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Hero MotoCorp Sees 77% Increase In Premium Motorcycle Sales In 2024
Hero MotoCorp's strategic move into the premium middleweight motorcycle market is showing significant success, with the company witnessing a substantial increase in sales.
Between April and December 2024, Hero sold a total of 12,188 units of its Harley-Davidson X440 and Hero Mavrick 440 models, marking a 77 percent rise from the previous year. This surge in sales has propelled Hero to command a 13 percent share in the 350-500cc motorcycle segment, underscoring the growing consumer interest in premium motorcycles.
The sales figures for the nine months in question highlight the popularity of the two models. The Harley-Davidson X440, introduced in July 2023 as part of a licensing agreement between Hero MotoCorp and Harley-Davidson, sold 8,974 units. This model's introduction marked Hero and Harley-Davidson's entry into the 400cc+ motorcycle segment in India.
The Hero Mavrick 440, launched in February 2024 and based on the same platform as the X440, also performed well, with sales reaching 3,214 units. The success of these motorcycles is indicative of Hero MotoCorp's successful foray into the higher-end motorcycle market.
The industry-wide performance in the 350-500cc motorcycle segment also saw an uptick, with a 36 percent increase in sales, totaling 92,881 units during the April-December 2024 period. Bajaj Auto led this segment with a 51 percent market share, selling 47,766 units, an increase of 51 percent from the previous year. Bajaj's dominance in this category is attributed partly to the success of the 400cc Triumph motorcycles.
Other key players in the segment include Royal Enfield, with a 32 percent market share through the sales of its Himalayan 450 and Guerrilla 450 models, totaling 29,519 units. Additionally, Piaggio sold 2,879 units of the Aprilia RS 457, India Kawasaki Motors moved 346 units of the Ninja 500 and Eliminator, and Honda sold 183 units of the NX500.
Despite the 350-500cc motorcycle segment accounting for only one percent of the 94,42,637 motorcycles sold from April to December 2024, the notable year-on-year growth underlines a shift in consumer preferences towards premium two-wheelers. This trend is reflected in the increased sales figures for both Hero MotoCorp and other manufacturers in the segment.
The manufacturing prowess of Hero MotoCorp is evident in the production of the Harley-Davidson X440, which is assembled at Hero's Garden Factory in Neemrana, Rajasthan. This model is offered in three variants: Denim, Vivid, and S, with prices ranging from Rs 2.40 lakh to Rs 2.80 lakh. The Mavrick 440 also comes in three variants: Base, Mid, and Top, priced between Rs 1.99 lakh and Rs 2.24 lakh. The diverse range of options and competitive pricing likely contributed to the strong sales performance of these models.
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