41 percent YoY to 59,884 units while MoM sales dipped 7.06 percent from 64,436 units sold in Feb 2023 with the Hunter 350 and Super Meteor 650 in high demand.
Two Wheeler Exports March 2023
Total exports of the 6 top two wheeler OEMs in March 2023 stood at 2,29,438 units. This was a 27.22 percent YoY de-growth from 3,15,251 units shipped in March 2022. MoM sales were higher by 5.16 percent from 2,18,177 units exported in Feb 2023.
Bajaj Auto topped the export sales list with 94,715 units exported last month despite a YoY and MoM de-growth. YoY exports dipped by 36.54 percent while MoM exports were lower by 17.65 percent with Bajaj Auto claiming a 41.28 percent share on this list.
TVS Motor in March 2023 saw 66,779 units exported, down 30.41 percent YoY as against 95,962 units shipped in March 2022. MoM sales improved marginally by 5.16 percent. It was followed by Suzuki with two wheeler exports at 24,515 units in the past month, a growth of 66.07 percent YoY and 34.92 percent MoM.
Hero MotoCorp also suffered export de-growth by 51.55 percent YoY to 16,162 units though MoM exports improved by 36.80 percent. Lower down the order was Honda with 22.66 percent YoY growth but 28.07 percent MoM decline in exports to 14,466 units while Royal Enfield has seen 34.25 percent YoY and 73.76 percent MoM growth in exports.
Two Wheeler Total (sales + exports) March 2023
Total sales (domestic + exports) of these 6 two wheeler makers stood at 14,55,700 units in March 2023. This was 0.16 percent YoY growth from 14,53,352 units sold in March 2022. MoM sales improved by 13.18 percent when compared to 12,86,186 units sold in Feb 2022.
Hero MotoCorp scaled over each of the other 5 OEMs with total sales of 5,19,342 units, up 15.40 percent YoY and 31.66 percent MoM. It was followed by TVS Motor with 3,07,559 unit sales also with a YoY and MoM growth of 5.16 percent and 15.18 percent respectively.
Bajaj Auto followed at No.3 with a total of 2,47,002 units sold last month relating to 3.64 percent YoY de-growth but a 4.95 percent increase on a MoM basis. Honda total sales also declined YoY by 34.03 percent to 2,11,978 units in March 2023 while MoM sales dipped by 14.24 percent. Suzuki and Royal Enfield each posted YoY and MoM growth at 97,584 units and 72,235 units respectively.
