The first four months of 2024 were great for two-wheeler manufacturers in India, with sales zooming up by 27% compared to last year! But did the good times continue in May? The complete picture for the May two-wheeler industry in India isn’t available yet, but here’s a breakdown for some major manufacturers.
TVS:
TVS Motor Company saw a strong performance in May 2024, achieving a 12% increase in overall sales. They sold a total of 369,914 units compared to 330,609 units in May 2023.
Domestic sales also saw a positive trend, increasing by 7%. TVS sold 2.71 lakh units within the Indian market in May 2024, compared to 2.52 lakh units in May 2023.
However, the real surge came from exports, which jumped by an impressive 27%. TVS exported 96,966 units in May 2024, a significant increase from the 76,607 units exported in May 2023.
Bajaj Auto:
Bajaj Auto’s May 2024 sales performance presented a contrasting picture. While they managed to achieve a 4% increase in overall sales, totaling 3,05,482 units compared to the previous year 2,97,733 units, domestic sales faced a slight decline of 3% from 1,94,811 units in May 2023 to 1,88,340 Units in May 2024.
Despite the domestic market showing a dip, Bajaj Auto maintained its dominance in the export arena. They achieved a 4% year-on-year growth in exports, shipping 1,17,142 units in May 2024 compared to 1,12,885 units in the same period last year.
Suzuki Motorcycle India:
Suzuki Motorcycle India enjoyed a stellar performance in May 2024, achieving a remarkable 22% year-on-year growth in total sales. They revved up their engine, selling a total of 1,11,512 units compared to 91,316 units in May 2023.
This growth momentum was particularly strong in the domestic market, where Suzuki witnessed a surge of 37%. They sold 92,032 units within India in May 2024, compared to 67,040 units sold in the same period last year.
Royal Enfield:
Royal Enfield’s May 2024 sales figures show a slight decline compared to May 2023. Total dispatches reached 71,010 units, down from 77,461 units in the previous year.
While domestic sales saw a dip of 8%; international sales offered a bright spot with a 12% increase to 7,479 units in May 2024. It’s worth noting that nearly 90% of Royal Enfield’s sales come from motorcycles with an engine capacity of up to 350 cc.
Hero MotorCorp:
Hero MotoCorp’s May 2024 sales figures revealed a mixed bag of results. While exports soared, domestic sales experienced a slight decline.
Hero’s sales were down by 4.1% (498,123 units vs 519,474 units) But It’s important to note that this decline in May follows a period of positive growth. Looking at the bigger picture, Hero MotoCorp’s total sales for the first two months of the fiscal year 2025 (April & May) witnessed a 12.6% increase compared to the same period last year.
Despite the dip of 7% in domestic sales (479,450 units vs 508,309 units), Hero MotoCorp found success in the export market. They achieved a significant 67% increase in exports, shipping 18,673 units in May 2024 compared to 11,165 units in the same period last year.
OLA:
Ola Electric, one of the leading electric scooter manufacturer in India, continued its dominance in May 2024. They reported a healthy sales increase of 6.26%, reaching 37,191 units sold compared to over 35,000 units in May 2023.
This impressive growth further solidifies Ola Electric’s position as a major player in the electric scooter market. According to Vahan portal data, they currently hold a commanding 49% market share in the segment.