Domestic 2-Wheeler Sales Dip Slightly in May 2024, Export Numbers Surge
The two-wheeler sales in India experienced a marginal decline in May as compared to the same period in the previous year. The major two-wheeler manufacturers of the country reported a decrease in sales numbers, reflecting a broader trend in the industry. Market leader Hero MotoCorp, sold 498,123 units in May 2024, marking a decrease from the 519,474 units sold in May 2023. This decline was observed in both the scooter and motorcycle segments.
Specifically, Hero MotoCorp's scooter sales fell to 26,937 units in May 2024, down from 30,138 units in May 2023. Motorcycle sales also saw a decline, with 471,186 units sold in May 2024 compared to 489,336 units in May 2023.
Bajaj Auto, another player in the two-wheeler market, also registered a decline in sales. In May 2024, Bajaj Auto's total two-wheeler sales stood at 305,482 units, a slight drop of 1 per cent from the 307,696 units sold in May 2023. This marginal decline highlights the competitive pressures and market conditions affecting the two-wheeler segment.
Eicher Motors, the parent company of Royal Enfield, also reported a decrease in motorcycle sales. In May 2024, the company sold 71,010 units, which is 8 per cent lower than the 77,461 units sold in May 2023.
Despite this decline in domestic sales, all three have reported growth in exports. Eicher Motors exports grew by 12 per cent, with 7,479 units sold in May 2024 compared to 6,666 units in May 2023. This increase in exports highlights international demand for Royal Enfield motorcycles.
Bajaj Auto registered a 4 per cent growth in exports from 1,12,885 units in May 2023 to 1,17,142 units in May 2024.
Hero Moto Corp exports were up from 11,165 units in May 2023 to 18,673 units in May 2024.
The manufacturers are navigating the declines in sales through various strategies such as introducing new models, enhancing distribution networks, and focusing on export markets. With good monsoon predicted by the Indian Metrological Department, sales of two-wheelers may go up in the coming months.
