Two wheeler sales achieved a 21 percent growth in domestic markets while exports improved 2.55 percent YoY
Sales of major players in India’s two-wheeler segment, that include Hero MotoCorp, Bajaj Auto, TVS Motor, Honda Motorcycle and Scooter India (HMSI), Suzuki and Royal Enfield ended on a positive note in October 2023. An entry into the peak of the festive season saw the two wheeler segment report outstanding sales in October 2023. Sales of each of these leading 6 two wheeler makers in India improved by leaps and bounds on both a YoY basis in domestic markets. There was also a marginal YoY growth in total exports though MoM exports ended in the red.
Two Wheeler Sales Oct 2023 – Hero MotoCorp tops list
With the 6 leading two wheeler makers reporting total domestic sales at 18,11,216 units in October 2023, it was a 20.99 percent YoY growth when compared to 14,97,021 units sold in October 2022. This was a volume growth of 3,14,195 units. MoM sales on the other hand improved by 8.28 percent from 16,72,653 units sold in September 2023 relating to a 1,38,563 unit volume growth.
Once again it was Hero MotoCorp that topped the sales list with 5,59,766 unit sales last month. This was a 26.41 percent YoY growth over 4,42,825 units sold in October 2022 to command a 30.91 percent share on this list. MoM sales also grew significantly by 7.69 percent when compared to 5,19,789 units sold in September 2023. Hero MotoCorp had initiated sales of the new Harley Davidson X440 during the Navratri festival and delivered 1000 units across 100 dealerships in India.
At No. 2 was Honda Motorcycle and Scooter India (HMSI) with sales of 4,62,747 units in the past month, up 8.63 percent when compared to 4,25,969 units sold in October 2022 to currently command a 25.55 percent share on this list. MoM sales however, dipped by 5.91 percent from 4,91,802 units sold in September 2023.
Outstanding sales performance was seen in the case of TVS Motor with a 25.01 percent YoY and 14.80 percent MoM growth to 3,44,957 units. There were 2,75,934 units sold in October 2022 and 3,00,493 units sold in September 2023 to command a 19.05 percent share. It was the TVS iQube electric scooter that saw an impressive increase in demand along with the XL100 moped.
Domestic sales of Bajaj Auto Limited also improved considerably by 35.10 percent YoY to 2,78,486 units in October 2023, up from 2,06,131 units sold in October 2022. This was a 72,355 unit volume growth with a 15.38 percent share. MoM sales performance was even better with a 37.52 percent improvement over 2,02,510 units sold in September 2023. It was the Bajaj Pulsar range that contributed most to company sales crossing the 1.61 lakh unit mark last month. Lower down the list, Suzuki (84,302 units) and Royal Enfield (80,958 units) both reported YoY and MoM growth in domestic sales.
Bajaj Auto Commands 58% of Export List
In international markets, exports stood at 2,70,294 units, up 2.55 percent YoY over 2,63,579 units sold in October 2022. MoM exports however, fell by 4.16 percent as against 2,82,027 units shipped in September 2023. Bajaj Auto reported a YoY decline in exports by 4.50 percent to 1,29,658 units, whereas the company had shipped 1,35,772 units in October 2022. Bajaj Auto currently commands a 47.97 percent share on the export list. MoM performance was somewhat better with a 3.56 percent growth over 1,25,202 units shipped in September 2023.
TVS exports improved 10.13 percent YoY but fell 12.50 percent MoM to 75,653 units to command a 27.99 percent share on this list. The company exported 68,696 units and 86,462 units in October 2022 and September 2023 respectively. Honda exports also grew YoY by 28.67 percent but dipped 14.37 percent MoM to 30,137 units. Exports of Suzuki declined YoY by 11.08 percent to 16,205 units but grew by 14.62 percent MoM. Hero exports saw a 28.98 percent YoY growth to 15,164 units but fell 9.25 percent MoM while RE exports dipped significantly by 39.07 percent YoY and 19.50 percent MoM to 3,477 units.
These domestic sales and exports saw two wheeler total sales at 20,81,510 units in October 2023 up 18.23 percent YoY and 6.49 percent MoM. There had been a total of 17,60,600 units sold in October 2022 and 19,54,680 units sold in September 2023. Hero MotoCorp headed the list with 5,74,930 units sold last month with a 26.47 percent YoY and 7.16 percent MoM growth. Honda total sales dipped 6.47 percent MoM to 4,92,884 units from 5,26,998 units sold in September 2023. TVS (4,20,610 units), Bajaj Auto (4,08,144 units), Suzuki (1,00,507 units) and RE (84,435 units) each posted a YoY and MoM growth in total sales.
