News/ Industry/ April 2024 Two-Wheeler Sales Analysis: The Winners and Losers

April 2024 Two-Wheeler Sales Analysis: The Winners and Losers

Promises and expectations are secondary when it comes to studying market trends. Numbers. They matter the most and when it comes to a dynamic industry like our very own two-wheeler industry, numbers matter even more. In the month of April, the two-wheeler industry showcased disruptive performance with only a handful of manufacturers getting their numbers marked in red. There are multiple reasons that could be behind this growth. Take stable fuel prices and positive market sentiment for instance. Should we let the numbers do the talking

Hero Motocorp

The new fiscal year had a glorious start for Hero Motocorp as the largest two-wheeler manufacturer in the world reported a substantial 34.7 percent year-over-year growth compared to April 2023. Hero Motocorp sold a total of 5,33,585 units in the month of April. If you read between the lines, Hero MotoCorp's domestic market witnessed a robust 33 percent YoY growth. The prime reason behind Hero’s resurgence can be attributed to the popularity that it enjoys in the commuter segment. The Xtreme 125R, Hero’s latest commuter has been garnering a lot of traction.

Honda

Hero might be happy with their clocked sales figures but Honda must be ecstatic! The Japanese bikemaker outsold Hero in overall sales figure of April 2024. HMSI managed to sell a total of 561,946 units in April, registering a strong 45 per cent year-on-year growth. However, when it comes to strictly domestic sales, it is still Hero at the top because Honda managed to sell 481,046 units, witnessing a 42 per cent growth over April 2023. In comparison, Hero MotoCorp sold 513,296 units in the same month in India.

TVS

TVS Motor Company also registered strong performance by raking in 383,615 units in April 2024, thus registering a growth of 25% with sales increasing from 306,224 units in April 2023. Domestic two-wheeler registered growth of 29% with sales increasing from 232,956 units in April 2023 to 301,449 units in April 2024. Motorcycle sales recorded a growth of 24 per cent in April 2024 at 1,88,110 units, from 1,52,365 units retailed in April 2023. Sales of scooters in April 2024 grew by 34 per cent to 1,44,126 units as against 1,07,496 units made in April 2023.

Bajaj

Sticking true to the industry trend, Bajaj Auto also posted a 19% YoY growth when taking into account both exports and domestic sales. Delving deep into the numbers, Bajaj managed to sell 3,41,789 units in April 2024, up from 2,87,985 units sold in April 2023. Talking about domestic sales alone, Bajaj Auto posted a substantial YoY growth of 19% as it sold 2,16,950 units in April 2024 compared to 1,81,828 units in the same period last year.

Suzuki

Suzuki India, although couldn’t match its rivals in terms of sheer numbers, still posted a hike of 12 per cent in volumes for the month. The Japanese giant sold 99,377 units in April 2024. Talking about domestic sales alone, Suzuki’s sales stood at 88,067 units, registering a 31 per cent growth against 67,259 units in April last year. However, another major highlight of Suzuki’s Indian voyage was that it rolled out its eight millionth vehicle from its manufacturing plant in the country.

Royal Enfield

Royal Enfield also posted decent growth in the month of April as it registered an increase of 12 per cent. During the same period last year, RE clockeid in 73,136 units. While in April 2024, RE upped the ante by rolling out 81,870 units. In domestic sales, RE sold 75,038 units and hence, registering a YoY growth of 9%.

Electric Two-Wheeler Sales

A shift in government subsidies has had a direct and negative impact on the popularity of electric two-wheelers in the country. So much so that the industry posted 50% in April from the previous month, as a seasonal slump. While Ola Electric achieved a record high sales figure of 50,000 units in the previous month, in April the overall sales plummeted to just 33,000 units. The whole industry demonstrated the same because the total sales figure stood at just 66,000 units. Even industry biggies like Bajaj and TVS Motors also saw a slump in their electric two-wheeler sales last month. Bajaj sold just over 7,500 units in April, compared with more than 18,000 in the previous month. At TVS, sales fell to 7,600 units from around 26,000 in March.

TopGear Magazine May 2024