November 2024 2W Sales and Exports – Hero, Honda, TVS, Bajaj,

Hero MotoCorp topped the list with sales of 439,000 units despite year-on-year and month-on-month declines in the domestic market

Leading two-wheeler brands such as Hero, Honda, TVS, Bajaj, Suzuki and Enfield have seen ups and downs in domestic sales and exports in November 2024. While most of the purchases in this two-wheeler segment are made during the auspicious festive period of September and October 2024, year-end purchases show a dip.

Domestic sales of two-wheelers in November 2024

Major two-wheeler brands Hero, Honda, TVS, Bajaj, Suzuki and Royal Enfield ended November 2024 with negative domestic sales. The six major OEMs sold a total of 15,32,048 vehicles last month, a year-on-year decrease of 1.23% from 15,50,849 vehicles in November 2023. The month-on-month sales volume also dropped by 25.75% from 20,63,387 units. Unit numbers for October 2024 were driven by festive demand.

Hero MotoCorp, despite being the number one two-wheeler manufacturer by sales, saw sales decline both year-on-year and quarter-on-quarter. Sales in the past month fell to 4,39,777 units, a year-on-year decrease of 7.67% and a month-on-month decrease of 33.07%. The company sold 4,76,286 units in November 2023 and 6,57,043 units in October 2024, occupying 28.71% share of the list. Hero MotoCorp has just launched its V2 series of electric scooters which, along with the upcoming Hero Mavrick 440 Scrambler, is likely to boost sales in the coming months.

Following Hero MotoCorp in domestic market sales last month was Honda with sales of 4,32,888 units. However, the company’s sales increased by 2.90% year-on-year from 4,20,677 units in November 2023. The month-on-month sales dropped by 21.74% from 5,53,120 units in October 2024. Honda is also positive about the new Activa e: and QC1. There are several upcoming products in the electric two-wheeler segment as well as in the larger segment that will be launched by 2025.

TVS Motor’s sales increased by 6.34% year-on-year to 3,05,203 units as compared to 2,87,017 units sold in the same month last year. Like all the other six two-wheeler manufacturers on the list, TVS also experienced a quarter-on-quarter decline of 21.84%. Followed by Bajaj Auto, sales fell by 6.86% year-on-year and 20.44% month-on-month to 2,03,611 units.

Bajaj Freedom CNG, which is currently a high-selling product in the company’s product line-up, recently saw a price cut of Rs 5,000-10,000, making it more affordable for buyers. Suzuki’s sales increased 7.11% year-on-year to 78,333 units, a month-on-month decrease of 25.35%. Royal Enfield’s sales also dropped to 72,236 units year-on-year and month-on-month, a year-on-year decrease of 3.86% and a month-on-month decrease of 29.10%.

Two-wheeler export volume in November 2024

In the global market, the performance of these six leading two-wheeler manufacturers has improved. Sales increased by 31.58% year-on-year to 3,37,562 units, up from 2,56,548 units sold in November 2023. The month-on-month sales volume also improved, but it was a slight increase of 0.45% from the 3,36,035 units sold in October 2024. Bajaj Auto tops the export charts. Sales volume last month was 1,64,465 units, a year-on-year increase of 26.07%, a year-on-year increase of 3.79%, and a month-on-month increase of 3.79%.

Bajaj Auto holds 48.72% share in this list. It is the only two-wheeler manufacturer to export more than 100,000 units. TVS ranked second in exports, exporting 87,150 units last month, a year-on-year increase of 33.90% from 65,086 units in the same month last year. However, the month-on-month performance was negative, with exports falling by 0.70% from October 2024’s export volume of 87,760 units.

Honda’s export volume has also increased significantly, with shipments last month of 39,861 units, a year-on-year increase of 46.70%. Hero followed, with shipments of 20,028 units last month, a year-on-year increase of 35.65%. However, Honda and Hero’s exports fell by 10.61% and 7.65% month-on-month respectively. Suzuki (16,037 units) and Royal Enfield (10,021 units) performed well last month, with exports soaring by 14.87% and 95.95% respectively. The two carmakers also posted positive month-on-month export growth.

Total (sales + exports) – year-on-year and month-on-month

Considering the total domestic and export sales of two-wheelers in India in November 2024, the number was 18,69,610 units. This shows a strong year-on-year growth of 3.44%, while month-on-month sales fell by 22.08% from 23,99,422 units in October 2024. Honda led the market with sales of 4,72,749 units, a year-on-year increase of 5.56%, but a month-on-month decrease of 20.91%.

Hero sold 4,56,805 units last month, a year-on-year increase of 6.36% and a month-on-month decrease of 32.26%; TVS sold a total of 3,92,353 units in the domestic and global markets, a year-on-year increase of 11.43% and a month-on-month decrease of 17.96%. Total sales of Bajaj Auto (3,68,076 units), Suzuki (94,370 units) and Royal Enfield (82,257 units) all improved year-on-year, but the sequential sales performance ended with a double-digit decline.