Honda has overtaken Hero MotoCorp both in domestic and export market on a YoY basis and in terms of total YTD sales
Honda Motorcycle and Scooter India (HMSI) has overtaken Hero MotoCorp in two wheeler sales in July 2024. Honda dispatched a total of 4.83 lakh two-wheelers and 4.39 lakh units in the domestic market in July while Hero dispatched a total of 3.70 lakh units in the past month and 3.47 lakh units in domestic markets.
Honda Overtakes Hero – Becomes No 1 2W brand of India
Honda has experienced strong sales both in domestic and export markets allowing the automaker to surge over market leader Hero MotoCorp last month by 1,12,726 units. The gap in sales between these two OEMs have been shrinking ever since the split in 2011 and had narrowed down considerably in recent months. For the first time, Honda has overtaken Hero in the domestic market monthly sales.
Honda has reported total two wheeler sales at 4,83,100 units in July 2024. This was a growth of 42.80% over 3,38,310 units sold in July 2023 relating to a volume increase of 1,44,790 units. This included 4,39,110 units sold in domestic markets, a 41.26% YoY growth from 3,10,867 units sold in July 2023 while exports surged 60.27% to 43,982 units in the past month over 27,443 units shipped in the same month last year. While the company’s domestic share is at 90.90%, exports command a 9.10% share. However, when comparing sales on a month-on-month (MoM) basis, Honda has seen a 9.01% decline in domestic sales from 4,82,597 units sold in June 2024. Exports held their ground with a 21.49% improvement over 36,202 units shipped in June 2024. Lower domestic sales took total MoM sales down by 6.88% from 5,18,799 units sold in June 2024.
Honda has also done exceedingly well in terms of year-to-date (YTD) sales. Total sales during the period April to July 2024 stood at 20,36,292 units, up 49.01% over 13,66,542 units sold in the corresponding months of 2023. This was a volume improvement of 6,69,749 units. The company excelled both in domestic and export markets with a 46.74% growth in domestic sales from 12,63,056 units to 18,53,350 units. Exports on the other hand surged 76.78% from 1,03,487 units shipped during the April-July 2023 period to 1,82,942 units in the same period of the current year.
Hero MotoCorp YoY and YTD Sales July 2024
Hero MotoCorp that has seen a slew of big launches in the premium segment in the recent past and is actively testing the new Xpulse 210, has recorded sales of 3,70,374 units in July 2024. This included 3,40,390 motorcycles and 29,884 scooters, both of which have declined on a YoY basis by 5.60% and 2.72% respectively. Domestic sales also took a beating down by 6.43% to 3,47,335 units while there had been 3,71,204 units sold in July 2023. Exports of the company increased to 22,739 units in July 2024 from 20,106 units shipped in July 2023. Hero MotoCorp has presence across 48 global markets with production facilities in India, Bangladesh and Colombia.
Month-on-month sales also remained in the negative in domestic markets while exports grew immensely. Motorcycle sales dipped 28.07% from 4,73,228 units sold in June 2024 relating to a 1,32,838 unit volume decline. Scooter sales saw a narrower fall by 1.11% from 30,220 units sold in June 2024. Total domestic sales dipped by 29.32% from 4,91,416 units sold in June 2024 while exports improved by a massive 88.99% to 22,739 units last month from only 12,032 units shipped in June 2024.
YTD sales of Hero MotoCorp showed off more positive results as total sales grew by 9.27% to 19,05,530 units in the April-July 2024 period over 17,43,884 units sold in the same months last year. Motorcycle sales were up 9.74% to 17,81,346 units from 16,23,232 units while scooter sales grew by2.84% to 1,24,084 units from 1,20,652 units.
Total domestic sales also saw an 8.47% growth while exports improved by 33.02% to 18,31,497 units and 73,733 units respectively. Hero MotoCorp asserts that supply chain constraints and logistics disruptions impacted dispatches and plans to boost sales leading to the festive season.
Source: Bike - rushlane.com
