Hero, Honda and TVS commanded the top 3 spots with an 80% combined market share
In June 2024, the 6 leading two wheeler makers in India, Hero, Honda, TVS, Bajaj, Suzuki and Royal Enfield showed mixed performance. While positive domestic sales on a YoY basis were recorded, MoM sales fell marginally. Exports also showed better performance on a YoY basis but ended negatively MoM. Two wheeler domestic sales of these 6 leading OEMs reached a total of 15,44,157 units in June 2024, a 22.73% year-on-year (YoY) growth over 12,58,192 units sold in June 2023 relating to a 2,85,965 unit volume growth. MoM sales however saw a very marginal decline of 0.11% from 15,45,789 units sold in May 2024.
Two Wheeler Sales June 2024 – Hero MotoCorp Leads Domestic Sales
Hero MotoCorp headed the list with 4,91,4156 units sold, a 16.24% YoY growth over 4,22,757 units sold in June 2023. It was also a 2.50% MoM improvement in sales as against 4,79,450 units sold in May 2024. The company noted strong demand for its Xtreme 125 and VIDA V1 models while the upcoming Scooter destinies could take on competition aggressively in the 125cc segment.
At No. 2, Honda two wheeler sales also showed YoY and MoM growth at 59.40% and 7.10% respectively to 4,82,597 units. Market share also improved from 29.15% held in May 2024 to 31.25% in the past month. In June 2024, TVS Motor saw an 8.44% YoY growth to 2,55,734 units while the company had sold 2,35,833 units in the same month last year. MoM sales however, suffered a setback as sales declined by 5.68% when compared to 2,71,140 units sold in May 2024.
While Bajaj Auto (1,77,207 units) and Suzuki (71,086 units) each posted 6.56% and 12.73% YoY improvement in domestic YoY sales, both companies saw lower MoM performance, falling by 5.91% and 22.76% respectively. Bajaj Auto expects to see great results with the new Freedom, the world’s first CNG-powered bikewhich is priced at Rs 95,000. On the other hand, Royal Enfield sales dropped 2.04% YoY but improved by 2.93% on a MoM basis to 66,117 units.
Two Wheeler Exports June 2024 – Bajaj Leads
Two wheeler exports in June 2024 ended on a positive note with a 2.53% YoY growth to 2,65,332 units, up from 2,58,790 units shipped in June 2023. MoM exports however faced some challenges and saw a decline by 9.27% when compared to 2,92,435 units exported in May 2024. Bajaj Auto was once again the highest exporter of two wheelers in June 2024 with 1,26,439 units shipped last month despite a marginal 0.72% YoY decline. Currently commanding a 47.65% share in terms of exports, the company saw its MoM performance improve by 7.94%.
TVS exports dipped both YoY and MoM by 3.11% and 24.89% respectively to 66,434 units while Honda has reported a very strong YoY improvement in exports with a massive 69.67% YoY growth. Honda exported 36,202 units last month, up from 21,337 units sold in June 2023 while MoM shipments dipped 13.51%. Suzuki (17,201 units) and Hero (12,032 units) have both posted both YoY and MoM decline in exports while Royal Enfield exports grew on a MoM basis by 2.81% to 7,024 units.
Two Wheeler Total (Sales + Exports) June 2024 – Honda Leads
Total sales (domestic and export) figures reached 18,09,489 units, relating to an 19.28% increase from sales of 15,16,982 units in June 2023. However, this was offset by a decline of 1.56% compared to May 2024 figures which had stood at 18,38,224 units. Honda was at No.1 with 5,18,799 units sold in June 2024, a 60.08% YoY growth over 3,24,093 units sold in June 2023. In May 2024, it was Hero MotoCorp that was the No. 1 best seller with total sales of 4,98,123 units which improved to 5,03,448 units in the past month.
Positive sales were also reported by TVS which improved by 5.84% on a YoY basis to 3,22,168 units but declined MoM by 10.41%. Bajaj Auto also showed affirmative total sales at 3,03,646 units, up 3.40% YoY but suffered a 0.60% MoM decline. It was also Suzuki that reported a 9.35% YoY growth but a massive 20.83% MoM decline in total sales to 88,287 units. Royal Enfield on the other hand, with a total of 73,141 units sold last month, saw a 5.15% YoY de-growth while MoM sales improved by 2.91%. These total sales figures show off better YoY sales of these 6 leading OEMs but lower MoM performance highlighting volatile market performance.
