In the concluding month of 2023, the Indian motorcycle market experienced a moderation in sales, marking a contrast to the record-high numbers achieved during the festive season in October. Here's a detailed exploration of the performance of major players in the industry:
Hero MotoCorp: 4,76,286 units
?Hero MotoCorp sustained its position at the forefront, recording sales of 4,76,286 units. Despite leading the pack, the figures displayed a 14.91% decline from the robust sales reported in October 2023 (5,59,766 units). However, there was a commendable 25.39% increase compared to November 2022 (3,79,839 units). Notably, Hero unveiled new products at the EICMA trade show hinting at an intriguing future lineup.
Honda Motorcycle and Scooter India (HMSI): 4,20,677 units
Honda demonstrated resilience surpassing 4.2 lakh units in sales. While there was a 9.09% decline compared to the preceding month (October 2023 - 4,62,747 units), the performance marked an 18.99% increase from November 2022 (3,53,540 units) and the introduction of the affordable CB350 added diversity to Honda's neo-retro lineup.
TVS Motor Company: 2,87,017 units
?TVS Motor Company maintained a robust stance, reporting sales of 2,87,017 units. Despite a 16.81% decline from the preceding month (October 2023 - 3,44,957 units), there was an impressive 49.70% growth from November 2022 (1,91,730 units) and the introduction of the performance-oriented Apache RTR 310 marked a notable addition to the product portfolio.
Bajaj Auto: 2,18,597 units
Bajaj Auto demonstrated steady performance, recording sales of 2,18,597 units. While there was a 21.51% decline compared to the figures in October 2023 (2,78,486 units), there was a significant 76.78% increase from November 2022 (1,23,657 units). Anticipation surrounded Bajaj's work on a CNG-powered motorcycle adding excitement for an impending launch.
Royal Enfield: 75,137 units
?Royal Enfield maintained a consistent position, reporting sales of 75,137 units. With a marginal 7.20% decrease from October 2023 sales (80,958 units), there was a positive 14.26% increase from November 2022 (65,760 units). Royal Enfield introduced the all-new Himalayan and showcased a special factory custom of the Shotgun 650 at its Motoverse festival.
Suzuki: 73,135 units
Suzuki India experienced a deceleration in sales, with 73,135 units sold. Reflecting a 13.25% decrease from the robust sales in October 2023 (84,302 units), there was a positive 15.80% increase compared to November 2022 (63,156 units) and Suzuki showcased two new models at EICMA leveraging existing platforms for innovation.
Overall Insights
As the industry recalibrates following the holidays and producers are consciously adjusting to deal with market upheavals and comply with changing client needs these sales figures provide comprehensive insights into market dynamics. It is anticipated that in the next month, 2023 there will be changes in the market and new product releases.