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TVS Motor’s Overall Sales hit 33% YoY Growth in February 2024

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Gargi
Gargi
|Updated on:04-Mar-2024 06:54 AM

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ByGargi

Updated on:04-Mar-2024 06:54 AM

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TVS Motor's February 2024 Sales Soar with 33% Year-over-Year Growth, Reflecting Market Dominance and Strategic Expansion Efforts.

TVS Motor’s Overall Sales hit 33% YoY Growth in February 2024
TVS February Sales Report 

Key Highlights:

  • TVS Motor's export segment witnessed a staggering 85.11% Year-over-Year growth.
  • TVS Motor demonstrated a MoM growth of 8.52%.
  • TVS motorcycle segment showed 45.77% Y0Y growth.

TVS Motor, India’s prominent manufacturer of two-wheelers (2W) and three-wheelers (3W), has continued its trend of growth, both domestically and internationally. In February 2024, the company achieved remarkable sales figures, reflecting its strategic expansion efforts and product innovation. The following analysis delves into the YoY (Year-over-Year) and MoM (Month-over-Month) sales performance of TVS Motor, providing insights into its key segments.

Year-over-Year (YoY) Sales Analysis:

TVS Motor

Feb’24

Feb’23

Difference

Growth% (YoY)

Motorcycles

1,84,023

1,26,243

57,780

45.77

Scooter

1,32,152

1,04,825

27,327

26.07

E-scooter

17,959

15,522

2,437

15.70

Moped

41,635

35,958

5,677

15.79

2W Domestic

2,67,502

2,21,402

46,100

20.82

2W Exports

90,308

45,624

44,684

97.94

2W Total

3,57,810

2,67,026

90,784

34

TVS Motor

Feb’24

Feb’23

Difference

Growth% (YoY)

3W Domestic

2,066

1,343

723

53.83

3W Exports

8,548

7,781

767

9.86

3W Total

10,614

9,124

1,490

16.33

TVS Motor

Feb’24

Jan’24

Difference

Growth% MoM

Domestic (2+3)

2,69,568

2,70,170

-602

-0.22

Export (2+3W)

98,856

69,343

29,513

42.56

Total (2+3W)

3,68,424

3,39,513

28,911

8.52

Motorcycles: Motorcycles emerged as the highest-selling category for TVS Motor in February 2024, witnessing a remarkable YoY growth of 45.77%. Sales surged to 1,84,023 units compared to 1,26,243 units in February 2023, indicating robust consumer demand and effective market strategies.

Scooters and E-Scooters: The scooter segment experienced significant YoY growth, with sales reaching 1,32,152 units, marking a substantial increase of 26.07% compared to the previous year. TVS Motor's venture into the electric scooter market also yielded positive results, with 17,959 units sold, reflecting a YoY growth of 15.70%.

Mopeds: TVS Motor maintained its dominance in the moped segment, recording a YoY growth of 15.79%. Sales figures reached 41,635 units, indicating sustained demand for this category despite market fluctuations.

Domestic and Export Sales: Domestic sales (2W+3W) demonstrated a commendable YoY growth of 21.03%, with total sales reaching 2,69,568 units. The export segment witnessed a remarkable YoY growth of 85.11%, highlighting TVS Motor's successful expansion into international markets.

Overall YoY Performance: In total, TVS Motor sold close to 3.67 lakh vehicles in February 2024, marking a substantial YoY growth of 33.41%. This overall performance underscores the company's effective market strategies and strong customer appeal across various segments.

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TVS Motor’s Overall Sales hit 33% YoY Growth in February 2024
Pie Chart TVS Segment-wise Sales in February

Month-over-Month (MoM) Sales Analysis:

TVS Motor

Feb’24

Jan’24

Difference

Growth% MoM

Motorcycle

1,84,023

1,55,611

28,412

18.26

Scooter

1,32,152

1,32,290

-138

-0.10

E-Scooter

17,959

16,276

1,683

10.34

Moped

41,635

42,036

-401

-0.95

2W Domestic

2,67,502

2,68,233

-731

-0.27

2W Exports

90,308

61,704

28,604

46.36

2W Total

3,57,810

3,29,937

27,873

8.45

TVS Motor

Feb’24

Jan’24

Difference

Growth% MoM

3W Domestic

2,066

1,937

129

6.66

3W Export

8,548

7,639

909

11.90

3W Total 

10,614

9,576

1,038

10.84

TVS Motor

Feb’24

Jan’24

Difference

Growth% MoM

Domestic (2+3)

2,69,568

2,70,170

-602

-0.22

Export (2+3W)

98,856

69,343

29,513

42.56

Total (2+3W)

3,68,424

3,39,513

28,911

8.52

Motorcycles: Motorcycle sales witnessed a notable MoM growth of 18.26%, with 1,84,023 units sold in February 2024 compared to 1,55,611 units in January 2024. This increase reflects sustained consumer interest and effective promotional activities.

Scooters and E-Scooters: Although the scooter segment experienced a slight MoM decline of 0.10%, with sales totaling 1,32,152 units, TVS Motor's electric scooter sales saw a significant MoM growth of 10.34%, reaching 17,959 units. These fluctuations emphasize the need for agile marketing strategies to address changing consumer preferences.

Mopeds: Despite a MoM decline of 0.95%, TVS Motor maintained its leading position in the moped segment, with sales totaling 41,635 units in February 2024. This decline highlights the importance of continuous market monitoring and adaptation to ensure sustained growth.

Domestic and Export Sales: Domestic sales (2W+3W) experienced a marginal MoM decline of 0.22%, while export sales demonstrated a significant MoM growth of 42.56%. These fluctuations underscore the importance of diversifying market reach and optimizing production capacities to capitalize on emerging opportunities.

Overall MoM Performance: Overall, TVS Motor witnessed a commendable MoM growth of 8.52%, with total sales reaching close to 3.67 lakh vehicles in February 2024. This performance highlights the company's ability to adapt to evolving market dynamics and maintain steady growth momentum.

CarBike360 Says

The separate analyses of YoY and MoM sales performance for February 2024 provide valuable insights into TVS Motor's market strategies and consumer trends. Despite minor fluctuations, the company's overall sales performance underscores its resilience and adaptability in navigating dynamic market conditions, positioning it as a key player in the automotive industry.


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