Two Wheeler Sales in March 2024, Honda, Hero, TVS and Bajaj Registered Highest MoM Sales

Overall Sales Performance of Top 6 Two-Wheeler Brands 

Hero MotoCorp

Domestic Sales: Hero MotoCorp experienced a 3.14 percent increase in domestic sales, rising from 4,45,257 units in February 2024 to 4,59,257 units in March 2024. However, there was an 8.65 percent decrease in domestic sales compared to March 2023, where the company sold 5,02,730 units.

Exports Sales: Hero witnessed a substantial 34.57 percent increase in exports, shipping 31,158 units in March 2024 compared to 23,153 units in February 2024. The YoY export growth stood at an impressive 87.56 percent, with March 2024 exports significantly higher than the 16,612 units exported in March 2023.

Hero's commuter motorcycles, including Splendor, Glamour, and Passion, contributed significantly to its sales. The introduction of the new Xtreme 125R premium motorcycle is expected to further boost sales in the 125cc segment. Needless to mention, the launch of Mavrick in mid-february has still helped Hero to stand afloat. Apart from the bike segment, Heroes electric two-wheeler scooters and Vida line has also gained popularity which further enhances Hero’s positive growth curve in upcoming months.

Honda

Domestic Sales: Honda experienced a significant MoM decline of 13.48 percent in domestic sales, dropping from 4,13,967 units in February 2024 to 3,58,151 units in March 2024. However, the YoY growth was exceptional, with domestic sales increasing by 81.33 percent compared to March 2023, where the company sold 1,97,512 units.

Exports Sales: Honda witnessed a notable MoM decline of 36.74 percent in exports, shipping 28,304 units in March 2024 compared to 44,744 units in February 2024. Despite the MoM decline, the YoY growth in exports was 95.66%, with March 2024 exports significantly higher than the 14,466 units exported in March 2023.

The company's diverse range of products catering to various needs of Indian consumers has been popular among buyers. The brand needs to further solidify its product strategy to increase overall sales performance. Moreover, the expansion plan of Honda in the electric segment with the launch of the upcoming Activa Electric and performance bike CBR500R, will definitely further boost the overall performance.

TVS Motor

Domestic Sales: TVS Motor experienced a MoM decline of 2.61 percent in domestic sales, dropping from 2,67,502 units in February 2024 to 2,60,532 units in March 2024. However, the YoY growth was positive at 8.20 percent compared to March 2023, where the company sold 2,40,780 units.

Exports Sales: TVS Motor witnessed a MoM decline of 7.08 percent in exports, shipping 83,914 units in March 2024 compared to 90,308 units in February 2024. Despite the MoM decline, the YoY growth in exports was significant at 25.66 percent, with March 2024 exports higher than the 66,779 units exported in March 2023.

TVS caters to a wide range of two-wheeler riders, by providing scooter, motorcycle, moped and electric scooters segments. Currently TVS iQube is one of the most popular model offerings from the brand which contributes to the positive sales increase. Apart from TVS iQube line, the brand offers XL100 Moped, the company offers bikes from 100cc segment like TVS Sport to 312 cc segment bikes like Apache RTR 310. However from the overall performance we can conclude that TVS needs to strengthen its market strategis.

Bajaj Auto

Domestic Sales: Bajaj Auto witnessed a MoM growth of 7.32 percent in domestic sales, increasing from 1,70,527 units in February 2024 to 1,83,004 units in March 2024. The YoY growth was impressive at 20.17 percent compared to March 2023, where the company sold 1,52,287 units.

Exports Sales: Bajaj Auto saw a MoM growth of 5.42 percent in exports, shipping 1,30,881 units in March 2024 compared to 1,24,157 units in February 2024. The YoY growth in exports stood at 38.18 percent, with March 2024 exports significantly higher than the 94,715 units exported in March 2023.

Bajaj is currently focusing on updating its existing models, mostly the pulsar range, such as upcoming Pulsar NS160, NS200 and more. The company is also considering launching India’s first CNG motorcycle by the end of 2024. Currently Bajaj offers Chetak line to the buyers, when it comes to cater the electric mobility oriented customers.

Suzuki

Domestic Sales: Suzuki witnessed a MoM growth of 3.43 percent in domestic sales, increasing from 83,304 units in February 2024 to 86,164 units in March 2024. The YoY growth was positive at 17.92 percent compared to March 2023, where the company sold 73,069 units.

Exports Sales: Suzuki saw a MoM growth in exports, shipping 17,595 units in March 2024 compared to 14,131 units in February 2024. However, there was a YoY decline of 28.59 percent in exports, with March 2024 exports lower than the 24,515 units exported in March 2023.

Suzuki is known for its high-performance bikes, catering to buyers as per their preference of motorcycle, big bikes, or scooters.  Recently the brand has launched Suzuki V-Strom 800 DE, which is expected to increase the sales further for the next month.

Royal Enfield

Domestic Sales: Royal Enfield experienced a MoM decline of 2.76 percent in domestic sales, dropping from 67,922 units in February 2024 to 66,044 units in March 2024. However, the YoY growth was positive at 10.29 percent compared to March 2023, where the company sold 59,884 units.

Exports Sales: Royal Enfield witnessed a MoM growth in exports, shipping 9,507 units in March 2024 compared to 8,013 units in February 2024. However, there was a YoY decline of 23.03 percent in exports, with March 2024 exports lower than the 12,351 units exported in March 2023.

One the first choice of each buyer when it comes to selecting a classic motorcycle, Royal Enfield is a household name. Catering a diverse segment of customers with its 350 and 650 segments, Royal Enfield is known for its performance, aesthetics and status. Though the domestic sales have slightly declined, the export sales have shown impressive growth, all because of RE’s expansion in the European market with the launch of Shotgun 650 in the past few days, and Bullet 350 in Japan a few days back. Its Himalayan Motorcycle has been one of the very first choice of all the buyers in India when it comes to select an adventure bike. 

Also Read: Aprilia Indian Listed Tuareg 660 Adventure Bike on its Official Website

CarBike360 Says

March 2024 showcased growth potential of India's two-wheeler brands, with each brand contributing to the overall positive trend. Despite challenges such as uneven month-on-month figures and varying export performances, the industry continues to thrive, driven by innovation, diverse product offerings, and strong consumer demand.