Royal Enfield February 2024 Sales Report Shows A 6.12% YoY Growth

Comparing the figures from January 2024, the sales charts for February 2024 from Royal Enfield depicted a slight 0.33% MoM decline.

Royal Enfield, an iconic motorcycle manufacturer and India's top classic bike producer closed February 2024 on a high note. The company saw a significant year-on-year growth compared to the previous year's sales. It's only a slight month-on-month decrease in comparison to sales from the previous month.

YoY Sales Data for Royal Enfield in February 2024

Royal Enfield dominates the 300cc to 500cc motorcycle segment with a remarkable 85.3% market share. Within the brand's sales data, the 350cc range stands out as the top performer, driven by a 349cc J-series engine and J-platform.

This platform has given rise to four different motorcycles: the Classic 350, Bullet 350, Hunter 350, and Meteor 350. Taking February 2024 as an example, 350cc bikes made up an impressive 87.12% of the company's total sales, amounting to 66,157 units. Compared to the 64,810 units sold in February 2023, this reflects a YoY growth of 2.08%.

The 67,620 units sold in January 2024 contributed to a 2.16% MoM decline in Royal Enfield's 350cc portfolio. The YoY volume growth was 1,347 units, while the MoM volume decline was 1,463 units. Year-to-date, 350cc bikes sold a total of 7,45,724 units in FY24, reflecting a 10.71% YoY growth compared to 6,73,582 units sold in FY23.

In Royal Enfield's lineup, there are numerous models that have engines larger than 350cc. These include the Scram 411, which is based on the older 411cc platform. The New Himalayan is built on the Sherpa 450 platform and a lineup of 650cc models, including the Interceptor 650, Continental GT 650, and Super Meteor 650. The most recent addition to this range is the Shotgun 650.

MoM Sales Data for Royal Enfield in February 2024

The motorcycles in the >350cc portfolio, when combined, made up 12.88% of Royal Enfield's total sales, with 9,778 units sold. This segment saw a 45.2% year-over-year growth, an increase from 6,734 units sold the year before and a 14.14% month-over-month growth from the 8,567 units sold the previous month. The volume growth amounted to 3,044 units year-over-year and 1,211 units month-over-month.

The <350cc segment witnessed a 2.67% YoY growth in the YTD analysis, with 91,457 units sold versus 89,078 units the previous year, reflecting a volume growth of 2,379 units. Domestic sales by Royal Enfield totalled 67,922 units, comprising 89.45% of the company's total sales. Compared to February 2023, this segment experienced a 5.39% YoY growth with 64,446 units sold.

February 2024 Royal Enfield Sales - Year-to-Date (YTD)

There was also a 3.73% MoM decline compared to January 2024, where 70,556 units were sold, translating to a volume loss of 2,634 units. Domestic sales experienced a 13.90% YoY growth in YTD analysis, with a total of 7,68,751 units sold. The introduction of newer and more advanced products has expanded the potential for exports.

Royal Enfield exports totalled 8,013 units, marking an impressive 12.73% YoY growth and a substantial 42.30% MoM growth compared to the 7,108 units shipped a year ago and the 5,631 units shipped a month prior. In year-to-date (YTD) analysis, however, exports witnessed a 21.98% YoY decline, with a total of 68,430 units shipped.

Final Thoughts

Overall, Royal Enfield sales in February 2024 reached 75,935 units. This marked a 6.12% year-over-year (YoY) growth compared to the 71,554 units sold in February 2023. However, there was a 0.33% month-over-month (MoM) decline compared to the 76,187 units sold in January 2024. 

In terms of year-to-date (YTD) sales, Royal Enfield achieved a total of 8,37,181 units, reflecting a 9.77% YoY growth over the 7,62,660 units sold in FY23, with a volume growth of 74,521 units.

But before you go, don’t forget to check out our latest news coverage on the recently launched 2024 Honda Fireblade.

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