- Industry leader
Hero MotoCorp crossed the 5 lakh sales mark with a volume of 5.19 lakh units in May. - On the other hand, domestic dispatches of passenger vehicles touched 3.35 lakh units in May, reflecting the upbeat consumer sentiment.
- Electric two-wheeler sales crossed the 1 lakh mark during the month, as price hikes from June 1 led to pre-buying by customers.
Industry leader Hero MotoCorp crossed the 5 lakh sales mark with a volume of 5.19 lakh units in May, recording an increase of 7% YoY and 41% when compared to April 2023. The company is banking on “an uptick in customer sentiments, forecast of normal monsoon and a host of new launches in the premium segment,” to drive its sales going forward.
“May is a crucial month in terms of sales for two-wheelers, given the all-important wedding season which propels sales of two-wheelers, especially in rural areas”, Elara Capital said in a note.
Premium bike manufacturer Royal Enfield was a close second, with a 23% volume growth in May. Its dispatches stood at 77,461 units during the month.
All in all, all the four key two-wheeler manufacturers reported growth on both YoY as well as month-on-month basis, reflecting an uptick in demand during the month.
“We expect two-wheeler industry volumes should continue to grow, led by an anticipated recovery in rural areas, a gradual pickup in exports and new product launches,” said the analysts at Motilal Oswal.
Source: Company filings
The passenger vehicle industry continued to cruise in May thanks to robust demand for sports utility vehicles (SUV) and an improvement in semiconductor chip supplies. Domestic dispatches of passenger vehicles touched 3.35 lakh units in May, reflecting the upbeat consumer sentiment.
The top four car makers reported a growth of 6-22% in their volumes during the month, while Toyota’s sales doubled on a year-on-year basis. Kia’s sales remained unchanged.
The demand for SUVs continued to drive car sales. India’s largest car manufacturer, Maruti Suzuki, reported that SUVs accounted for 21% of its total sales in May, up from 12% in the same period last year. Maruti’s latest SUV, the
“While we have the Brezza, we also have the
Hyundai, the second largest car maker, also reported that SUVs like Creta and Venue drove its sales during the month.
Source: Company filings
Electric two-wheeler sales crossed the 1 lakh mark in May thanks to pre-buying and sustained demand, surging by 59% when compared to April.
Ola Electric continued to top the charts with 28,438 units sold during May, but TVS Motor is quickly closing the gap after more than doubling its sales during the month when compared to April. Electric two-wheelers now account for 17% of TVS’ total sales, and the company says its current orderbook for the iQube stands at 30,000 units.
Price hikes due to a reduction in the FAME-II subsidy also contributed to the rise in sales during May. All the major electric two-wheeler companies have announced price hikes in the range of ₹15,000 to ₹30,000 with effect from June 1.
The top five electric two-wheeler companies posted a growth in the range of 16-168% month-on-month in May.
Source: VAHAN
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