Two-wheeler sales remain tepid in October

Representative image.

The passenger vehicles market saw phenomenal growth in October but sales of two-wheelers remained subdued during the month due to, among other things, a hike in prices amid the transition to the Bharat Stage VI emission norms, reduced disposable income of the lower-income group and stress in the rural economy. Sales were also hit because of rising commodity and fuel costs caused by Russia’s invasion of Ukraine.

Data shared by Society of Indian Automobile Manufacturers (SIAM) showed entry-level bikes (up to 110cc) saw a 35 percent drop from 2,305,000 units in Q2FY2019 to 1,497,000 in the second quarter of this financial year.

Hero MotoCorp, which reclaimed its position as the market leader, reported a 17 percent dip in total sales to 454,582 units last month compared with 547,970 units in October 2021. The company’s dispatches to dealers stood at 442,825 units, down 16 percent from 527,779 units a year ago. However, during the 32-day first leg of the festival season, which ran from the first day of Navratras (September 26) to the day after Bhai Dooj (October 26), it posted a strong double-digit retail growth of 20 percent over the corresponding period of FY22, according to the company.

At 395,238 units, Bajaj Auto reported a 10 percent drop in total sales in October this year, against 439,615 units sold in the same month last year. The company’s total two-wheelers sales fell 13% to 3, 41,903 units in October 2022 as against 3,91,303 units sold in October 2021. However, its domestic two-wheeler sales grew 4 percent to 206,131 units compared to 198,738 units in the same month a year ago.

TVS Motor, on the other hand, posted a growth of 2 percent with sales rising from 355,033 units in October last year to 360,288 units in October 2022. Its total two-wheelers sales  came in at 344,630 units in October 2022 over 341,513 in October 2021. Domestic two-wheeler sales registered growth of 7 percent, increasing from 258,777 units in October 2021 to 275,934 units in October 2022.

It is to be mentioned that the total sales for Bajaj and TVS include three-wheelers.

Honda Motorcycle and Scooter India (HMSI), which was the market leader in September (as per registrations data on government site Vahan) reported a nearly 4 percent increase in total sales at 449,391 units in October 2022 versus 432,229 units in October last year. In the domestic market, sales were at 425,969 units compared with 394,645 units in the year-ago month, a growth of 7.94 percent.

Atsushi Ogata, managing director, president and CEO, HMSI, said, “This year’s festival season has ushered in a period of real growth and positive sentiment after a challenging period of two years.”

Suzuki Motorcycle India, which claims to have registered its highest-ever monthly sales in October 2022, reported a 27 per cent increase in sales at 87,859 units. It sold 69,634 units in the domestic market and exported 18,225 units last month. The company sold 86,750 units in September 2022, which was its previous best-ever monthly sales.

Managing director Satoshi Uchida said, “Considering the fact that Suzuki Motorcycle India sells premium products in the domestic market, this is a very satisfying culmination of our efforts. This remarkable sales increase is a sign of growing popularity of the brand in the domestic and overseas two-wheeler market.”