Royal Enfield, the iconic motorcycle manufacturer, has continued its impressive growth in the Indian market. In March 2024, the company sold 66,044 units domestically, showcasing a 10% year-on-year (YoY) growth compared to the 59,884 units sold in March 2023. However, there was a slight month-on-month (MoM) decline of 2.76% from the 67,922 units sold in February 2024. For the financial year 2023-24, Royal Enfield's domestic sales reached 834,795 units, marking a substantial 14% growth compared to the previous financial year.
Export Performance
On the export front, Royal Enfield experienced mixed results. In March 2024, the company exported 9,507 units, an 18.65% MoM growth compared to the 8,013 units shipped in February 2024. Despite this growth, there was a 23% YoY decline in exports compared to the 12,351 units shipped in March 2023. The total exports for the financial year 2023-24 stood at 77,937 units, showing a 22% decline compared to the previous year.
Global Expansion and New Launches
Royal Enfield has been actively expanding its global footprint, launching the 650 Twins (Continental GT 650 and Interceptor 650), along with the Shotgun 650, in the North American market. Additionally, the Bullet 350 was introduced in Japan, contributing to the brand's international presence.
Overall Sales and Future Outlook
In total, Royal Enfield produced 75,551 units in March 2024, achieving a 5% YoY growth. However, there was a marginal 0.5% MoM decline compared to the previous month. For the entire financial year, the company sold 912,732 units, surpassing the previous year's sales by 77,837 units.
Statement from Royal Enfield's CEO
B Govindarajan, CEO of Royal Enfield, expressed satisfaction with the company's performance in March 2024. He highlighted the brand's success in outpacing pre-COVID numbers and achieving healthy growth in the domestic market. Govindarajan also mentioned the strong performance of Royal Enfield's motorcycles and non-motorcycling businesses, including apparel and spares. Looking ahead, he is confident that Royal Enfield will sustain its growth momentum in the financial year 2024-25.