In October 2024, major two-wheeler manufacturers in India experienced a substantial boost in domestic sales, largely driven by the festive season. Companies like TVS Motor Company, Hero MotoCorp, and Royal Enfield reported significant year-on-year (YoY) growth, ranging from 13% to 26%, marking a strong recovery in the two-wheeler segment.

TVS Leads the Charge in Domestic Sales

Leading the charge, TVS Motor Company reported a 13% increase in domestic sales, selling a total of 390,489 units in October. The boost was attributed to the festive season demand, which traditionally drives a spike in motorcycle sales in India. TVS' performance was further supported by various promotions and new product offerings that appealed to the growing demand during the season. As one of the most trusted two-wheeler brands in India, TVS has managed to continue its momentum in a competitive market, supported by strong consumer trust.

Hero MotoCorp Achieves Strong Growth with Festival Campaign

Hero MotoCorp, India’s largest motorcycle manufacturer, also witnessed a 17.4% increase in sales, with 657,403 units sold in October. This surge was largely attributed to the 'Grand Indian Festival of Trust' campaign, which offered attractive deals and financing options to consumers. Hero MotoCorp has historically benefited from strong brand loyalty, and this festival season was no exception. The company’s extensive distribution network and customer-centric approach helped it tap into the strong demand during the festive period.

Royal Enfield Marks Record Sales

Among the manufacturers, Royal Enfield saw the most substantial growth, with a 26% rise in sales, totaling 101,886 motorcycles sold in October. This marked a historic high for the brand, making it the highest monthly sales in the company's history. Royal Enfield’s success was driven by the growing popularity of its premium motorcycles, which have garnered a dedicated following in both domestic and international markets. The brand’s performance reflects the growing preference for premium two-wheelers in India, a trend that has been gaining momentum in recent years.

Bajaj Auto Faces Sales Decline

However, not all manufacturers saw growth. Bajaj Auto reported an 8% decline in domestic sales, with weak demand observed during the Dussehra festival. Despite offering various promotions and discounts, Bajaj Auto faced a challenging market environment. This decline was attributed to lower-than-expected demand for their range of motorcycles during the peak festive sales period. Bajaj Auto’s sales drop contrasts with the performance of its competitors and highlights the challenges the brand faces in regaining market share in a competitive market.

Exports Show Positive Growth

On the export front, Indian two-wheeler manufacturers also reported positive growth in October 2024. TVS Motor Company recorded a 16% increase in exports, totaling 87,670 units, reflecting the brand’s growing international presence. Similarly, Hero MotoCorp experienced an impressive 43% rise in exports, demonstrating the growing demand for its motorcycles in overseas markets.

Bajaj Auto, despite its domestic sales decline, achieved a 24% growth in exports, reaching 158,463 units. The company has been focused on strengthening its position in key international markets, including Southeast Asia and Africa.

Meanwhile, Royal Enfield saw an outstanding 150% surge in exports, driven by its expanding market presence in regions such as South Asia and Latin America. This export growth underscores the growing global appeal of Royal Enfield’s premium motorcycles and its efforts to solidify its position as a leading global brand in the two-wheeler industry.

Overall Market Trends

The festive season in India has historically been a key period for two-wheeler sales, and this year was no exception. Despite challenges faced by certain manufacturers like Bajaj Auto, the overall market showed strong performance, reflecting the resilience of the two-wheeler industry in India. The growth in exports further signals the strength of Indian manufacturers on the global stage, as brands like TVS, Hero MotoCorp, and Royal Enfield expand their reach to new international markets.

Looking ahead, the two-wheeler market in India is expected to continue its growth, driven by ongoing demand for affordable mobility solutions, especially in rural and semi-urban areas. Manufacturers are likely to focus on launching new products, enhancing customer service, and expanding their export portfolios to sustain this momentum.

As the market continues to evolve, the performance of companies like TVS Motor, Hero MotoCorp, and Royal Enfield will play a significant role in shaping the future of the Indian two-wheeler industry.

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