Hero seized complete control of the domestic 2W market in February 2023. Among the top five 2W manufacturers, it sold 3,82,317 units and has a 37.65% market share. Hero grew by 15.34% year on year and 9.41% month on month, gaining 50,855 and 32,880 units in volume. Honda was unable to replicate Hero's success, with sales falling 20.52% YoY and 18.36% MoM to 2,27,064 units.
With 2,21,402 units, TVS came pretty close to Honda last month. The main highlights were 27.83% YoY growth and 2.28% MoM growth. TVS has a market share of 21.80%, trailing Honda by only 0.56%. Bajaj finished fourth with 1,20,335 units sold, registering 24.67% YoY growth and a 14.06% MoM decline.
Royal Enfield is in fifth place, with 64,436 units sold last month. It increased by 23.59% year on year while decreasing by 4.82% month on month. The top five 2W brands accounted for 10,15,554 units in total. We saw an 8.15% YoY growth and a 3.44% MoM decline compared to 9,38,995 units sold in February 2022 and 10,51,781 in January 2023.
Hero MotoCorp took the top spot in total sales. TVS surpassed Honda in exports thanks to solid numbers. Honda, like its domestic sales, fell completely into the red. Bajaj was unable to achieve positive growth. Royal Enfield achieved solid YoY growth but experienced an MoM decline.