two wheeler sales Despite a 6.21% decline in MoM total exports, all six of these top automakers have helped to boost overall growth in domestic markets.
The combined domestic and export two wheeler sales of six major automakers—Hero, Honda, TVS, Bajaj, Suzuki, and Enfield—grew by 25.94 percent to 16,63,127 units at the beginning of the new year. In comparison to the 14,27,010 units sold in December 2023, there was a 16.55 percent month-over-month improvement. Including a breakdown of sales and exports, these six automakers have reported growth in domestic markets both year over year and month over month. However, Suzuki and Enfield saw a YoY decline in exports, while all other automakers saw a MoM decline in exports save for Honda and Suzuki.
Domestic two wheeler sales in January 2024
In the most recent month, total domestic two wheeler sales were 14,16,096 units, a 26.40 percent increase from the 11,20,330 units sold in January 2023. A total of 2,95,766 units were added to the volume. Hero MotoCorp was the market leader in the segment, growing by 20.46 percent YoY to sell 4,20,934 units in January 2024. Comparing this volume to the 3,48,437 units sold in January 2023, there was a growth of 71,497 units. From 3,77,842 units sold in December 2023, MoM sales improved significantly by 11.40 percent.
Currently, Hero MotoCorp holds a 29.72 percent share of these six automakers.
Honda ranked second with YoY growth of 37.52 percent and MoM growth of 33.70 percent in January 2024 two wheeler sales. Compared to January 2023, when 2,78,143 units were sold, 3,82,512 units were sold in the most recent month. Also, compared to 2,86,101 units sold in December 2023, which increased the share percentage to 27.01%, it was a significant improvement. In January 2024, TVS sales increased by 23.91 percent year over year to 2,68,233 units from 2,16,471 units sold in the same month the previous year. 51,762 units were added to the volume. MoM sales increased from 2,14,988 units sold in December 2023 by 24.77 percent.
In January 2023, Bajaj Auto sold 1,42,368 units, up 35.81 percent from 1,93,350 units last month, marking a YoY and MoM growth. Out of 1,58,370 units sold in December 2023, this represented a 22.09 percent MoM improvement. Additionally, Suzuki reported sales growth in January 2024 of 21.60 percent YoY and 16.64 percent MoM from 66,209 units and 69,025 units sold in January 2023 and December 2023, respectively. This represents a YoY and MoM increase in sales for Suzuki. Following last month’s sales of 70,556 units, a 4.22 percent YoY and 23.15 percent MoM increase over the 67,702 and 57,291 units sold in January 2023 and December 2023, respectively, Royal Enfield was down on the list.
Exports 2W, January 2024
Between January 2023 and January 2024, exports increased by 23.40 percent to 2,47,031 units from 2,00,192 units sold. Still, from 2,63,393 units shipped in December 2023, it was a MoM decline of 6.21 percent. After shipping 1,00,679 units in January 2023, Bajaj Auto saw a YoY growth of 14.12% to 1,14,898 units, while MoM exports decreased by 7.81 percent from 1,24,631 units sold in December 2023. Now, 46.51 percent of its exports come from this country.
TVS’s exports to 61,704 units in January 2024 showed a YoY increase but a MoM decline. In January 2023 and December 2023, the corresponding numbers of units shipped were 48,239 and 75,076. As of right now, its share of the export market is 24.98%. Honda reported an exceptional year-over-year improvement in exports, with a 102.43 percent increase to 36,883 units shipped in January 2024 from 18,220 units in January 2023. The number of units shipped increased by 18.89 percent from 31,022 in December 2023.
Suzuki’s MoM increased by 45.83 percent to 15,251 units, despite a YoY decline of 18.69 percent. Enfield finished at No. 6 with a YoY and MoM drop in exports to 5,631 units, while Hero saw a 74.60 percent YoY growth but a 21.39 percent MoM decline to 12,664 units.
December 2024 Total 2W Sales
Regarding total two wheeler sales, which were 16,63,127 units last month, each of these six top two-wheeler manufacturers reported YoY and MoM growth. In January 2023, 13,20,522 units were sold; this represented a YoY growth of 25.94 percent. When measured against the 14,27,010 units sold in December 2023, MoM sales also increased by 16.55 percent.
Hero MotoCorp topped the list this month with 4,33,598 units sold, representing a YoY and MoM growth of 21.56 percent and 10.06 percent, respectively. Honda, which ranked second, had the greatest percentage growth, growing by 41.51 percent YoY and 32.25 percent MoM to sell 4,19,395 units in January 2024. With 76,187 total units sold last month, Royal Enfield ranked No. 6, followed by TVS (3,29,937), Bajaj Auto (3,08,248 units), and Suzuki (95,762 units).
