In October 2023, Honda Motorcycle and Scooter India (HMSI) reported strong performance in the two-wheeler market, with steady sales for their 2W (two-wheeler) range. Here's a detailed breakdown of their October 2023 sales:
Robust Domestic Sales
- Honda 2W reported a total of 4,62,747 units sold in the domestic market in October 2023. This represents a notable increase of 36,778 units compared to the same period last year.
- The domestic sales figures exhibited an impressive 8.63 percent year-on-year (YoY) growth, underscoring Honda 2W's strong presence in the home market.
- These sales account for a significant 93.89 percent share of the total sales, reinforcing the brand's dominance domestically.
Expanding Global Reach
- On the international front, Honda 2W experienced a noteworthy improvement in export numbers in October 2023.
- The company exported a total of 30,137 units during the month, marking a substantial increase of 6,715 units when compared to October 2022. This reflects an impressive 28.67 percent YoY growth in international sales.
- Honda 2W's expanding global reach contributed to 6.11 percent of total HMSI sales, indicating their growing presence in overseas markets.
Impressive Total Sales
- When combining the domestic and international sales figures, Honda 2W's total sales for October 2023 amounted to 4,92,884 units.
- This signifies a significant year-on-year growth of 9.68 percent, further establishing the company's position as an industry leader in scooter sales, both in India and abroad.
Monthly Performance Analysis
- However, it's important to note that when assessing month-on-month performance, Honda 2W reported a slight decline in both domestic and export sales from September 2023.
- Domestic sales saw a -5.91 percent month-on-month (MoM) decline, equivalent to a difference of -29,055 units when compared to the previous month.
- Export sales experienced a -14.37 percent MoM decrease, with 5,059 units fewer exported in October compared to September.
- Consequently, the total sales for October 2023 showed a -6.47 percent MoM decline, with the domestic market primarily contributing to this dip.
- Despite these monthly fluctuations, Honda 2W continues to maintain a strong market share and remains a reliable and prominent player in the highly competitive two-wheeler industry.
Honda 2W's performance in October 2023 exemplifies its commitment to delivering high-quality two-wheelers to customers while consistently expanding its global presence.