Published at February 5, 2024 by BikeJunction
TVS Motor Company, a major player in the two & three-wheeler manufacturing sector, showcased impressive sales performance in January 2024, with a particular focus on the two-wheeler segment. The company reported an overall growth of 23.41%, reaching a total of 3,39,513 units in January 2024, reflecting positive year-on-year (YoY) progress from the 2,75,115 units sold in January 2023. Furthermore, there was a month-on-month (MoM) sales improvement of 12.46% compared to the 3,01,898 units sold in December 2023.
In the two-wheeler segment, motorcycle sales surged by an impressive 28.56% YoY, reaching 1,55,611 units in January 2024, a substantial increase from the 1,21,042 units sold in the same period the previous year. This translated to a volumetric growth of 34,569 units, with motorcycles commanding a significant 47.16% share. Notably, the TVS Apache and Raider motorcycles maintained their popularity, securing positions on the top 10 motorcycle sales list.
Scooter sales also exhibited positive growth, witnessing a 24.17% YoY increase to 1,32,290 units in January 2024, up from 1,06,537 units sold in January 2023. This resulted in a volume growth of 25,753 units, with scooters commanding a notable 40.10% share. Within the scooter segment, the TVS Jupiter and Ntorq models continued to be favored choices among consumers.
TVS's foray into the electric scooter market proved successful, with the iQube e-scooter experiencing an impressive 33.75% YoY growth. In January 2024, the iQube recorded sales of 16,276 units, showcasing substantial progress from the 12,169 units sold in Jan 2023. This amounted to a noteworthy volume growth of 4,103 units.
Moped sales also contributed to the positive momentum, witnessing a YoY improvement of 13.21% to reach 42,035 units. The combined success of motorcycles, scooters, electric scooters, and mopeds resulted in a total of 2,68,233 units sold in the two-wheeler segment in January 2024. This marked a robust 23.91% growth compared to the 2,16,471 units sold in January 2023, reflecting TVS Motor Company's strong position in the market.
| TVS Motor Sales | Jan 24 | Jan 23 | Difference | Growth % YoY | % Share Jan 24 |
| Motorcycle | 1,55,611 | 1,21,042 | 34,569 | 28.56 | 47.16 |
| Scooter | 1,32,290 | 1,06,537 | 25,753 | 24.17 | 40.10 |
| E-Scooter | 16,276 | 12,169 | 4,107 | 33.75 | 4.93 |
| Moped | 42,036 | 37,131 | 4,905 | 13.21 | 12.74 |
| 2W Domestic | 2,68,233 | 2,16,471 | 51,762 | 23.91 | 81.30 |
| 2W Exports | 61,704 | 48,239 | 13,465 | 27.91 | 18.70 |
| 2W Total | 3,29,937 | 2,64,710 | 65,227 | 24.64 | 100.00 |
| 3W Domestic | 1,937 | 1,620 | 317 | 19.57 | 20.23 |
| 3W Exports | 7,639 | 8,785 | -1,146 | -13.04 | 79.77 |
| 3W Total | 9,576 | 10,405 | -829 | -7.97 | 100.00 |
| Domestic (2+3W) | 2,70,170 | 2,18,091 | 52,079 | 23.88 | 79.58 |
| Exports (2+3W) | 69,343 | 57,024 | 12,319 | 21,60 | 20.42 |
| Total (2+3W) | 3,39,513 | 2,75,115 | 64,398 | 23.41 | 100.00 |
In January 2024, exports demonstrated a year-on-year (YoY) growth of 27.91%, reaching 61,704 units compared to 48,239 units in January 2023. This contributed to a 24.64% increase in the overall 2-wheeler (2W) sales, totaling 3,29,937 units, up from 2,64,710 units in January 2023. Within the 3-wheeler (3W) segment, domestic sales experienced a rise of 19.57%, reaching 1,937 units from 1,620 units in January 2023. Conversely, 3W exports declined by 13.04% YoY to 7,639 units in January 2024, down from 8,785 units in January 2023. Consequently, the total 3W sales recorded a 7.97% decrease, totaling 9,576 units in January 2024 compared to 10,405 units in January 2023.
For TVS, the combined (2+3W) domestic sales marked a substantial YoY growth of 23.88%, reaching 2,70,170 units in January 2024, up from 2,18,091 units in January 2023. Concurrently, exports also exhibited a 21.60% YoY growth, totaling 69,343 units. This cumulative performance resulted in a 23.41% YoY growth in total sales, amounting to 3,39,513 units.
Analyzing the month-on-month (MoM) sales for January 2024, the combined (2+3W) total sales, including both domestic and exports, grew by 12.46% compared to December 2023, reaching 3,39,513 units. This represents a volume increase of 37,615 units. Both motorcycle and scooter sales contributed to this growth, with motorcycle sales improving by 5.11% MoM to 1,55,611 units, and scooter sales increasing by 28.23% to 1,03,167 units. Motorcycles and scooters held a respective 51.04% and 35.57% share in the overall sales.
| TVS Motor Sales | Jan 24 | Dec 23 | Difference | Growth % MoM | % Share Dec 23 |
| Motorcycle | 1,55,611 | 1,48,049 | 7,562 | 5.11 | 51.04 |
| Scooter | 1,32,290 | 1,03,167 | 29,123 | 28.23 | 35.57 |
| E-Scooter | 16,276 | 11,232 | 5,044 | 44.91 | 3.87 |
| Moped | 42,036 | 38,848 | 3,188 | 8.21 | 13.39 |
| 2W Domestic | 2,68,233 | 2,14,988 | 53,245 | 24.77 | 74.12 |
| 2W Exports | 61,704 | 75,076 | -13,372 | -17.81 | 25.88 |
| 2W Total | 3,29,937 | 2,90,064 | 39,873 | 13.75 | 100.00 |
| 3W Domestic | 1,937 | 1,519 | 418 | 27.52 | 12.84 |
| 3W Exports | 7,639 | 10,315 | -2,676 | -25.94 | 87.16 |
| 3W Total | 9,576 | 11,834 | -2,258 | -19.08 | 100.00 |
| Domestic (2+3W) | 2,70,170 | 2,16,507 | 53,663 | 24.79 | 71.72 |
| Exports (2+3W) | 69,343 | 85,391 | -16,048 | -18.79 | 28.28 |
| Total (2+3W) | 3,39,513 | 3,01,898 | 37,615 | 12.46 | 100.00 |
In January 2024, the sales performance of e-scooters and mopeds demonstrated notable month-on-month (MoM) improvements, with a growth of 44.91% and 8.21%, respectively. This resulted in sales figures of 11,232 units for e-scooters and 38,848 units for mopeds, surpassing the December 2023 figures. Consequently, the overall two-wheeler (2W) sales witnessed a 24.77% MoM increase, totaling 2,68,233 units in January 2024, up from 2,14,988 units in December 2023. On the export front, however, there was a decline of 17.81% in the shipment of two-wheelers, with January 2024 recording 75,076 units compared to December 2023.
Within the three-wheeler (3W) segment, domestic sales experienced a substantial MoM improvement of 27.52%, reaching 1,937 units in January 2024 compared to 1,519 units in December 2023. Conversely, 3W exports saw a significant dip of 25.94%, amounting to 10,315 units in January 2024, down from the 13,834 units shipped in December 2023. This led to a 19.08% decrease in total 3W exports, totaling 9,576 units in January 2024, compared to 11,834 units in December 2023. The overall domestic (2+3W) sales recorded a 24.79% MoM improvement, while exports (2+3W) declined by 18.79% on a MoM basis.
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