India’s top two-wheeler makers posted lower sales from a year earlier in the first month of 2023 amid expectations by experts of robust growth in the auto sector sales across categories, barring scooters and motorcycles.
While domestic demand is yet to grow beyond 2019 pre-pandemic levels, bearish sentiment in the rural market is dissuading consumers from two-wheeler purchases. Exports, too, were hit by the devaluation of currencies of importing countries.
Hero MotoCorp’s total dispatches to dealerships fell 6.3 percent to 356,690 units in January as weak motorcycle sales and exports weighed on sales. It sold 380,476 units in the same month last year.
“The company expects demand to build up in the festive and marriage season in the latter part of the month, post the commencement of the auspicious period,” Hero MotoCorp said in a statement.
Honda Motorcycle & Scooter India sold 296,363 two-wheelers last month, recording a 16 percent year-on-year decline. The company’s total sales included exports of 18,220 units.
Bajaj Auto reported a 25 percent decline in two-wheeler sales. The company sold 241,107 units, inclusive of 100,679 units exported, in January compared with 323,430 units sold a year earlier.
However, TVS Motor Company’s two-wheeler sales grew 4 percent to 264,710 units in January. Domestic two-wheeler sales increased 29 percent to 216,471 units.
Suzuki Motorcycle India said January sales climbed 21.2 percent to 84,966 units last month, of which 18,757 units were exported.
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