Published at April 6, 2024 by BikeJunction
In March 2024, the two-wheeler market in India did really well. Both local sales and exports increased. Hero MotoCorp and Honda are leading the sales with TVS Motor, Bajaj Auto, Suzuki, and Royal Enfield following closely.
Two Wheeler Domestic Sales in March 2024
Two Wheelers YoY Domestic Sales in March 2024 | |||||
| 2 Wheeler Domestic | March 2024 | March 2023 | Difference | Growth % YoY | Share % March 2024 |
| Hero | 4,59,257 | 5,02,730 | -43,473 | -8.65 | 32.50 |
| Honda | 3,58,151 | 1,97,512 | 1,60,639 | 81.33 | 25.34 |
| TVS | 2,60,532 | 2,40,780 | 19,752 | 8.20 | 18.44 |
| Bajaj | 1,83,004 | 1,52,287 | 30,717 | 20.17 | 12.95 |
| Suzuki | 86,164 | 73,069 | 13,095 | 17.92 | 6.10 |
| Enfield | 66,044 | 59,884 | 6,160 | 10.29 | 4.67 |
| Total | 14,13,152 | 12,26,262 | 1,86,890 | 15.24 | 100.00 |
Two Wheelers MoM Domestic Sales in March 2024 | |||||
| 2 Wheeler Domestic | March 2024 | Feb 2023 | Difference | Growth % MoM | Share % Feb 2024 |
| Hero | 4,59,257 | 4,45,257 | 14,000 | 3.14 | 30.74 |
| Honda | 3,58,151 | 4,13,967 | -55,816 | -13.48 | 28.58 |
| TVS | 2,60,532 | 2,67,502 | -6,970 | -2.61 | 18.47 |
| Bajaj | 1,83,004 | 1,70,527 | 12,477 | 7.32 | 11.77 |
| Suzuki | 86,164 | 83,304 | 2,860 | 3.43 | 5.75 |
| Enfield | 66,044 | 67,922 | -1,878 | -2.76 | 4.69 |
| Total | 14,13,152 | 14,48,479 | -35,327 | -2.44 | 100.00 |
In March 2024, two-wheeler sales in India rose by 15.24% compared to the same period last year, reaching 14,13,152 units. However, there was a slight decrease of 2.44% compared to February 2024. Hero MotoCorp led the sales despite a decrease of 8.65% compared to last year, with sales reaching 4,59,257 units.
Honda secured the second spot with an 81.33% increase in sales, reaching 3,58,151 units. TVS had an 8.20% increase in sales but saw a 2.61% decline compared to the previous month. Bajaj Auto and Suzuki both saw sales growth, reaching 1,83,004 units and 86,164 units, respectively. Royal Enfield also had a good month with a 10.29% increase in sales, reaching 66,044 units.
Two Wheeler YoY Exports Sales in March 2024 | |||||
| 2 Wheeler Domestic | March 2024 | March 2023 | Difference | Growth % YoY | Share % March 2024 |
| Hero | 1,30,881 | 94,715 | 36,166 | 38.18 | 43.44 |
| Honda | 83,914 | 66,779 | 17,135 | 25.66 | 27.85 |
| TVS | 31,158 | 16,612 | 14,546 | 87.56 | 10.34 |
| Bajaj | 28,304 | 14,466 | 13,838 | 95.66 | 9.39 |
| Suzuki | 17,505 | 24,515 | -7,010 | -28.59 | 5.81 |
| Enfield | 9,507 | 12,351 | -2,844 | -23.03 | 3.16 |
| Total | 3,01,269 | 2,29,438 | 71,831 | 31.31 | 100.00 |
Two Wheelers MoM Exports Sales in March 2024 | |||||
| 2 Wheeler Domestic | March 2024 | Feb 2023 | Difference | Growth % MoM | Share % Feb 2024 |
| Hero | 1,30,881 | 1,24,157 | 6,724 | 5.42 | 40.77 |
| Honda | 83,914 | 90,308 | -6,394 | -7.08 | 29.66 |
| TVS | 31,158 | 23,153 | 8,005 | 34.57 | 7.60 |
| Bajaj | 28,304 | 44,744 | -16,440 | -36.74 | 14.69 |
| Suzuki | 17,505 | 14,131 | 3,374 | 23.88 | 4.64 |
| Enfield | 9,507 | 8,013 | 1,494 | 18.64 | 2.63 |
| Total | 3,01,269 | 3,04,506 | -3,237 | -1.06 | 100.00 |
Bajaj Auto had the highest global sales, exporting 1,30,881 units, a 38.18% increase from last year. Their month-on-month (MoM) exports also grew by 5.42%. TVS saw a 25.66% increase in exports compared to last year but had a 7.08% decrease in MoM, shipping 83,914 units.
Hero MotoCorp shipped 31,158 units, marking an 87.56% YoY increase and 34.57% MoM increase. Suzuki and Royal Enfield had a year-on-year (YoY) decline in exports but improved MoM. Overall, two-wheeler exports increased by 31.31% YoY, totalling 3,01,269 units, although there was a 1.06% decrease compared to the previous month.
Two Wheelers Total YoY Sales in March 2024 | |||||
| 2 Wheeler Domestic | March 2024 | March 2023 | Difference | Growth % YoY | Share % March 2024 |
| Hero | 4,90,415 | 5,19,342 | -28,927 | -5.57 | 28.61 |
| Honda | 3,86,455 | 2,11,978 | 1,74,477 | 82.31 | 22.54 |
| TVS | 3,44,446 | 3,07,559 | 36,887 | 11.99 | 20.09 |
| Bajaj | 3,13,885 | 2,47,002 | 66,883 | 27.08 | 18.31 |
| Suzuki | 1,03,669 | 97,584 | 6,085 | 6.24 | 6.05 |
| Enfield | 75,551 | 72,235 | 3,316 | 4.59 | 4.41 |
| Total | 17,14,421 | 14,55,700 | 2,58,721 | 17.77 | 100.00 |
Two Wheelers Total MoM Sales in March 2024 | |||||
| 2 Wheeler Domestic | March 2024 | March 2023 | Difference | Growth % YoY | Share % March 2024 |
| Hero | 4,90,415 | 4,68,410 | 22,005 | 4.70 | 26.72 |
| Honda | 3,86,455 | 4,58,711 | -72,256 | -15.75 | 26.17 |
| TVS | 3,44,446 | 3,57,810 | -13,364 | -3.73 | 20.41 |
| Bajaj | 3,13,885 | 2,94,684 | 19,201 | 6.52 | 16.81 |
| Suzuki | 1,03,669 | 97,435 | 6,234 | 6.40 | 5.56 |
| Enfield | 75,551 | 75,935 | -384 | -0.51 | 4.33 |
| Total | 17,14,421 | 17,52,985 | -38,564 | -2.20 | 100.00 |
In March 2024, total two-wheeler sales reached 17,14,421 units, up by 17.77% compared to March 2023, but down by 2.20% compared to February 2024. Hero MotoCorp led with 4,90,415 units sold, showing a 5.57% decrease YoY but a 4.70% increase MoM.
Honda had a significant improvement with 3,86,455 units sold, an 82.31% increase. TVS sold 3,44,446 units, up by 11.99% YoY but down by 3.73% MoM. Bajaj Auto and Suzuki both saw growth in sales. Royal Enfield sold 75,551 units, up by 4.59% YoY but slightly down by 0.51% MoM.
Before you go, don’t forget to check out the Royal Enfield Sales in March 2024.
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