In March 2024, the Indian two-wheeler industry continued to perform strongly, showing positive sales both in domestic markets and exports. Among the top six two-wheeler manufacturers, Hero MotoCorp and Honda emerged as leaders, holding significant leads over TVS Motor, Bajaj Auto, Suzuki, and Royal Enfield.
Domestic Sales in March 2024
Domestic sales surged by 15.24 percent Year-on-Year (YoY) to reach 1,413,152 units, up from 1,226,262 units in March 2023. However, there was a month-on-month (MoM) decline of 2.44 percent compared to February 2024's sales of 1,448,479 units.
Hero MotoCorp retained its top position despite an 8.65 percent YoY decline in sales. The company sold 459,257 units, down from 502,730 units in March 2023, but experienced a 3.14 percent MoM growth from February 2024's 445,257 units. The sales were primarily driven by commuter motorcycles like Splendor, Glamour, and Passion with the new addition of the Xtreme 125R premium motorcycle expected to boost sales further.
Honda secured the second position with an impressive 81.33 percent YoY growth in domestic sales, reaching 358,151 units. However, its MoM performance witnessed a decline of 13.48 percent compared to February 2024's sales of 413,967 units. In March 2024, Honda surpassed the milestone of 6 crore domestic sales since it started operating independently in 1999, thanks to its diverse range of products catering to various needs of Indian consumers.
TVS also recorded an 8.20 percent YoY growth but experienced a 2.61 percent MoM decline, selling 260,532 units. Both Bajaj Auto and Suzuki witnessed growth in both YoY and MoM sales, with 183,004 units and 86,164 units, respectively. Royal Enfield ended March 2024 on a positive note with a 10.29 percent YoY growth, selling 66,044 units, despite a 2.76 percent MoM decline.
Exports in March 2024
Bajaj Auto led in exports, shipping 130,881 units globally in March 2024, marking a significant increase of 38.18 percent YoY. MoM exports also saw improvement, rising by 5.42 percent.
TVS witnessed a 25.66 percent YoY growth in exports but experienced a 7.08 percent MoM decline, shipping 83,914 units. Hero MotoCorp followed closely, with 31,158 units shipped, representing an 87.56 percent YoY and 34.57 percent MoM growth. Suzuki and Royal Enfield saw a decline in YoY exports but improved on a MoM basis, shipping 17,505 units and 9,507 units, respectively.
Overall, two-wheeler exports increased by 31.31 percent YoY to 301,269 units, although MoM sales fell by 1.06 percent in March 2024.
Total Sales (Domestic + Exports) in March 2024
Cumulative two-wheeler sales in March 2024 reached 1,714,421 units, reflecting a robust 17.77 percent YoY growth from March 2023. However, there was a 2.20 percent MoM decline compared to February 2024.
Hero MotoCorp maintained its lead with a total of 490,415 units sold in March 2024, despite a 5.57 percent YoY decline. Honda showcased outstanding performance with an 82.31 percent improvement in sales, reaching 386,455 units. TVS sold 344,446 units in both domestic and export markets, experiencing an 11.99 percent YoY growth but a 3.73 percent MoM decline.
Bajaj Auto and Suzuki each posted YoY and MoM growth in total sales, selling 313,885 units and 103,669 units, respectively. Royal Enfield trailed the list with 75,551 units sold, reflecting a 4.59 percent YoY growth but a marginal 0.51 percent MoM dip in sales.