Royal Enfield, the iconic motorcycle manufacturer and India's leading classic bike manufacturer has ended February 2024 with style. The company witnessed a decent year-on-year (YoY) growth over last year's sales performance and a negligible month-on-month (MoM) decline compared to sales in January 2024.
Royal Enfield Sales February 2024
The company dominates the 300cc to 500cc motorcycle segment with an 85.3% market share. The 350cc portfolio, powered by the 349cc J-series engine and J-platform, brings the highest volume for the bike maker, including models like Classic 350, Bullet 350, Hunter 350, and Meteor 350. In February 2024, 350cc bikes accounted for 87.12% of the company's total sales, with 66,157 units sold. In comparison to 64,810 units sold in February 2023, this represents a 2.08% YoY gain; but, in comparison to 67,620 units sold in January 2024, this indicates a 2.16% MoM decline. The 350cc bikes sold 7,45,724 units YTD in FY24, marking a 10.71% YoY growth over 6,73,582 units from FY23.
Royal Enfield's Greater than 350cc Portfolio
This includes models based on the 411cc platform (Scram 411), the Sherpa 450 platform (New Himalayan), and the 650cc platform (Interceptor 650, Continental GT 650, Super Meteor 650, and Shotgun 650). The >350cc portfolio accounted for 12.88% of Royal Enfield's total sales, with 9,778 units sold. This segment registered a 45.2% YoY growth and a 14.14% MoM growth. YTD analysis shows a 2.67% YoY growth in this segment, with 91,457 units sold.
Domestic and Export Sales
Royal Enfield's domestic sales stood at 67,922 units, accounting for 89.45% of the company's total sales, with a 5.39% YoY growth and a 3.73% MoM decline compared to 70,556 units sold in January 2024. In the YTD report, domestic sales increased by 13.90% YoY to 7,68,751 units sold. A higher potential for exporting has been guaranteed by the introduction of more innovative and appealing products. At 8,013 units, Royal Enfield exports have seen a commendable 12.73% YoY growth and a massive 42.30% MoM growth compared to 7,108 units shipped a year ago and 5,631 units shipped a month before. In YTD, exports saw a 21.98% YoY decline with 68,430 units shipped.
There were 75,935 units sold by Royal Enfield overall in the February 2024 sales statistics. An annual growth rate of 6.12% was guaranteed by the 71,554 units from February 2023. However, the January 2024 total of 76,187 units guaranteed a 0.33% MoM decrease. With a volume growth of 74,521 units, Royal Enfield's YTD sales of 8,37,181 units represented a 9.77% YoY increase over the 7,62,660 units sold in FY23.