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Indian Two-Wheeler Giants Experience Growth And Declines In June 2024
In June 2024, the six leading two-wheeler manufacturers in India—Hero, Honda, TVS, Bajaj, Suzuki, and Royal Enfield—experienced mixed results. While domestic sales showed a year-on-year (YoY) increase, month-on-month (MoM) sales saw a slight decline. Exports also improved YoY but fell MoM.
The combined domestic sales for these companies reached 15,44,157 units in June 2024, marking a 22.73% YoY growth from 12,58,192 units in June 2023.
| Rank | Domestic | June'24 | June'23 | Growth (%) YoY |
| 1 | Hero | 4,91,416 | 4,22,757 | 16.24 |
| 2 | Honda | 4,82,597 | 3,02,756 | 59.40 |
| 3 | TVS | 2,55,734 | 2,35,833 | 8.44 |
| 4 | Bajaj | 1,77,207 | 1,66,292 | 6.56 |
| 5 | Suzuki | 71,086 | 63,059 | 12.73 |
| 6 | Royal Enfield | 66,177 | 67,495 | -2.04 |
Hero MotoCorp led the domestic sales with 4,91,415 units sold in June 2024. This represented a 16.24% YoY growth from 4,22,757 units sold in June 2023 and a 2.50% MoM increase from May 2024's figure of 4,79,450 units.
The company saw strong demand for its Xtreme 125 and VIDA V1 models and anticipates that the upcoming Destini scooter will be competitive in the 125cc segment.
Two Wheeler Sales June 2024 – Honda Shows Strong Growth
Honda secured the second spot with significant YoY and MoM growth rates of 59.40% and 7.10%, respectively. The company sold 4,82,597 units in June 2024 compared to May's figure of 4,50,000 units. Market share also increased from May's 29.15% to June's 31.25%. TVS Motor reported an 8.44% YoY growth to reach sales of 2,55,734 units but experienced a MoM decline of 5.68% from May's total of 2,71,140 units.
Bajaj Auto and Suzuki both posted YoY improvements in domestic sales by 6.56% and 12.73%, respectively. However, their MoM performance declined by 5.91% for Bajaj Auto and a significant drop of 22.76% for Suzuki. Bajaj Auto is optimistic about its new Freedom model—the world's first CNG-powered bike—priced at Rs 95,000.
Two Wheeler Exports June 2024 – Bajaj Leads
Two-wheeler exports saw a positive trend with a YoY growth of 2.53%, reaching a total of 2,65,332 units in June 2024 compared to June last year's figure of 2,58,790 units. However, MoM exports faced challenges with a decline of 9.27% from May's total of 2,92,435 units exported.Bajaj Auto led the export market with shipments totaling to 1,26,439 units despite a slight YoY decline of 0.72%. The company's MoM performance improved by 7.94%.
TVS exports decreased both YoY by 3.11% and MoM by 24.89%, totaling 66,434 units shipped last month. Honda reported an impressive 69.67% YoY growth in exports, shipping 36,202 units compared to 21,337 units in June last year, although MoM shipments dipped 13.51%.
Suzuki (17 ,201 units) and Hero (12,032 units) both experienced declines in both YoY and MoM exports while Royal Enfield saw a small MoM improvement by 2.81 % to 7,024 units shipped.
Total Sales (Domestic + Exports) – Honda Takes Lead
The combined total sales figures for domestic and export markets reached 18,09,489 units in June 2024, reflecting a 19.28 % increase from 15,16,982 units sold in June last year. However, this was offset by a 1.56% decline compared to May's figure of 18,38,224 units.
Honda led the pack with 5,18,799 total sales in June2024, showing 60.08 % YoY growth over 3,24,093units sold last year. In May 2024 Hero MotoCorp was the top seller with total sales of 4,98,123 which improved slightly to 5,03,448 last month.
TVS also reported positive total sales figures with 3,22,168 units sold reflecting 5.84% YoY growth but declining 10.41% MoM. Bajaj Auto showed affirmative total sales at 3,03,646 units up 3.40% YoY but suffered 0.60% MoM decline.
Suzuki reported 9.35% YoY growth but 20.83% MoM decline in total sales to 88,287 units.Royal Enfield with 73,141 units sold last month saw 5.15% YoY de-growth while improving by 2.91% MoM. These total sales figures highlight better YoY sales for these 6 leading OEMs but lower MoM performance indicating volatile market conditions.
The overall performance indicates that while there is substantial annual growth across most brands' domestic sales figures are fluctuating monthly due to various market dynamics. The mixed results underscore the challenges faced by India's two-wheeler industry amidst changing consumer preferences and economic conditions.
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