The two-wheeler industry in India experienced a inconsistent performance in March 2024, with some manufacturers experiencing growth while others faced challenges. Hero MotoCorp, Bajaj Auto, and Suzuki reported an increase in sales, while TVS Motor Company and Royal Enfield saw a decline. The success of the industry is still influenced by factors like shifting consumer tastes shifting market dynamics, and the effects of the pandemic.
Hero MotoCorp
Hero MotoCorp retained its position as the top-selling two-wheeler manufacturer in India, with sales of 4,59,257 units in March 2024. This marked a 3.10 percent increase from February but an 8.64 percent decrease from March 2023. Despite changes in the market the brand has been able to hold its market share due to its solid consumer base and strong presence.
Honda Motorcycle & Scooter India (HMSI)
HMSI held the second position with sales of 3,58,151 units, showing a 13.48 percent decrease from February. However, compared to March 2023, the company saw a significant 81.33 percent increase. The performance of HMSI highlights the importance of adjusting to shifting consumer tastes and market conditions to stay competitive in the sector.
TVS Motor Company
TVS reported sales of 2,60,532 units, a small 2.60 percent decrease from February but an 8.20 percent increase from March 2023. The company's recent trademark of the names XL EV and E-XL indicates its commitment to innovation and exploring new market segments. Despite the slight dip in sales, TVS remains a key player in the Indian two-wheeler market.
Bajaj Auto
Bajaj Auto recorded sales of 1,93,004 units, marking a 13.18 percent increase from February and a significant 26.73 percent increase from March 2023. The company is committed to sustainability and keeping up with the changing needs of Indian consumers as seen by its upcoming introduction of its industry-first CNG bike. Bajaj's outstanding outcomes are indicative of its capacity for innovation and market leadership.
Suzuki
Suzuki continued its strong performance, selling 86,164 units in March, a 3.43 percent increase from February and a notable 17.92 percent increase from March 2023. Suzuki is focused on bringing innovative and interesting goods to meet the changing needs of Indian consumers as seen by the introduction of the V-Strom 800DE in India recently. The constant growth of the brand highlights its strong market position and consumer attractiveness.
Royal Enfield
Royal Enfield reported sales of 66,604 units, a 1.94 percent decrease from February but an 11.22 percent increase from March 2023. Due to its permanent reputation and dedicated customer base, the company keeps growing successfully in the Indian market. The long-lasting and ongoing appeal of Royal Enfield among Indian consumers is demonstrated by its ability to maintain a solid position in the market despite various difficulties.
The two-wheeler sales update for March 2024 reflects the industry's dynamic nature with some manufacturers thriving while others face challenges. Variables include changing consumer preferences, evolving market dynamics, and the results of the ongoing epidemic continue to impact the industry's success. As companies adapt to these changes to be competitive and meet the evolving needs of Indian consumers the industry remains strong.