Hero MotoCorp continued to lead the list with 4.39 lakh unit sales even as it has witnessed a YoY and MoM decline in domestic markets
Leading two wheeler brands such as Hero, Honda, TVS, Bajaj, Suzuki, and Enfield have seen ups and downs in terms of both domestic sales and exports in Nov 2024. While most purchases in this two wheeler segment were made during the auspicious festive months of Sept and Oct 2024, year-end purchases have seen a decline.
Two Wheeler Domestic Sales Nov 2024
Domestic sales of two wheeler majors Hero, Honda, TVS, Bajaj, Suzuki and Royal Enfield in Nov 2024 ended on a negative note. The 6 leading OEMs accounted for a total of 15,32,048 unit sales last month which was a 1.23% YoY decline over 15,50,849 units sold in Nov 2023. MoM sales also suffered an even higher setback by 25.75% when compared to 20,63,387 units of Oct 2024 which was boosted by festive demand.
Hero MotoCorp, though the No. 1 best-selling two wheeler maker, suffered a YoY and MoM decline in sales. Sales slipped to 4,39,777 units in the past month, a 7.67% YoY and 33.07% MoM decline. The company had sold 4,76,286 units and 6,57,043 units in Nov 2023 and Oct 2024 respectively and commanded a 28.71% share on this list. Hero MotoCorp has just introduced the V2 range of electric scooters which along with the upcoming Hero Mavrick 440 Scrambler could boost sales in the months ahead.
Close behind Hero MotoCorp in terms of sales in domestic markets last month was Honda with 4,32,888 units sold. However the company has witnessed a 2.90% YoY growth from 4,20,677 units sold in Nov 2023. MoM sales declined by 21.74% over 5,53,120 units sold in Oct 2024. Honda also looks ahead with positivity with the new Activa e: and QC1 in the electric two wheeler segment and several upcoming offerings in the larger segment which will be launched through 2025.
TVS Motor sales grew by 6.34% YoY to 3,05,203 units over 2,87,017 units sold in the same month last year. Like all the other 6 two wheeler makers on this list, TVS also suffered a 21.84% MoM decline. It was followed by Bajaj Auto with a 6.86% YoY and 20.44% YoY and MoM decline in sales to 2,03,611 units.
Bajaj Freedom CNG, currently a high sales performer in the company lineup becomes even more affordable to buyers with a recent Rs 5,000-10,000 price cut. Suzuki saw a 7.11% YoY growth to 78,333 units while it suffered a 25.35% MoM decline. Royal Enfield also saw its YoY and MoM sales dip to 72,236 units relating to a 3.86% YoY and 29.10% MoM de-growth.
Two Wheeler Exports Nov 2024
In global markets, these 6 leading two wheeler makers saw improved performance. Sales were up 31.58% YoY to 3,37,562 units over 2,56,548 units sold in Nov 2023. MoM sales also improved, albeit marginally by 0.45% from 3,36,035 units sold in Oct 2024. It was Bajaj Auto that led the export list with 1,64,465 unit sales last month to see a 26.07% YoY and 3.79% MoM improvement.
Bajaj Auto commands a 48.72% share on this list. It was the only two wheeler maker to account for exports above the 1 lakh unit mark. At No. 2 on the export list was TVS with 87,150 units exported last month which related to a 33.90% YoY growth from 65,086 units shipped in the same month last year. The MoM performance however ended negatively with a 0.70% decline from 87,760 units exported in Oct 2024.
Honda’s exports also grew significantly, with 39,861 units shipped last month, reflecting a 46.70% YoY growth. Hero followed with 20,028 units shipped last month and a 35.65% YoY growth. However, both Honda and Hero suffered a MoM decline in exports by 10.61% and 7.65% respectively. Suzuki (16,037 units) and Royal Enfield (10,021 units) showed off positive performance last month with exports surging 14.87% and 95.95% respectively. These two automakers also saw its MoM exports end positively.
Total (Sales + Exports) – YoY vs MoM
In Nov 2024, taking into account total domestic and export sales for two-wheelers in India, numbers stood at 18,69,610 units. This showed off strong YoY growth at 3.44% while MoM sales declined by 22.08% from 23,99,422 units sold in Oct 2024. Honda led the market with 4,72,749 unit sales, a 5.56% YoY growth but 20.91% MoM decline.
Hero followed with 4,56,805 unit sales last month, a 6.36% YoY and 32.26% MoM decline while TVS had a total of 3,92,353 units sold in both domestic and global markets reflecting an 11.43% YoY growth but a 17.96% MoM decline. Bajaj Auto (3,68,076 units), Suzuki (94,370 units) and Royal Enfield (82,257 units) each saw its YoY total sales improved though MoM sales performance ended in the red with double digit de-growth.
Source: Bike - rushlane.com
