The Indian two-wheeler industry witnessed varied performances among its key players in the month of December 2023. Here’s an elaboration on each company’s sales figures, market strategies, and notable developments during this period.
Hero MotoCorp
Hero MotoCorp experienced a 5% growth in sales during the January-December period of 2023. With 54.99 lakh units sold compared to 52.47 lakh units in 2022. In December 2023 alone, the company dispatched 393,952 units, expressing optimism for a positive momentum in the upcoming quarters. Notably, a strategic partnership with Ather Energy was announced to establish an interoperable fast-charging network across India. Covering 100 cities with over 1900 fast-charging points, aiming to enhance the EV user experience.
Suzuki Motorcycle India
Suzuki Motorcycle India recorded a 24% year-on-year growth, selling 79,483 units in December 2023. While this marked a decline from the previous month’s sales of 87,096 units, the company remains competitive in both domestic and international markets, exporting 10,458 units. The year-on-year sales growth signifies the brand’s solid market presence.
Bajaj Auto
Bajaj Auto reported a notable 16% rise in total sales. Thus reaching 3,26,806 units in December 2023 compared to 2,81,514 units in the same period the previous year. This growth was largely driven by a 15% increase in two-wheeler sales, with domestic sales up by 26%. Additionally, their commercial vehicle segment also witnessed a significant 27% rise in sales compared to the previous year.
Royal Enfield
Royal Enfield, despite its leadership in the mid-size motorcycle segment, faced a 4% decline in domestic sales and a 7% drop in total sales in December 2023 compared to the previous year. Year-to-date figures showed a contrasting picture, with a 16% growth in domestic sales but a 26% decrease in exports in the 2022-23 period. The company’s total sales witnessed an 11% increase year-over-year.
TVS Motor Company
TVS Motor Company reported robust growth across various segments in December 2023. With a 25% overall increase in monthly sales, the company experienced significant growth in domestic two-wheeler sales (33%) and exports (13%). However, their three-wheeler segment saw a decline of 17.51% in sales during the same period. The third quarter of the fiscal year marked substantial growth in two-wheeler sales, including a notable 65% increase in EV sales compared to the previous year’s figures.
Honda Motorcycle and Scooter India
Honda Motorcycle and Scooter India showcased a strong performance in December 2023, achieving a total sales figure of 3,17,123 units. Notably, domestic sales grew by 23%, while exports surged impressively by 82% year-over-year. This robust performance contributed to the company’s total sales for the calendar year 2023, which reached 43,84,559 units.
Ola Electric
Ola Electric demonstrated significant progress in the EV segment, recording 30,219 registrations in December 2023. The company attained a 40% market share in the EV two-wheeler segment, marking a 74% year-on-year growth. Moreover, it achieved a 48% quarter-over-quarter growth, with 83,963 registrations during the quarter ended December 2023.
Ather Energy
Ather Energy faced a decline in sales, selling 6,481 units in December 2023, which represented a drop of 29.98% compared to November 2023. However, the Indian electric two-wheeler market is poised for growth in 2024, fuelled by government incentives, improved charging infrastructure, and new model launches by various players, creating a promising landscape for the industry’s evolution.
Overall, the Indian two-wheeler market witnessed diverse performances among key players in December 2023, driven by various factors such as market strategies, product offerings, and evolving consumer preferences. The sector’s progression continues to be influenced by the rise of electric vehicles, partnerships for charging infrastructure, and market competition, indicating an exciting and transformative period ahead for the industry.