Hero MotoCorp along with Honda together added to a 53.4% market share with outstanding YoY growth in retail sales in February 2024
As per reports from Federation of Automobile Dealers Associations (FADA), two wheeler retail sales grew to 14,39,523 units in February 2024. This was a 13.25 percent YoY growth over 12,71,073 units sold in February 2023. It was however, a marginal MoM de-growth of 1.32 percent from 14,58,849 units sales in January 2024. Increased demand across the rural sector, new and better performing model launches coupled with Government policies with regard to electric two wheelers, the latter of which also ideally serve for last mile connectivity, have all contributed to these increased sales.
Two Wheeler Retail Sales February 2024
Hero MotoCorp along with Honda posted stellar performance to command a combined total of 53.4 percent market share. The country’s largest two wheeler maker, Hero MotoCorp reported sales of 4,13,470 units in the past month. This was YoY growth over 3,91,044 units sold in February 2023 though market share came down to 28.72 percent from 30.76 percent YoY.
Honda two wheeler sales stood at 3,55,223 units in February 2024, up from 3,02,833 units sold in February 2023. The company was in attendance at the 2024 Bharat Mobility Expo with its flex fuel two wheeler lineup on display along with its electric scooters that are set to receive their batteries from Honda Power Pack Energy India. Honda also gears up for launch of a new Scrambler and ADV. At No. 3 was TVS Motor with 2,47,880 units sold in February 2024, a growth of 2,11,988 units sold in February 2023 to command a 17.22 percent market share. It was the company’s iQube electric two wheeler that played a major role in improving its sales trajectory.
Bajaj Auto delivered 1,71,155 units in February 2024 relating to a significant YoY growth over 1,40,053 units sold in the same month last year. The Pulsar series are the company’s best-sellers which will be henceforth boosted by the new NS125, initial examples of which have just made their way into company showrooms. This new Pulsar NS125 is being introduced following earlier launch of the new Pulsar NS160 and NS200. 2024 Pulsar NS125 is priced at Rs 1.05 lakh, making it around Rs 5,000 costlier than its outgoing counterpart.
Two wheeler makers that also reported YoY growth in retail sales included Suzuki with 73,167 units sold last month. Royal Enfield has seen its YoY sales dip to 64,708 units in February 2024 from 65,128 units sold in the same month last year. India Yamaha Motors reported sales growth to 53,114 units last month from 42,821 units sold in February 2023. Yamaha marks a significant achievement as it establishes 300 Blue Square outlets in India. Introduced through the ‘The Call of the Blue’ Campaign, these Premium Outlets proudly display Yamaha’s profound Racing DNA. Each Blue Square outlet presents Yamaha’s exclusive collection of premium two-wheelers, apparel, and accessories.
Electric Two Wheeler Retail Sales February 2024
With demand in the electric two wheeler segment improving by leaps and bounds, Ola Electric has seen sales improve to 33,846 units last month. This was over 17,773 units sold in February 2023. It was also a MoM growth from 32,252 units sold in January 2024. Ola recently updated the S1 X with new colour schemes and also recently announced an extension of discounts scheme on the entire Ola S1 range till 31st March 2024.
Ather Energy saw its sales dip to 9,004 units last month from 10,071 units sold in February 2023 while it will soon see outstanding sales growth with the new Rizta electric scooter which will come in with the longest and widest seat in its segment or across the entire two wheeler segment. The new Rizta is slated to be priced around Rs 1.25 lakh to Rs 1.35 lakh (ex-showroom) while it will compete against TVS iQube S and Ola S1 series.
Greaves Mobility (Ampere EV) saw good sales growth to 2,484 units last month from just 153 units sold in February 2023. There is the new Ampere electric scooter “The Nex Big Thing”, which has received mention in the India Book of Record ahead of launch. Ampere NXG is slated to be priced around Rs. 1.50 lakh (ex-showroom) positioning it in the premium range of electric scooters among which are the likes of Ola S1 Pro, Ather 450X, Vida V1, Bajaj Chetak and TVS iQube.
The list also included Piaggio (2,886 units) while Classic Legends (Jawa / Yezdi) sales dipped to 2,556 units last month from 3,214 units sold in February 2023. There were other two wheeler OEMs in this segment that also included electric two wheeler makers who have contributed 10,030 units to total retail sales. However, this was a YoY de-growth over 23,977 units sold in February 2023.
Source: Bike - rushlane.com
