Royal Enfield Sales Report January 2024 Reveals 1.93% YoY & 20.19% MoM Growth

Published at February 4, 2024 by BikeJunction

Royal Enfield Sales Report January 2024 Reveals 1.93% YoY & 20.19% MoM Growth

In the first month of 2024, Royal Enfield experienced a positive start with increased sales in terms of YoY, MoM & YTD. The total number of Royal Enfield motorcycles sold in January 2024 was an impressive 76,187 units, and the 350cc range played a significant role in this success.

The 350cc portfolio includes popular models like Bullet 350, Hunter 350, Meteor 350, and the highly favored Classic 350. Among them, Classic 350 is the top-selling model, contributing to a total of 67,620 units of 350cc motorcycles sold in January 2024.

In comparison to the same period last year, there was a slight decline of 0.83%, selling 563 units less than the previous year's 68,183 units. However, the 350cc motorcycles made up a significant portion, accounting for 88.76% of Royal Enfield’s total sales in the past month.

Looking at the month-on-month performance, the 67,620 350cc motorcycles sold in January surpassed the 55,401 units sold in December 2023, showing a growth of 22.06%. This resulted in a volume gain of 12,219 units compared to the same month last year, which is a typical trend at the beginning of the new year.

In addition to the 350cc motorcycles, Royal Enfield also offers models with engine capacities of 411cc, new 450cc, and 650cc, all contributing to the brand's overall success in the market.

Royal Enfield	Jan 2024	Jan 2023	Difference	Growth % YoY	% Share Jan 2024
< 350 cc	67,620	68,183	-563	-0.83	88.76
> 350 cc	8,567	6,563	2,004	30.53	11.24
Domestic	70,556	67,702	2,854	4.22	92.61
Exports	5,631	7,044	-1,413	-20.06	7.39
Total	76,187	74,746	1,441	1.93	100.00

Royal Enfield	Jan 2024	Dec 2023	Difference	Growth % MoM	% Share Dec 2024
< 350 cc	67,620	55,401	12,219	22.06	87.40
> 350 cc	8,567	7,986	581	7.28	12.50
Domestic	70,556	57,291	13,265	23.15	90.38
Exports	5,631	6,096	-465	-7.63	9.62
Total	76,187	63,387	12,800	20.19	100.00

In total, the combined sales of Royal Enfield's 411cc, new 450cc, and 650cc motorcycles made up 11.24% of the brand's overall sales. This category achieved a remarkable 30.53% year-on-year (YoY) growth, selling 8,567 units in comparison to the 6,563 units sold the previous year. Additionally, there was a 7.28% month-on-month (MoM) growth, with 8,567 units sold, exceeding the 7,986 units sold in the preceding month.

The increase in volume was notable, standing at 2,004 units in YoY growth and 581 units in MoM growth. This positive performance showcases the growing popularity and demand for Royal Enfield's motorcycles in the 411cc, new 450cc, and 650cc categories.

YoY Exports Declined, but Domestic Grew

In January 2024, Royal Enfield reported robust domestic sales, reaching a total of 70,556 units. This represented a noteworthy 4.22% year-on-year (YoY) growth, surpassing the 67,702 units sold in the same period a year ago.

Additionally, there was an impressive 23.15% month-on-month (MoM) growth, with 70,556 units sold compared to the 57,291 units in the previous month. The volume gain in domestic sales stood at 2,854 units YoY and a substantial 13,265 units MoM. Remarkably, domestic numbers contributed significantly, accounting for 92.61% of Royal Enfield's overall sales.

Contrastingly, the export figures accounted for 7.39% of Royal Enfield's total sales, amounting to 5,631 units. This reflected a 20.6% YoY decline from the 7,044 units shipped in January 2023. There was also a 7.63% MoM decline as Royal Enfield shipped 6,096 units in the preceding month.

In the aggregate, Royal Enfield achieved a total sales figure of 76,187 units in January 2024, marking a 1.93% YoY growth from the 74,746 units sold in the same month the previous year. The month-on-month growth was even more substantial, with a 20.19% increase over the 63,387 units sold in December 2023. The volume growth for the total sales stood at 1,441 units YoY and an impressive 12,800 units MoM.

FY24 YTD Sales Figures

Royal Enfield	FY24 YTD	FY23	Difference	Growth % YoY	% Share FY 2024
< 350 cc	6,79,567	6,08,772	70,795	11.63	89.27
> 350 cc	81,679	82,344	-665	-0.81	10.73
Domestic	7,00,829	6,10,520	90,309	14.79	92.06
Exports	60,417	80,596	-20,179	-25.04	7.94
Total	7,61,246	6,91,116	70,130	10.15	100.00

In the fiscal year 2024 Year-to-Date (YTD) sales, Royal Enfield reported robust figures. The 350cc portfolio demonstrated strong performance, with 6,79,567 units sold. This represented a notable 11.63% positive growth compared to the 6,08,772 units sold in FY23, resulting in a substantial volume increase of 70,795 units. Motorcycles over 350cc, however, experienced a slight 0.81% year-on-year (YoY) decline, amounting to 81,679 units.

The overall domestic market witnessed impressive growth, with total domestic sales reaching 7,00,829 units, marking a substantial 14.79% YoY growth. These numbers showcase Royal Enfield's continued success in the market, particularly in the 350cc segment, contributing significantly to the brand's overall positive performance in fiscal year 2024.

But before you go, don’t forget to check out the recently revealed CB300F Flex-Fuel Version at the 2024 Bharat Mobility Expo.

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