Major two-wheeler (2W) manufacturers of India saw a double-digit increase in domestic sales in September as they prepared for the festive season. Bajaj Auto, Hero MotoCorp, Honda Motorcycle & Scooter India (HMSI), and TVS Motor Company, all recorded increase in sales ranging between 9 per cent and 28 per cent, due to strong domestic demand and upbeat market sentiment.
In H1FY25, domestic sales reflected this upward trend, with a 16 per cent rise in two-wheeler sales compared to the same period in 2023. Most players saw high single-digit to double-digit growth, riding on positive sentiments in rural markets due to good monsoons.
Bajaj Auto’s two-wheeler segment reported a 28 per cent jump in domestic sales, with 2,59,333 units sold in September compared to 2,02,510 units in the same month of 2024, contributing to a total of 4,00,489 units sold — a 22 per cent increase overall.
Hero MotoCorp, the world’s largest motorcycle manufacturer, saw its domestic sales increase by 18 per cent in September, reaching 6,16,706 units. In H1FY25, Hero MotoCorp’s domestic sales increased by 9.68 per cent, reaching 29,40,666 units.
The company is gearing up for the festive season by banking on high demand across its 100cc, 125cc, and premium segments. It expects the positive market sentiment, on the back of a good monsoon, to fuel stronger retail sales in October.
HMSI registered a 9 per cent increase in domestic sales, with 5,36,391 units sold in September. TVS Motor Company hit a new milestone, registering a 23 per cent increase in domestic sales, reaching 3,69,138 units, while the company’s electric vehicle (EV) sales also saw a 42 per cent growth.
Speaking on the performance of the two-wheeler segment, Anurag Singh, managing director of Primus Partners, noted that despite the industry’s positive momentum in September, the real test will come in October, when retail sales take off.
“The manufacturers are upbeat, driven by strong sales growth and a positive economic outlook. However, they may have placed too much stock at dealers ahead of the festive season. We will have to wait and see if inventory levels rise, which could lead to aggressive promotional schemes to boost retail sales,” Singh said.
Hero MotoCorp’s exports increased by 21 per cent, while HMSI recorded a 34 per cent rise in overseas sales. TVS Motor saw an 11 per cent boost in exports, fuelled by strong international demand for its two-wheelers, and Bajaj Auto’s exports also climbed by 13 per cent.
First Published: Oct 02 2024 | 6:08 PM IST