Honda Two-Wheeler Sales At 1.97 L in March 2023: TVS Outperforms Honda in Cumulative Sales

In March 2023, Honda expects one of its lowest monthly sales ever. As a result, they are no longer referred to as India's No. 2 two-wheeler manufacturer.

Honda Motorcycles and Scooters India (HMSI), the country's biggest scooter manufacturer, has completed its fiscal year 2022-23 (April 2022 - March 2023) on a good note. With many items in the portfolio, we anticipate HMSI to post even stronger figures in the following months and into FY 2023 - 24.

Yet, YoY, MoM, and QoQ studies show that Honda is losing sales share in the Indian commercial vehicle segment. Honda appears to be aiming for the affordable commuter motorcycle category, where Hero MotoCorp is already the main player. 

The CB Shine 10 will face intense competition with the Hero Splendor, now the best-selling motorbike in India, by a wide margin.

Honda 2W's Lowest Recorded Monthly Sales Volume in March 2023

Honda managed to sell 1,97,512 vehicles in the home markets last month. However, it is unlikely to bode positively, particularly compared to the 3,09,549 units sold in the previous year in March 2022. 

Honda's statistics fell by 36.19% year on year. As a result, the domestic market has lost 1,12,037 units in volume Year-over-Year (YoY). 

Honda 2W sales in March 2023 are likely among the weakest ever reported, except for months when the lockdown was instituted due to the global pandemic. However, regarding domestic sales, TVS has already surpassed Honda 2W. Last month, TVS sold 2.4 lakh two-wheelers in the local markets alone.

Honda sold 2,27,064 vehicles in February 2023, a 13.01% decrease from the previous month. It resulted in a fluid loss of 29,552 units MoM. The total number of units exported was 14,466. Exports accounted for 6.82% of Honda's overall sales. Compared to 11,794 units shipped in March 2022, Honda's export markets are the brand's only guiding light, with a 22.66% YoY growth, acquiring 2,672 vehicles in volume YoY.

Honda delivered 20,111 units in Feb 2023, representing a 28.07% decrease year over year. Honda dropped 5,645 units in sales year over year. Honda sold 2,11,978 vehicles in totality, falling short of the 3,21,343 combined sales in March 2022 and the 2,47,175 units sold in February 2023. There was a 34.03% YoY decrease and a 14.24% MoM decrease.

Honda 2W Drops to Second Place, Trailing TVS Motor

Honda sold 7,02,719 units during the initial quarter of 2023, according to data from Honda. It was much less than the 9,10,422 units sold in the first quarter of 2022 and the 10,12,696 units sold in the fourth quarter of 2022. As a result, a 22.81% YoY reduction in turnover was recorded, with 2,07,703 units lost.

The QoQ fall was much worse, sitting at 30.61% with a fluid loss of 3,09,977 units. In April 2022 and March 2023, HMSI sold approximately 43,50,943 units. Local sales totalled 40,25,486 units, with 3,25,457 units exported. Honda's YTD progress in FY 2022 - 23 was 14%.

Will Honda Make Progress in the Future Again?

HMSI's February 2023 revenue was deemed a crushing setback, as the business showed YoY growth solely with Activa. 

In contrast, the Japanese brand's March 2023 numbers appear significantly weaker. Honda's new Shine 100, we anticipate, will change everything.

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