India’s leading two-wheeler manufacturers witnessed double-digit growth in domestic sales in October due to festive fervor. Leading companies like TVS Motor Company, Hero MotoCorp and Royal Enfield have recorded 13-26 per cent growth in domestic sales. This is due to the increasing demand for two-wheelers by consumers during the season.
However, despite the festive boom, Bajaj Auto saw a decline in domestic sales. Chennai-based TVS Motor led the festive season, achieving 13 per cent year-on-year growth in domestic sales. The company sold 390,489 units in October, compared to 344,957 units in the same month last year. TVS’ electric vehicle (EV) segment also witnessed 45 per cent year-on-year growth. This reflects growing consumer interest in sustainable transportation.
Hero MotoCorp, the world’s largest two-wheeler maker, also posted a strong festive performance and reported 17.4 per cent year-on-year growth in domestic sales. The company sold 657,403 units this October, boosted by the ‘Grand Indian Festival of Trust’ campaign. The company also achieved its highest ever sales on Dhanteras, helping it meet demand in both urban and rural areas.
This was especially the case in popular segments like 100cc and 125cc motorcycles. Royal Enfield also shared in the festive success, registering a 26 per cent growth in domestic sales. It sold 101,886 motorcycles in October 2024, compared to 80,958 units in October 2023. This is Royal Enfield’s highest ever monthly sales, reflecting strong demand for its classic and new models during the festive season.
However, Bajaj Auto’s domestic two-wheeler sales have declined by 8 per cent. In October 2024, 255,909 units were sold. The drop in sales came after the company earlier reported that demand for motorcycles during Dussehra was lower than expected (2 per cent growth). The initial expectation was a growth of 6 to 8 percent. Commenting on the Q2FY25 earnings, Bajaj Auto CEO Rakesh Sharma said: “Factors like delayed monsoon and elections may have influenced this, but it is difficult to identify the exact reason. “Demand in the southern and eastern regions has been sluggish, while the central and northern regions have shown some resilience.”
Indian motorcycle manufacturers also saw encouraging growth in exports in October. TVS Motor Company reported 16 per cent growth in two-wheeler exports to 87,670 units. Hero MotoCorp witnessed a 43 percent year-on-year growth as demand for its models continues to rise in global markets. Bajaj Auto recorded a 24 per cent growth in two-wheeler exports at 1,58,463 units. Royal Enfield also enjoyed significant growth, with exports increasing by 150 per cent. This was driven by the growing presence of its brands in the South Asian and Latin American markets.
