In February 2024, Royal Enfield achieved a total sales figure of 75,935 units, combining both domestic and export markets, marking an increase from the 71,544 units sold in February 2023. Analyzing domestic sales, there was a respectable year-on-year growth of 5.41 percent, reaching 67,922 units compared to 64,436 units in February 2023. However, there was a slight month-on-month decline of 3.37 percent, with sales decreasing from 70,556 units in January 2024 to 67,922 units in February 2024.
Breakdown of Royal Enfield Sales in February 2024
Leading Models in Domestic Sales
The Classic 350, admired for its retro design and powerful engine, emerged as the top-selling model. With 28,310 units sold in February 2024, it experienced a modest 3.09 percent increase from February 2023. Holding a significant 41.68 percent share in the company's domestic portfolio, the Classic 350 also ranked 9th in the list of top 10 motorcycle sales, surpassing the Honda Unicorn by approximately 7,000 units.
Sales of the Bullet 350cc showed a 4.52 percent year-on-year growth, with 13,944 units sold last month. However, there was a notable month-on-month decline of 10.56 percent. The RE Hunter witnessed both year-on-year (-6.21%) and month-on-month (-10.45%) decreases, with 12,122 units sold in February 2024. In contrast, the Meteor 350 experienced substantial double-digit growth of 21.30 percent year-on-year and 9.52 percent month-on-month.
New Models Gain Momentum
The 650 Twins, including the Interceptor 650 and Continental GT 650, exhibited remarkable year-on-year growth of 76.92 percent, with 2,070 units sold in February 2024. However, it was the relatively recent introduction of the RE Super Meteor that saw the highest month-on-month growth, increasing by 157.93 percent to 1,073 units from 416 units sold in January 2024.
Royal Enfield's Export Performance
Royal Enfield's export figures improved both year-on-year (12.73%) and month-on-month (42.30%), totaling 8,013 units in February 2024. Unlike the domestic market, it was the segment above 350cc that garnered more attention in global markets. The Super Meteor led the export list with 2,124 units shipped last month, showing a remarkable month-on-month growth of 286.18 percent from just 550 units in January 2024. The Super Meteor now holds a 26.51 percent share in the company’s export portfolio.
High Demand for RE Himalayan
?The RE Himalayan experienced exceptional triple-digit growth both year-on-year (102.07 percent) and month-on-month (868.94 percent), with 1,560 units shipped in February 2024. Launched in 2016 and recently updated, the Himalayan has gained popularity among adventure seekers due to its rugged chassis and high ground clearance.
Royal Enfield's performance in February 2024 reflects a mix of growth and decline across different models and markets indicating the brand's diverse customer base and evolving market dynamics.