The Indian two-wheeler market saw diverse performances from leading manufacturers in February 2024. While Hero MotoCorp and Honda Motorcycle & Scooter India (HMSI) continued to dominate with impressive sales figures, others like Royal Enfield, TVS, and Bajaj reported a drop in sales numbers. Suzuki, on the other hand, showed fast growth. Let's examine the performance details of each manufacturer.
Hero MotoCorp
Hero MotoCorp, the market leader, sold 4,45,257 units in February 2024, marking a 5.8 percent increase from January 2024 and a significant 16.46 percent increase from February 2023. As a result of its positive reception, the company's Mavrick 440 has performed wonderfully. Hero has made a name for itself in the industry because of its broad model which appeals to a wide range of customers and includes several market categories.
Honda Motorcycle & Scooter India (HMSI)
HMSI retained its second position, selling 4,13,967 units, an 8.2 percent increase from January 2024 and an impressive 82.31 percent increase from February 2023. Honda India showcased a flex fuel CB300F at the Bharat Mobility Expo 2024, showcasing its commitment to innovation. The diverse product portfolio including both motorcycles and scooters continues to attract a large customer base.
TVS Motor Company
TVS maintained its third position with 2,67,502 units sold. While there was a marginal 0.3 percent decrease from January 2024, the company saw a significant 20.82 percent increase from February 2023. TVS's electric two-wheelers, the iQube e-scooter range, and the X, are not included in these numbers.The company has grown in a competitive market in part to its constant focus on innovation and focused on clients viewpoint.
Bajaj Auto
Bajaj reported sales of 1,70,527 units, a decline of 11.80 percent from January 2024. However, compared to February 2023, the company saw a substantial 38.51 percent increase. Bajaj's numbers include the sales of its Chetak e-scooter and the company recently refreshed its popular Pulsar NS range. Bajaj strong brand presence and diverse product offerings have helped it maintain a strong position in the market.
Suzuki
Suzuki sold 83,304 units in February 2024, a 3.47 percent increase from January 2024 and a significant 58.82 percent increase from February 2023. The company marked the production of one million units lately demonstrating its expanding market share in India. Suzuki has been continually growing its market share because of Indian consumers' strong responsiveness to its dedication to quality, performance, and customer happiness.
Royal Enfield
Royal Enfield reported sales of 67,922 units, a 3.73 percent decline from January 2024. However, the company saw a 5.41 percent increase from February 2023. Royal Enfield is expanding its 450cc line-up and introducing additional 650cc models to enhance its product portfolio.
February 2024 saw mixed performances from leading two-wheeler manufacturers in India. While Hero MotoCorp and HMSI continued their strong performance, others faced challenges. With the industry evolving rapidly manufacturers are innovating and introducing new models to meet the changing demands of consumers. The upcoming months will be important as businesses work to hold on to their market shares and adjust changing conditions of the Indian two-wheeler sector.