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

|Updated on:06-Apr-2024 09:45 AM

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March 2024 saw India's two-wheeler industry thriving with positive growth in both domestic sales and exports. Hero MotoCorp and Honda led in domestic sales, while Bajaj Auto dominated exports.

Two Wheeler Sales in March 2024, Honda, Hero, TVS and Bajaj Registered Highest MoM Sales
TWO WHEELER SALES IN MARCH 2024

Key Highlights:

  • Hero showcased the highest MoM growth in Export Sales with 34.57% growth in March compared to February.
  • Highest Domestic MoM sales growth of 7.32% has been showcased by Bajaj.
  • With 95.66% YoY Export Sales and 81.33% YoY domestic sales growth in March 2024 Honda ranked highest.

March 2024 witnessed India's two-wheeler industry continuing its robust performance, with positive growth in both domestic sales and exports. Hero MotoCorp and Honda emerged as dominant forces in domestic sales, while Bajaj Auto led in the exports segment.

Two Wheeler YoY Sales Performance

Particulars

March’24

March’23

Difference

YoY Growth%

Hero 

Domestic

4,59,257

5,02,730

-43,473

-8.65

Export

31,158

16,612

14,546

87.56

Honda

Domestic

3,58,151

1,97,512

1,60,639

81.33

Export

28,304

14,466

13,838

95.66

TVS

Domestic

2,60,532

2,40,780

19,752

8.20

Export

83,914

66,779

17,135

25.66

Bajaj

Domestic

1,83,004

1,52,287

30,717

20.17

Export

1,30,881

94,715

36,166

38.18

Suzuki

Domestic

86,164

73,069

13,095

17.92

Export

17,595

24,515

-7,010

-28.59

Royal Enfield

Domestic

66,044

59,884

6,160

10.29

Export

9,507

12,351

-2,844

-23.03

Two Wheeler MoM Sales Performance

Particulars

March’24

February’24

Difference

MoM Growth%

Hero 

Domestic

4,59,257

4,45,257

14,000

3.14

Export

31,158

23,153

8,005

34.57

Honda

Domestic

3,58,151

4,13,967

-55,816

-13.48

Export

28,304

44,744

-16,440

-36.74

TVS

Domestic

2,60,532

2,67,502

-6,970

-2.61

Export

83,914

90,308

-6,394

-7.08

Bajaj

Domestic

1,83,004

1,70,527

12,477

7.32

Export

1,30,881

1,24,157

6,724

5.42

Suzuki

Domestic

86,164

83,304

2,860

3.43

Export

17,595

14,131

3,374

23.88

Royal Enfield

Domestic

66,044

67,922

-1,878

-2.76

Export

9,507

8,013

1,494

18.64

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. 

Two Wheeler Sales in March 2024, Honda, Hero, TVS and Bajaj Registered Highest MoM Sales
2W Segment-wise March Sales Overview

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. 

Jawa Launches Yezdi Adventure Mountain Pack As Standard Kit; Check Details

|Updated on:29-May-2024 01:24 PM

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Jawa Yezdi Motorcycles has launched the Mountain Pack for the Yezdi Adventure, adding touring accessories to the standard kit.

Jawa Launches Yezdi Adventure Mountain Pack As Standard Kit; Check Details

Jawa Yezdi: Jawa Yezdi Motorcycles has launched the Mountain Pack for the Yezdi Adventure, adding touring accessories to the standard kit. Priced at ₹2.15 lakh (ex-showroom), the Mountain Pack was previously an optional accessory for ₹17,000 and is now included in the bike's ex-showroom cost. This offer coincides with the start of the mountain riding season and is available for a limited time.
 

Upcoming FAME 3 Scheme to Offer INR 10,000 Crore for Hybrid Vehicles

|Updated on:29-May-2024 12:35 PM

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Discover the upcoming FAME 3 Scheme offering INR 10,000 Crore to promote hybrid vehicles. Stay informed about the latest developments in the world of sustainable transportation.

Upcoming FAME 3 Scheme to Offer INR 10,000 Crore for Hybrid Vehicles

The third edition of the Modi government's flagship electric vehicle incentive scheme, FAME (Faster Adoption and Manufacturing of Electric Vehicles), is set to focus on electric two-wheelers, three-wheelers, and government buses. With an allocation of INR 10,000 crore, this scheme aims to bolster electric vehicle adoption in India. The inclusion of electric cars for institutional buyers like taxi aggregators remains undecided. 

Launch Timeline and Financial Outlay

The FAME 3 scheme, with a substantial outlay of INR 10,000 crore, is anticipated to be rolled out within the first 100 days of the new government taking charge. According to a senior official, the scheme will provide financial incentives to electric two-wheelers, three-wheelers, and government-owned buses.

Scope and Coverage

Electric Two-Wheelers and Three-Wheelers

The scheme will extend financial incentives to encourage the adoption of electric two-wheelers and three-wheelers. This continuation aims to support local manufacturing and sales of electric vehicles.

