March 2024 Two Wheeler Sales Report: Honda, TVS, Bajaj, & Royal Enfield

Published at April 6, 2024 by BikeJunction

March 2024 Two Wheeler Sales Report: Honda, TVS, Bajaj, & Royal Enfield

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 Exports Sales March 2024

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 Wheeler Total Sales (Domestic + Exports) March 2024

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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