Honda Motorcycles and Scooters India (HMSI) experienced significant sales growth in February 2024, both in the domestic market and in exports, showcasing the brand's strong performance in the two-wheeler segment.
Domestic Market Performance
In the domestic market Honda registered sales of 4,13,967 units demonstrating the brand's strong presence and popularity among Indian consumers. This performance is particularly noteworthy as it is close to the sales figures of the highest-selling manufacturer, Hero MotoCorp, which sold 4,45,257 units in the same month.
Year-on-Year and Month-on-Month Growth
Honda's domestic sales in February 2024 showed an impressive 82.31% year-on-year growth compared to February 2023, with a volume gain of 1,86,903 units. The month-on-month growth was also strong, with an 8.22% increase over January 2024, translating to a volume growth of 31,455 units.
Exports increase
Honda witnessed a remarkable increase in exports, shipping a total of 44,744 units in February 2024. This represented a staggering 122.49% year-on-year growth, more than doubling its export numbers compared to the same period last year. In month-on-month analysis, Honda showed a robust 21.31% growth in exports over January 2024, with a volume growth of 7,861 units.
Total Sales Performance
Combining domestic and export sales, Honda sold a total of 4,58,711 units in February 2024. This marked an 85.58% year-on-year growth and a 9.37% month-on-month growth. The total volume growth stood at 2,11,536 units year-on-year and 39,316 units month-on-month highlighting Honda's strong overall performance in the market.
New Vehicle Launches and Expansion Plans
Honda's participation in the Bharat Mobility Expo 2024 showcased its commitment to the Indian market. The company demonstrated flex-fuel-powered vehicles tailored for India along with electric scooters capable of swapping batteries. Honda intends to expand its portfolio in India with plans to introduce more vehicles with export potential including a Scrambler and ADV version based on the CB350 platform expected to launch by the end of the year.
Overall, Honda's strong sales performance in February 2024 coupled with its strategic expansion plans and innovative product offerings position the brand as a key player in India's two-wheeler market.