 "Two-wheeler sales dip in May due to weak wedding season; exports rise")
Domestic two-wheeler firms logged muted wholesales in May due to a weak wedding season compared to last May. Among the major players, only TVS Motor Company posted a 7 per cent rise in domestic two-wheeler sales.
Most companies, though, reported substantial gains in their export markets.
Weddings typically boost two-wheeler buying. Despite a tepid wedding season, sector tracker HSBC Global Research said its discussions with channel partners suggested that good demand was likely in the upcoming festival season.
The only exception, TVS, reported that its two-wheeler sales grew 7 per cent to 271,140 units in May 2024, up from 252,690 units last May. The company did not respond to queries till the time of going to press.
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Other key firms had a weaker performance in the domestic market. Hero MotoCorp, the largest two-wheeler manufacturer by volume, sold 498,123 units this May compared to 519,474 units in the same period last year — a decline of 4.1 per cent. Another leading player Bajaj Auto experienced a 3 per cent drop selling 188,340 units compared to 194,811 units last year. Eicher Motors, the maker of Royal Enfield bikes, reported an 8 per cent decline in its sales to 71,010 units as opposed to 77,461 units last May.
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However, exports painted a brighter picture. Hero MotoCorp achieved a 67.24 per cent growth in exports, reaching 18,673 units from 11,165 units last year. “Hero MotoCorp registered a growth in its export volumes during the month and continues to see increased demand for the VIDA V1 electric scooter. The company is gearing up for an energetic upcoming period with a slew of product launches and business expansions," the company stated in a regulatory filing.
Bajaj's exports also increased by 4 per cent, reaching 117,142 units compared to 112,885 units in the same period last year. Similarly, TVS and Eicher motors saw rise of 33 per cent and 12 per cent, respectively. The increase in exports from Eicher motors highlighted the increasing demand for Royal Enfield motorcycles in the international market. The export growth has been mainly fuelled by a low base of last year, and overall positive demand from the global markets.