The demonetisation of Rs 500 and Rs 1000 notes by Government of India has impacted the Indian market. In the automobile sector the new car market was slightly affected but the two-wheeler market took the worst hit.
The two-wheeler market in the country saw a negative growth of 5 percent in the month of November, but thanks to various transaction options offered to the customers, manufacturers are getting back on track.
Honda Two Wheelers sold 3,25,448 units in the month of November and recorded a one percent improvement in sales compared to last year. The manufacturer's shift in focus towards export also helped in the cause.
Honda commenced the export of Navi to Sri Lanka last month. Despite the turbulence in the Indian market Honda managed to steady the ship at the right time. HMSI Senior Vice President. YS Guleria said, "Compared to festival buying in November last year, this year the industry was prepared for an organic correction in November."
He added, "However, demonetization announcement took everyone with surprise. Two-wheeler sales dropped by 50% in the first 3-4 days of announcement. But recovery started week 2 and by the end of month."
Chennai-based firm Royal Enfield too managed to post positive sales figures in the month of November. The company sold 57,313 units combining both domestic sales and exports and witnessed a growth of 41 percent compared to last year.
Yamaha India too recorded positive growth in the eventful month of November. The motorcycle manufacturer recorded a growth of 20 percent in domestic sales which includes Nepal. The company managed to sell 51,106 units last month.
Yamaha India, Sales and Marketing, Vice President, Roy Kurian said, "The continuous growth numbers are a sign of Yamaha's robust business plan and strategic customer engagement programs."
He added, "The company is en route to achieve 1 million in 2017 through exciting products and by expanding its 3S network. The rise of trend-conscious customers will continue to rev the market with excitement."