Royal Enfield March 2024 Sales, Showcased 2.4% MoM Growth

Key Highlights:

• Royal Enfield witnessed a 5% increase in motorcycle sales in March 2024.
• Total sales reached 75,551 units in March 2024.
• Domestic sales experienced a notable growth of 10% in March 2024 on YoY basis.

Compared to March 2023, with total sales reaching 75,551 units, the renowned classic motorcycle brand, Royal Enfield witnessed 5% increment in monthly sales in March 2024. With sales of 66,044 units in the domestic market the brand has showcased its dominance in the two-wheeler industry. Despite facing slight decrease in the export sales on YoY basis the brand has showcased impressive MoM sales growth, which must be due to efficient and effective expansion plans in the International Market of Europe and Japan.

Month-over-Month (MoM) Sales Performance

Domestic sales increased by 2.4% in March 2024 compared to February 2024, reaching 66,044 units. Export sales surged by 33.7% in March 2024 compared to February 2024, totaling 9,507 units. Overall sales witnessed a growth of 5.5% in March 2024 compared to February 2024, amounting to 75,551 units. Sales of motorcycles with engine capacity less than 350 cc experienced a marginal growth of 0.3%. Sales of motorcycles with engine capacity greater than 350 cc saw a significant growth of 6%.

Year-over-Year (YoY) Sales Performance

Domestic sales increased by 10% in March 2024 compared to March 2023, reaching 66,044 units. Export sales declined by 23% in March 2024 compared to March 2023, totaling 9,507 units. Overall sales grew by 5% in March 2024 compared to March 2023, amounting to 75,551 units. Sales of motorcycles with engine capacity less than 350 cc increased by 6%. Sales of motorcycles with engine capacity greater than 350 cc decreased by 3%.

Year-to-Date (YTD) Performance

Domestic sales for the financial year (April 2023 - March 2024) surged by 14% compared to the previous financial year, reaching 8,34,795 units. Export sales for the financial year declined by 22% compared to the previous financial year, totaling 77,937 units. Overall sales for the financial year witnessed a growth of 9% compared to the previous financial year, amounting to 9,12,732 units.

Sales of motorcycles with engine capacity less than 350 cc increased by 10% over the financial year. Sales of motorcycles with engine capacity greater than 350 cc grew by 2% over the financial year.

Market Strategy and Product Lineup

• Royal Enfield offers a diverse portfolio which caters to a wide range of segment oriented customers in the market, including tourer, cruisers, adventure bikes, and classic motorcycles. Notable models such as the Classic 350, Bullet 350, and Meteor 350 contribute immensely to sales volume.
• With models like the Scram 411 and Himalayan, RE has expanded its adventure and crossover segment which can be considered as a strategic and consumer oriented effort to enter the new trends in the automotive market.
• RE’s 650 twin lineup offers Interceptor 650, Continental GT 650, Super Meteor 650 and the Shotgun 650. The overall sales increment has definitely been the result of launch and distribution of Royal Enfield Shotgun 650. Hunter 350 has also been a popular choice among Indian buyers.
• The establishment of a subsidiary in the Netherlands signifies a strategic move to enhance the brand's supply chain efficiency and distribution network in Europe. Royal Enfield has recently introduced the Shotgun 650 model in North America, targeting the cruiser segment.
• Apart from expanding its portfolio in Europe,  Royal Enfield launched its Bullet 350 model in Japan, aiming to reach not only the western buyers but the eastern enthusiasts of this classic motorcycle brand too.

CarBike360 Says

Royal Enfield has showcased consistency with the monthly growth stats, though the company has faced 23% decline in export on YoY basis, with new expansion strategy we have seen the brand showcasing positive growth of 33.7% in March 2024 sales when compared with February 2024 sales. Overall, we can state that maintaining the same positive pace of growth Royal Enfield will continue to sustain its growth and leadership in the two-wheeler industry.