Government-Owned Buses

Government-owned buses will also be included in the incentive scheme, reflecting the administration's commitment to promoting sustainable public transportation.

Undecided Inclusion of Electric Cars

A final decision on the inclusion of electric cars, particularly for institutional buyers such as taxi aggregators, is still pending. Hybrid cars might receive support under FAME 3 if passenger cars are included, subject to adhering to the price cap.

Transition from FAME 2 to FAME 3

Temporary EMPS

FAME 3 will follow the Electric Mobility Promotion Scheme (EMPS), which was introduced as a temporary measure after FAME 2 ended on March 31. EMPS, with an allocation of INR 500 crore, supports the sales of electric two-wheelers and three-wheelers for four months until July.

Previous Incentives Under FAME 2

FAME 2 had provided a 15% subsidy on the sale price of electric scooters. Under EMPS, incentives are reduced to INR 10,000 per electric two-wheeler (down from INR 22,500 in FAME 2) and up to INR 50,000 per electric three-wheeler (down from INR 111,505). Both categories receive incentives of INR 5,000 per kilowatt-hour (kWh).

New Guidelines and Certification

Fresh Certification Requirement

As FAME 3 will be a new scheme, all companies seeking incentives on the sale of electric vehicles must apply for fresh certification. This ensures compliance with the latest standards and guidelines. 

Duration and Validity

FAME 3 is initially expected to be valid for sales made over a two-year period, a shorter time frame compared to the five years under FAME 2. This shorter duration aims to accelerate the adoption and transition to electric mobility.

Carbike360 Says

The FAME 3 scheme aims to continue the momentum of electric vehicle adoption in India, focusing on two-wheelers, three-wheelers, and government buses. While the inclusion of electric cars for institutional buyers remains undecided, the scheme's financial incentives and fresh guidelines are poised to drive the growth of the electric vehicle market.

Hyundai Inaugurates 1st 180 kW DC Fast Charging Station in Chennai

|Updated on:29-May-2024 11:59 AM

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Hyundai has opened the first ultra fast DC charging station in Chennai. The company plans to expand it further to 100 stations.

Hyundai Inaugurates 1st 180 kW DC Fast Charging Station in Chennai

Hyundai India has inaugurated its first 180 kW DC fast charging station in Chennai, Tamil Nadu. Located at Spencer Plaza Mall in Anna Salai, Thousand Lights, the EV charging station is open to all EV cars & not just Hyundai cars. Moreover, Hyundai has also stated its plans to further expand the number of these fast charging stations to 100 in the state of Tamil Nadu.

Source: RushLane

More Than 600 Cars Wrecked as Cyclone Remal Creates Chaos in Kolkata

|Updated on:29-May-2024 11:26 AM

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Cyclone Remal wreaked havoc in Kolkata, damaging 600 cars due to the storm and waterlogging. Anandabazar Patrika reports 250 cars were waterlogged. The police mobilized 600 damaged cars.

More Than 600 Cars Wrecked as Cyclone Remal Creates Chaos in Kolkata

Cyclone Remal: Cyclone Remal has caused extensive damage to cars in Kolkata, affecting around 600 vehicles due to the storm and heavy rain-induced waterlogging. According to Anandabazar Patrika, about 250 cars were damaged solely by waterlogging. The Kolkata Traffic Police reported that their department alone mobilized 600 damaged cars in response to the cyclone's impact.
 

Maruti Suzuki eVX Spotted Testing on Indian Roads; Details

|Updated on:29-May-2024 07:03 AM

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The Maruti Suzuki eVX has recently been spotted testing on Indian roads. The spotted test mule’s design matches the concept showcased at the Auto Expo 2023.

Maruti Suzuki eVX Spotted Testing on Indian Roads; Details

Maruti Suzuki eVX: The Maruti Suzuki eVX has recently been spotted testing on Indian roads. The spotted test mule’s design matches the concept showcased at the Auto Expo 2023. The production version of the eVX will be launched in or near July 2025. Maruti Suzuki is dedicatedly working on eVX to enable its aggressive entry into the electric car segment in India. After the launch of eVX, Toyota will also launch its rebadged variant in the market. Maruti will also export the upcoming eVX to other international markets. 
 

Mahindra Delivers 2,500+ XUV 3XOs in first three Days

|Updated on:29-May-2024 06:47 AM

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Discover Mahindra's impressive delivery of over 1,500 XUV 3OO vehicles on day one. Find out more about the waiting period on our website.

Mahindra Delivers 2,500+ XUV 3XOs in first three Days

Mahindra delivered over 2,500 XUV 3XO SUVs across India in the first three days, May 26. The XUV 3XO replaces the XUV300 in the sub-compact segment, targeting rivals like Tata Nexon and Maruti Suzuki Brezza. Despite high demand, deliveries for entry-level and top-end variants will begin in June.