TVS Motor Sales in March 2024, Witnessed 11% YoY Growth

Key Highlights:

• TVS Motors has achieved a total sales figure of 3,54,592units in March 2024.
• TVS overall MoM growth declined by -3.75% in March 2024.
• Overall YoY growth increased by 11.81% in March 2024 compared to March 2023.

One of the prominent two wheeler and three wheeler manufacturers, TVS Motors has achieved a total sales figure of 3,54,592units in March 2024. This achievement showcases the wide range of vehicle segments, including motorcycles, scooters, e-scooters, mopeds, and 3W-wheelers, in which TVS has its dominance. Though we can see there is a slight decline in the MoM growth, the YoY growth is mostly positive.

TVS Motor: MoM Performance

TVS Motor: YoY Performance

Bike Sales

TVS bike, led by popular models like the Apache range and Raider 125, attained a sales figure of 1,71,611 units. Although this reflects a YoY growth of 21.49%, there was a minor MoM decline of 6.74%. The volume growth YoY and MoM losses indicate fluctuations in consumer demand and market dynamics. Recently TVS launched a new and updated Apache RTR 310 in the Indian market, which will help the brand to increase its overall motorcycle sales in the upcoming months.

Scooter Sales

Scooter sales accounted for 38.17% of TVS' total sales, with models like Jupiter, Ntorq, and Zest 110, and Scooty Pep+, contributing significantly. Despite a marginal YoY growth of 2.06%, there was a slight MoM decline of 0.51%, reflecting stability in this segment. Currently TVS is offering five ICE scooters, all under Rs 1 Lakh.

E-scooter and Moped Sales

The e-scooter segment, represented by the iQube range, experienced a YoY decline of 0.74% and a significant MoM decline of 15.08%. This decline suggests potential challenges or competition faced by TVS in the electric vehicle market, many big players like OLa and Ather also provided March offers of up to Rs 25,000 to Rs 30,000, which must have influence the overall e-scooter sale of TVS Motor. Also, March has witnessed the launch of electric mopeds like Kinetic E-Luna in, which have given fierce competition to the existing moped market. The XL 100 range of mopeds witnessed a YoY growth of 10.32% but a minor MoM decline of 0.65%, maintaining its position as a significant contributor to overall sales.

Also Read: Bajaj Announces Official Launch Date for 2024 Pulsar N250, Set to Launch on April 10

TOTAL SALES OVERVIEW

2W: Domestic and Export Sales Performance

Domestic sales of 2W vehicles showcased steady growth, with a YoY increase of 8.20%, despite a MoM decline of 2.61%. Export sales saw substantial growth both YoY (25.66%) and MoM (7.08%), indicating TVS' success in international markets. However, the decline in e-scooter exports requires attention for further analysis and potential corrective measures.

3W: Domestic and Export Sales Performance

TVS' 3W segment demonstrated impressive growth in the domestic market, with a YoY increase of 56.40% and a slight MoM growth of 1.06%. However, 3W exports experienced a YoY decline of 2.42% and a significant MoM decline of 5.73%, suggesting a need for strategic adjustments in the export strategy for this segment. Currently TVS offers King range in three wheeler segment.

Total Sales Performance

In total, TVS sold 3,44,446 2W vehicles domestically, witnessing a YoY growth of 11.99%. However, there was a MoM decline of 3.73%, highlighting short-term fluctuations in market demand. The combined sales of 2W and 3W vehicles, both domestically and internationally, amounted to 3,54,592 units, reflecting a notable YoY growth of 11.81% despite a MoM decline of 3.75%.

CarBike360 Says

TVS Motor's performance in March 2024 demonstrates resilience and growth across various vehicle segments, with notable achievements in domestic and export markets. However, areas of concern such as the decline in e-scooter sales and exports warrant further analysis and strategic interventions. The company should focus on leveraging its strengths in motorcycles and scooters while addressing challenges in emerging segments like electric vehicles.

Source: TVS Sales Report PR