Two-wheeler market grows 17.17% YoY, HMSI sales double, Hero MotoCorp declines.
Bike Sales Report 2024: The two-wheeler segment in India experienced a remarkable 17.17% year-on-year growth in July 2024. This surge was driven by rising demand and a flourishing rural economy, alongside the introduction of new products. Notably, Honda Motorcycle & Scooter India (HMSI) doubled its sales, marking an exceptional period. This report delves into the sales performance of key players, including Hero MotoCorp, and highlights the winners and losers of the month.
Key Highlights:
- Two-wheeler market grew by 17.17% YoY in July 2024.
- HMSI doubled its sales, selling 4,83,100 units.
- Hero MotoCorp faced a 5.3% YoY decline in sales.
- TVS Motor saw a 9% YoY growth with 3,39,676 units sold.
- Suzuki crossed 1 lakh sales mark, achieving 8% YoY growth.
Bike Sales Report July 2024
| Manufacturer | Sales (July 2024) | YoY Growth |
|---|---|---|
| Honda Motorcycle & Scooter India | 4,83,100 units | 43% |
| Bajaj Auto | 2,97,541 units | 11% |
| TVS Motor | 3,39,676 units | 9% |
| Suzuki Motorcycle India | 1,16,714 units | 8% |
| Hero MotoCorp | 3,70,274 units | -5.3% |
Honda Motorcycle & Scooter India (HMSI)
HMSI emerged as the biggest gainer, with a total dispatch of 4,83,100 units, including 4,39,118 domestic and 43,982 export units. This reflects a 43% year-on-year growth compared to 3,10,867 units in July 2023. The company saw a 41% growth in domestic sales and over 60% in exports. However, compared to June 2024, there was a slight dip from 5,18,799 total units.
Hero MotoCorp
Hero MotoCorp sold 370,274 units in July 2024, down from 391,310 units in the same month last year, marking a 5.3% year-on-year decline. The company also witnessed a 6.43% decline in domestic sales, with 347,335 units sold compared to 371,204 units in June 2024. This indicates a significant month-on-month decrease of 29.32%.
TVS Motor
TVS Motor secured the third position with 339,676 units sold in July 2024, showing a 9% year-on-year growth from 312,307 units in July 2023. In the domestic market, TVS recorded an 8% increase, selling 254,250 units compared to 235,230 units the previous year. However, the company experienced a slight month-on-month decline of 0.58%.
Bajaj Auto
Bajaj Auto registered a 11% year-on-year growth, with total sales of 297,541 units in July 2024, up from 268,840 units in July 2023. The company experienced a dip in domestic sales, with 168,847 units sold compared to 177,207 units in June 2024. Despite this, Bajaj Auto recorded a 19% year-on-year growth.
Suzuki Motorcycle India
For the first time, Suzuki crossed the 1 lakh sales mark in the Indian market, achieving 116,714 units in July 2024. This marks an 8% year-on-year growth from 107,836 units in July 2023. Suzuki saw a significant 25% growth in domestic sales, with 100,602 units sold compared to 80,309 units the previous year. However, exports declined to 16,112 units from 27,527 units in July 2023.
Conclusion
The two-wheeler market in India showed strong performance in July 2024, with significant growth across major manufacturers. HMSI led the charge with substantial gains, while Hero MotoCorp faced challenges. TVS Motor and Suzuki also posted impressive numbers, indicating a vibrant and competitive market landscape.
Also Read:
Car Sales Report for July 2024: Decline in Sales for Top Leaders
