Hero MotoCorp November 2023 Sales Report Released | Reveals 25.61% YoY Growth

Published at December 5, 2023 by BikeJunction

Hero MotoCorp, India’s largest 2-wheeler manufacturer, has revealed its November 2023 sales report, showing a positive YoY growth. The company has already laid out plans for the upcoming months to drive sales growth further, leveraging the ongoing wedding season. Overall, the company experienced positive growth in terms of YoY & YTD. However, Hero saw a significant dip in terms of MoM sales.

Hero MotoCorp YoY Sales November 2023

Hero witnessed a significant YoY sales boost of 25.61% in November 2023, reaching a total of 4,91,050 units, compared to 3,90,932 units in November 2022. This translates to a volume increase of 1,00,118 units. Positive growth was observed in both the motorcycle and scooter segments, as well as in domestic sales and exports for the company.

Hero MotoCorp	Nov ‘23	Nov ‘22	Difference	Growth % YoY	% Share Nov ‘23
Motorcycles	4,41,276	3,52,834	88,442	25.07	89.86
Scooters	49,774	38,098	11,676	30.65	10.14
Domestic	4,76,286	3,79,839	96,447	25.39	96.99
Exports	14,764	11,093	3,671	33.09	3.01
TOTAL	4,91,050	3,90,932	1,00,118	25.61	100.00

Last month, motorcycle sales for Hero MotoCorp surged by 25.07% YoY, reaching 4,41,276 units, a notable increase from 3,52,834 units in November 2022. This represents a volume growth of 88,442 units, and motorcycles now hold an 89.86% market share. Additionally, scooter sales experienced a YoY improvement of 30.65%, totalling 49,774 units, up from 38,098 units in November 2022, capturing a 10.14% market share.

On the domestic front, Hero MotoCorp's sales exhibited a 25.39% YoY improvement, reaching 4,76,286 units in November 2023, compared to 3,79,839 units in the same month the previous year. Export figures also demonstrated robust growth, with a 33.09% YoY increase from 11,093 units in November 2022 to 14,764 units in the past month.

Hero MotoCorp MoM Sales November 2023

Hero MotoCorp	Nov ‘23	Nov ‘22	Difference	Growth % YoY	% Share Nov ‘23
Motorcycles	4,41,276	5,29,341	-88,055	-16.64	92.07
Scooters	49,774	45,589	4,185	9.18	7.93
Domestic	4,76,286	5,59,766	-83,480	-14.91	97.36
Exports	14,764	15,164	-400	-2.64	2.64
TOTAL	4,91,050	5,74,930	-83,880	-14.59	100.00

Hero MotoCorp experienced a decline in MoM sales last month despite a notable increase in scooter sales. The overall MoM sales witnessed a 14.59% decrease, dropping from 5,74,930 units in October 2023 to 4,91,050 units in November 2023.

Motorcycle sales specifically saw a 16.64% decline, going from 5,29,341 units in October 2023 to a lower figure. On the flip side, scooter sales showed a positive MoM growth of 9.18%, rising from 45,589 units in October 2023 to 49,774 units in the past month.

Domestic markets experienced a 14.91% MoM dip in sales, with figures decreasing from 5,59,766 units in October 2023 to 4,76,286 units in November 2023. Exports also faced a 2.64% MoM decline, dropping from 15,164 units shipped in October 2023 to 14,764 units in the most recent month.

YTD Sales April-November 2023

Hero MotoCorp	Nov ‘23	Nov ‘22	Difference	Growth % YoY	% Share Nov ‘23
Motorcycles	35,40,305	34,11,019	1,29,286	3.79	92.31
Scooters	2,94,775	2,52,856	41,919	16.58	7.69
Domestic	37,17,242	35,39,944	1,77,298	5.01	96.93
Exports	1,17,838	1,23,931	-6,093	-4.92	3.07
TOTAL	38,35,080	36,63,875	1,71,205	4.67	100.00

In the period from April to November 2023, Hero MotoCorp saw positive sales trends in the domestic market, although exports faced challenges. Overall, total sales grew by 4.67%, reaching 38,35,080 units, compared to 36,63,875 units sold during the same period in 2022. This marked a volume growth of 1,71,205 units.

Motorcycle sales increased by 3.79% to 35,40,305 units in the April-November 2023 period, up from 34,11,019 units in the same period of 2022, holding a dominant 92.31% market share. Scooter sales exhibited even higher growth, with a 16.58% increase to 2,94,775 units in April-November 2023, compared to 2,52,856 units sold in the corresponding period last year.

Domestic sales experienced a 5.01% uptick, totalling 37,17,242 units in the April-November 2023 period, compared to 35,39,944 units in 2022. However, exports faced a 4.92% decline, dropping to 1,17,838 units in April-November 2023 from 1,23,931 units sold during the same period in 2022.

But before you go, don’t forget to check out Royal Enfield’s Sales report for November 2023.

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