Introduction
The Indian two-wheeler industry has been navigating a dynamic landscape, and the month of November 2023 showcased the prowess of leading manufacturers. Honda, TVS, Hero MotoCorp, Royal Enfield, and Bajaj Auto, stalwarts in the industry, unveiled their sales figures, reflecting not only the market trends but also their strategies and resilience in the face of challenges. This comprehensive analysis delves into the intricate details of each manufacturer’s performance, unveiling the narratives behind the numbers and providing a holistic view of the two-wheeler sector’s vibrancy.
1. Honda 2-Wheeler Sales:
Honda Motorcycle and Scooter India (HMSI) rode the wave of success in November 2023, witnessing a commendable 20% YoY growth with total sales reaching an impressive 447,849 units. The domestic market, a stronghold for Honda, exhibited robust growth of 18.99%, reaching 420,677 units, reflecting the brand’s enduring popularity among Indian consumers. Export numbers also soared, experiencing a remarkable 38.06% YoY increase to 27,172 units.
Despite this stellar performance, there was a slight setback on a month-on-month basis, with total sales declining by 9.14%. The dip was attributed to a 9.09% decrease in domestic sales and a 9.84% drop in exports compared to October 2023 figures.
In November, Honda 2W not only excelled in sales but also undertook various initiatives, including the inauguration of BigWing showrooms and widespread road safety programs across different cities. The company’s active involvement in motorsports further enhanced its brand presence.
2. TVS Sales:
TVS Motor Company reported robust growth in November 2023, with total sales reaching 364,231 units, marking an impressive 31% YoY increase. The two-wheeler segment was a key contributor, exhibiting a substantial 33.55% YoY growth. Motorcycles took the lead, accounting for a 49.09% share of the company’s portfolio, with sales reaching 172,836 units.
Scooter sales, too, witnessed a remarkable surge, boasting a substantial 62.23% YoY growth to 135,749 units. The electric scooter, TVS iQube, carved its niche with a remarkable 66.89% YoY sales increase.
However, the three-wheeler segment faced a slight downturn, experiencing a 10.04% YoY decline in total sales. Despite this, the domestic market for three-wheelers showed resilience, growing by 59.73% YoY.
3. Hero MotoCorp Sales:
Hero MotoCorp, the titan of the Indian two-wheeler industry, continued its triumphant journey in November 2023, reporting a robust 25.61% YoY growth with total sales touching 491,050 units. Both the motorcycle and scooter segments contributed significantly to this growth.
Motorcycle sales witnessed a commendable 25.07% YoY increase, reaching 441,276 units. Scooter sales, too, surged by 30.65% YoY, totaling 49,774 units. Domestic and export markets both saw positive growth, with domestic sales improving by 25.39% YoY and exports growing by 33.09% YoY.
While Hero MotoCorp faced a 14.59% MoM de-growth in November, the year-to-date (YTD) figures from April to November 2023 revealed a positive trajectory, with total sales growing by 4.67%.
4. Royal Enfield Sales:
Royal Enfield maintained its iconic status, reporting a commendable 13.40% YoY growth in total sales, reaching 80,251 units in November 2023. The sub-350cc segment, comprising models like Bullet, Electra, Classic, Meteor, and Hunter, experienced a solid 12.61% YoY growth.
The larger bikes, including the Himalayan, Super Meteor, and 650 Twins, showcased a robust 24.24% YoY growth. However, on a MoM basis, there was a 4.96% decline in total sales.
Domestic sales remained a stronghold for Royal Enfield, growing by 14.26% YoY. Despite a MoM dip, the company showcased resilience in the domestic market. Exports, too, showed promise, growing by 47.08% MoM.
On a YTD basis, Royal Enfield posted a healthy 13.45% growth, with the sub-350cc segment playing a pivotal role in this success story.
5. Bajaj Sales:
Bajaj Auto Limited accelerated its growth momentum in November 2023, reporting an impressive 31% YoY growth in total sales (2W + CV), reaching 403,003 units. In the two-wheeler segment, domestic markets experienced a remarkable 77% YoY growth, reaching 218,597 units. However, exports faced a 6% dip, totaling 130,451 units.
Commercial vehicle sales, too, contributed to Bajaj’s success, witnessing a robust 34% YoY growth in domestic markets.
On a YTD basis, Bajaj Auto showcased positive growth, with total sales reaching 29,55,551 units. Two-wheeler sales in domestic markets surged by 22%, while commercial vehicle sales experienced an impressive 81% YTD growth.
Conclusion:
November 2023 marked a chapter of growth and strategic resilience for India’s two-wheeler giants. Each manufacturer, with its unique strengths and initiatives, contributed to the vibrancy of the industry. While facing minor setbacks in MoM figures, the YoY and YTD trends underscore the resilience and adaptability of these companies. As the two-wheeler sector continues to evolve, the narratives of Honda, TVS, Hero MotoCorp, Royal Enfield, and Bajaj Auto serve as testaments to their enduring impact on the Indian automotive landscape.
November 2023 Two-Wheeler Sales FAQ
Q: What was the total sales growth for Honda 2W in November 2023?
A: Honda 2W experienced a substantial 20% year-on-year (YoY) growth, reaching a total of 447,849 units.
Q: How did TVS Motor Company perform in terms of YoY growth in November 2023?
A: TVS Motor Company reported an impressive 31% YoY growth in total sales, reaching 364,231 units.
Q: What contributed to the growth in Hero MotoCorp’s sales in November 2023?
A: Both the motorcycle and scooter segments contributed significantly to Hero MotoCorp’s robust 25.61% YoY growth in November 2023.
Q: How did Royal Enfield’s sales in the sub-350cc segment fare in November 2023?
A: Sales in the sub-350cc segment for Royal Enfield grew by 12.61% YoY, reflecting positive performance for models like Bullet, Electra, Classic, Meteor, and Hunter.
Q: What was the YoY growth in total sales for Bajaj Auto in November 2023?
A: Bajaj Auto Limited witnessed a substantial 31% YoY growth in total sales (2W + CV), reaching 403,003 units.
Q: How did Honda 2W’s domestic and export sales compare in November 2023?
A: Domestic sales for Honda 2W grew by 18.99% YoY, reaching 420,677 units, while exports experienced an even higher growth of 38.06%, totaling 27,172 units.
Q: What notable activities did Honda 2W undertake in November 2023?
A: In November 2023, Honda 2W inaugurated new BigWing showrooms, conducted road safety programs across various cities, and celebrated its 9th anniversary of the Traffic Training Park in Delhi.
Q: Which segment dominated TVS Motor Company’s two-wheeler sales portfolio in November 2023?
A: Motorcycles were in higher demand, constituting 49.09% of TVS Motor Company’s two-wheeler portfolio with 172,836 units sold in November 2023.
Q: How did Hero MotoCorp’s sales perform on a month-on-month (MoM) basis in November 2023?
A: Hero MotoCorp faced a MoM de-growth of 14.59% in November 2023, with total sales declining to 491,050 units.
Q: What was the YTD sales growth for Royal Enfield in the sub-350cc segment during April-November 2023?
A: Royal Enfield reported a substantial 16.10% YTD growth in the sub-350cc segment, with 5,56,546 units sold during the April-November 2023 period.
