Honda sales in August 2024 – growth in all aspects

Honda sales in August 2024 – Home advantage: Honda has a firm grip on the Indian market

HMSI reported an increase in total sales in August 2024. Total sales stood at 5,38,852 units, up 13% YoY from 4,77,590 units in August 2023. The month-on-month growth rate from July to August 2024 was 11.54%. These figures show a stable performance in both domestic and export markets, reflecting HMSI’s effective strategy and market positioning.

In August 2024, HMSI’s domestic sales stood at 4,91,678 units, up from 4,51,200 units in August 2023. Year-on-year, it has grown by 9%. On a month-on-month basis, it has grown by 11.97% compared to July 2024. The domestic market remains a strong point for HMSI, accounting for over 90% of the total sales in August 2024. This performance indicates the strong demand for Honda motorcycles and scooters across India. No doubt, the success of Activa has led this trend.

Honda’s export plan: will jump 79% by August 2024

Export sales increased significantly in August 2024 with 47,174 units sold compared to 26,390 units in August 2023. This growth is a 79% YoY increase indicating increasing demand for HMSI products in international markets. It is a 7.26% MoM increase compared to July 2024. In August 2024, HMSI’s export market share was around 9%, reflecting its strategic expansion outside the domestic market.

During April-August 2024, HMSI reported domestic sales of 23,45,028 units, compared to 17,14,256 units in the same period of 2023. This reflects a year-to-date growth in domestic sales of 36.80%. On the export front, HMSI sold 2,29,716 units from April-August 2024, up from 1,29,877 units last year, a growth of 76.87%. Overall, total year-to-date sales grew by 39.62% to 25,74,744 units in 2024, compared to 18,44,133 units in 2023.

Honda’s Indian stronghold: the two-wheeler giant

There are multiple factors behind the substantial growth in HMSI’s export sales. Opening up new international markets, coupled with product diversification and competitive pricing, has stimulated demand. In addition, HMSI’s focus on product quality and meeting global standards has strengthened its position in the export market, which is reflected positively in the sales figures.

The domestic market remains a key market for HMSI with a dominant market share. This dominance is driven by the sustained demand for two-wheelers in India, supported by HMSI’s extensive dealer network and diverse product range. In addition, consumer preference for reliable and fuel-efficient vehicles is also driving sales across market types.

Honda’s new frontier: Expanding exports by 2024

HMSI’s export market strategy focuses on tapping emerging markets where demand for two-wheelers is growing. By customizing its products to meet regional preferences and regulatory requirements, HMSI is able to penetrate new markets effectively. This approach has resulted in a significant increase in export sales, contributing significantly to overall growth.

HMSI’s sales strategy has been instrumental in achieving the reported growth. A combination of effective marketing, strategic product development, and product innovation has helped HMSI maintain its competitive edge. These efforts have not only increased brand awareness but also increased customer trust and loyalty, thereby driving higher sales.

Sales: Seasonal trend or strategic win?

Sales increased by 11.54% month-on-month in July-August 2024, reflecting positive market sentiment during the quarter. Seasonal factors, promotional activities and festive enthusiasm may have driven the increase in sales. This trend suggests a positive outlook for the rest of the year, with both domestic and export markets likely to continue to grow.

Total sales in August 2024 increased by 13% year-on-year, indicating a steady upward sales trajectory for HMSI. Both domestic and export segments have achieved considerable growth, highlighting the success of HMSI’s market strategy. Continued focus on expanding market coverage and enhancing product offerings is expected to sustain this growth momentum.

Honda and Hero: Fierce competition in domestic sales

Honda Motorcycle & Scooter India’s August 2024 results reflect a balanced growth approach in both domestic and export markets. The company’s ability to adapt to market dynamics and consumer preferences has been key to its success, laying a good foundation for future growth.

In the domestic market, Honda’s closest competitor is its erstwhile partner Hero MotoCorp. Its domestic sales stood at 4,92,263 units, just 585 units more than HMSI. Currently, Honda leads in domestic sales in FY2025 YTD, with sales slightly higher than Hero at 23,23,960 units.