Two wheeler domestic sales of 6 leading automakers – Hero, Honda, TVS, Bajaj, Suzuki and Enfield entered the first month of the New Year with an overall (domestic + exports) 25.94 percent growth to 16,63,127 units. It was also a MoM improvement of 16.55 percent when compared to 14,27,010 units sold in December 2023. Taking a breakup of domestic sales and exports into account, these 6 automakers have each posted both YoY and MoM growth in domestic markets. However, exports saw Suzuki and Enfield post a YoY de-growth while except for Honda and Suzuki each of the other automakers have seen MoM decline in exports.
As the automotive industry steps into the new year, January 2024 brings a fresh perspective on the two-wheeler market. Total domestic sales stood at 14,16,096 units in the past month, up 26.40 percent from 11,20,330 units sold in January 2023. This was a volume growth of 2,95,766 units. Hero MotoCorp led the segment with a 20.46 percent YoY growth to 4,20,934 units sold in January 2024. This was a volume growth of 71,497 units over 3,48,437 units sold in January 2023. MoM sales also saw a significant improvement of 11.40 percent from 3,77,842 units sold in December 2023. Hero MotoCorp currently commands a 29.72 percent share among these 6 automakers.
Hero MotoCorp
Hero MotoCorp, a stalwart in the Indian two-wheeler market, kicked off 2024 with its latest lineup. The company's focus on commuter-friendly motorcycles and scooters has consistently resonated with the masses. In January, Hero maintained its stronghold, registering robust sales figures. The Splendor series and the Passion lineup continued to be popular choices among urban commuters, contributing significantly to the overall sales tally.
Honda Motorcycles
Honda, known for its diverse range of motorcycles and scooters, showcased resilience in the January 2024 sales charts. The Activa, a perennial favorite in the scooter segment, continued to lead the sales for Honda. Additionally, the CB Shine and Hornet series in the motorcycle segment played pivotal roles in maintaining Honda's competitive edge. The brand's commitment to innovation and fuel efficiency seems to have struck a chord with consumers.
TVS Motor Company
TVS Motor Company entered the new year with a lineup that caters to various segments of the market. The Apache series, known for its sporty design and performance, continued to be a strong performer for TVS. The Jupiter and NTorq scooters further bolstered the company's position in the competitive scooter segment. TVS's consistent efforts in blending style with substance were reflected in its January 2024 sales figures.
Bajaj Auto: Bajaj Auto, a brand synonymous with performance-oriented motorcycles, maintained its momentum in January 2024. The Pulsar series and the Dominar, catering to enthusiasts seeking power and style, continued to be top-sellers for the company. Bajaj's foray into the electric two-wheeler segment, particularly with the Chetak electric scooter, has also contributed to its diversified portfolio. The January sales figures suggest that Bajaj's strategy of offering a wide range of options resonates well with consumers.
Suzuki Motorcycle India
Suzuki, with its reputation for producing reliable and stylish motorcycles, showcased a positive start in 2024. The Access and the Burgman scooters also be remained the popular choices in the scooter segment, offering a blend of performance and comfort. Suzuki's commitment to introducing models with advanced features and modern styling appears to have garnered attention from a diverse consumer base, contributing to its overall sales performance in January.
Royal Enfield
Known for its classic and retro-themed motorcycles, Royal Enfield continued to carve its niche in the two-wheeler market. The Classic 350 and Bullet series,and with their timeless design and thumping engines, and also retained to their popularity among enthusiasts.
Trends and Observations
As we dissect the January 2024 two-wheeler sales, several trends and observations come to light. The continued dominance of the commuter-friendly and the models to be underscores the importance of the fuel efficiency and practicality in the Indian market.
Factors Influencing Sales
Several factors contribute to the sales performance of two-wheeler manufacturers in January 2024. Economic stability, fuel prices, and to the consumer sentiment and also to play pivotal roles in the shaping of the purchasing decisions.
Marketing and Brand Strategies
In the highly competitive two-wheeler market, marketing and brand strategies play a crucial role. Manufacturers that effectively communicate the features, benefits, and uniqueness of their models tend to attract a larger share of the consumer base.
Challenges and Opportunities
While January 2024 showcased positive sales figures for most manufacturers, challenges persist. The industry's ability to adapt to changing emission norms, and the technological advancements, and also to evolving consumer preferences will be determine the sustained success.
These 6 leading two wheeler makers have each posted YoY and MoM growth in terms of total sales which stood at 16,63,127 units in the past month. This related to a YoY growth of 25.94 percent from 13,20,522 units sold in January 2023. MoM sales also improved by 16.55 percent when compared to 14,27,010 units sold in December 2023. This saw Hero MotoCorp head the list with 4,33,598 units sold last month relating to a 21.56 percent YoY and 10.06 percent MoM growth. Honda was at No. 2 with the highest percentage growth at 41.51 percent YoY and 32.25 percent MoM with 4,19,395 units sold in January 2024 with a 41.51 percent YoY and 32.25 percent MoM growth. It was followed by TVS (3,29,937 units), Bajaj Auto (3,08,248 units) and Suzuki (95,762 units) while Royal Enfield was at No. 6 with 76,187 total units sold last month.