While four-wheeler retail sales boosted the sector throughout the festive season with significant growth, two-wheeler sales were variable.
India is undoubtedly one of the world's largest markets for two-wheelers. The two-wheeler market has been struggling recently due to a number of issues, but during the festive period, there was a favourable mood that was advantageous for OEMs. The performance data appear to be mixed, but they do imply that the market is no longer sluggish. Here's a quick rundown of how the brands have performed so far.
1. Hero MotoCorp
A 17% YoY fall in sales was reported by Hero MotoCorp in October 2022, when it sold 4,54,582 two-wheelers. 11,757 units were shipped, leaving 4,42,825 units for domestic retail sales and the rest for international markets. As of September 2022, it sold 5,19,980 units, a 12.5% decrease in MoM in sales.
Sales of two-wheelers increased by 3.9% YoY in October 2022 at Honda Motorcycle & Scooter India, with 4,49,391 units sold. 4,25,969 units were sold by the corporation in retail stores on the domestic market, while 23,422 units were exported. Honda sold 5,18,559 units in September 2022, a 13.3% decline from the previous month.
3. Bajaj Auto
In October 2022, Bajaj Auto sold 3,41,903 units, a 13% YoY decline. While 2,06,131 units were sold domestically, the company's exports were affected dramatically, falling to 1,35,722 units last month from 1,92,565 units a year ago. In September of this year, it sold 3,48,355 units, a 1.8% decrease from the previous month.
4. TVS Motor
TVS Motor Company's total two-wheeler sales in October 2022 were 3,44,630 units, up from 3,41,513 units in October 2021, marking a 0.9% YoY increase. In September 2022, the company sold 3,61,729 two-wheelers, a 4.7% decrease from the previous month.
5. Royal Enfield
Royal Enfield sold 82,235 units in October 2022, representing an 86% YoY increase. Domestic sales were 44,133 units in the same period the previous year. Furthermore, on an MoM basis, it increased sales by 0.17%, selling 82,097 units in September 2022.
With the debut of the brand-new Ola S1 Air at INR 84,999, Ola made a significant effort during Diwali to turn India's EV revolution into a widespread movement. Throughout the holiday season, Ola Electric maintained a strong pace, cementing its market leadership position. In October 2022, Ola sold an astonishing 20,000 units, the most for any EV company in India. This represents a 60% MoM increase, outperforming the whole EV segment by a factor of two.
While four-wheeler retail sales boosted the sector throughout the festive season with significant growth, two-wheeler sales were variable. However, there have been indications of brisk sales, which has bolstered market spirits.