October 2023 has proven to be a significant month for India’s two-wheeler industry. Hero MotoCorp, Bajaj Auto, TVS Motor, Honda Motorcycle and Scooter India (HMSI), Suzuki, and Royal Enfield have all recorded record sales.
The arrival of the holiday season, which is generally associated with an increase in consumer spending, has greatly contributed to these figures. The industry experienced a healthy 21% increase in the domestic market, while export data improved by 2.55 per cent year on year.
Domestic Sales of Indian Two-Wheeler Industry
Hero MotoCorp was in the lead with impressive sales of 5,59,766 units, marking a 26.41 per cent growth year-over-year (YoY) and capturing a 30.91 per cent market share. On a month-over-month (MoM) basis, Hero saw a 7.69 per cent increase from September 2023’s sales.
Honda Motorcycle & Scooter India (HMSI) was in the second spot with 4,62,747 units, an 8.63 per cent rise YoY, although it experienced a 5.91 per cent dip MoM.
TVS Motor’s performance stood out with a 25.01 per cent YoY escalation at 3,44,957 units sold, together with a 14.80 per cent MoM increase, showcasing the growing consumer preference for their products like the TVS iQube electric scooter.
Bajaj Auto’s sales were nothing short of extraordinary, experiencing a 35.10 per cent YoY jump to 2,78,486 units and an even more significant 37.52 per cent MoM increase, led by the popular Bajaj Pulsar range.
Suzuki and Royal Enfield, while not leading the sales chart, have shown positive performance in the Indian two-wheeler market for October 2023. Suzuki sold 84,302 units, which reflects growth both on a year-over-year (YoY) and month-over-month (MoM) basis. However, the specific percentages of this growth were not disclosed.
Royal Enfield sold 80,958 units in the domestic market, representing a YoY and MoM rise. However, when it comes to exports, Royal Enfield had a significant drop, with a 39.07 per cent drop YoY and a 19.50 per cent drop MoM, selling only 3,477 units internationally.
In the foreign market, exports climbed by 2.55 per cent year over year but fell by 4.16 per cent month over month. Despite a 4.50 per cent YoY fall in exports, Bajaj Auto emerged as the export leader, with a strong 47.97 per cent share of the export market.
Suzuki’s exports, on the other hand, fell 11.08 per cent year over year but increased month over month, indicating a possible comeback. Hero MotoCorp and Royal Enfield exhibited a similar image, with Hero growing by 28.98 per cent year on year but falling by 39.07 per cent year on year.
Growth in Sales
In terms of overall sales, which include both domestic and export figures, the industry sold 20,81,510 units in October 2023. This represents an 18.23 per cent growth year on year and a 6.49 per cent gain month on month.
Hero MotoCorp once again dominated these numbers, with overall sales increasing by 26.47 per cent year over year and 7.16 per cent month over month. Honda came in second but with a 6.47 per cent MoM decrease. TVS, Bajaj Auto, Suzuki, and Royal Enfield all reported YoY and MoM increases in total sales, closing up a month of strong results for the industry.