The Indian two-wheeler industry continued its hot streak in February 2024, clocking a phenomenal 36.29% year-on-year (YoY) growth. This translates to a staggering 17,52,985 units sold last month, signifying a booming market fueled by various factors. Let’s delve deeper and understand which manufacturers emerged as winners and what trends are shaping the industry.
Hero and Honda Maintain Dominance, But With a Twist
The two industry stalwarts, Hero MotoCorp and Honda Motorcycle & Scooter India (HMSI), retained their leadership positions. Hero clinched the top spot with a 26.72% market share, selling a healthy 4,68,234 units in February. However, it’s worth noting that Hero’s sales witnessed a slight dip compared to January 2024. Honda, on the other hand, displayed impressive growth, notching a 26.17% market share with 4,57,342 units sold. This indicates that Honda is clawing back market share, posing a strong challenge to Hero’s dominance.
Bajaj and TVS: The Aggressive Challengers
Bajaj Auto and TVS Motor Company emerged as the most aggressive challengers in February. Bajaj, known for its strong presence in the export market, continued its dominance. It bagged a whopping 40.77% share of total two-wheeler exports, translating to 1,24,157 units shipped overseas. This phenomenal performance, coupled with a 25.21% YoY growth in domestic sales (2,93,348 units), signifies Bajaj’s well-rounded strategy.
TVS Motor Company also had a reason to celebrate. They registered a stellar 34.00% YoY growth in domestic sales, reaching a commendable 3,57,810 units sold. This, along with a significant 46.36% MoM (Month-on-Month) jump in exports (90,308 units), underlines TVS’s aggressive pursuit of market share.
Royal Enfield and Suzuki: Niche Players Hold Steady
Royal Enfield, known for its iconic motorcycles, registered a decent 6.12% YoY growth, selling 1,33,241 units in February. This indicates a loyal customer base for Royal Enfield, despite intense competition in other segments.
Suzuki Motorcycle India Pvt Ltd., on the other hand, witnessed a slight YoY growth of 37.97%, selling 1,40,000 units. However, it’s important to note that Suzuki faced a marginal decline in exports compared to January 2024.
A Look at the Numbers: February 2024 Two-Wheeler Sales
| Manufacturer | Domestic Sales (Units) | YoY Growth | Market Share | Export Share | MoM Growth (Exports) |
|---|---|---|---|---|---|
| Hero MotoCorp | 4,68,234 | – | 26.72% | – | – |
| Honda Motorcycle & Scooter India | 4,57,342 | + | 26.17% | – | – |
| TVS Motor Company | 3,57,810 | +34.00% | 20.42% | 29.66% | +46.36% |
| Bajaj Auto | 2,93,348 | +25.21% | 16.79% | 40.77% | +8.06% |
| Suzuki Motorcycle India Pvt Ltd | 1,40,000 | +37.97% | 8.00% | – | -7.34% |
| Royal Enfield | 1,33,241 | +6.12% | 7.61% | – | – |
