Top 5 Two-Wheelers Of May 2024
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A temporary blip or a changing tide?
YoY growth of the Indian two-wheeler market in May 2024 presented a complex picture as it remained modest at 1.59% compared to May 2023. There were positive signs for some established manufacturers and this trend suggests that while familiar brands hold a strong position in the market, competition from new entrants is increasing with every passing month. Here are Top 5 Two-Wheelers of May 2024.
Product | May-24 | May-23 | Diff | Growth % YoY | % Share May 24 |
|---|---|---|---|---|---|
Hero Splendor | 3,04,663 | 3,42,526 | -37,863 | -11.05 | 36.03 |
Honda Shine | 1,49,054 | 1,03,699 | 45,355 | 43.74 | 17.63 |
Bajaj Pulsar | 1,28,480 | 1,28,403 | 77 | 0.06 | 15.19 |
Hero HF Deluxe | 87,143 | 1,09,100 | -21,957 | -20.13 | 10.31 |
TVS Apache | 37,906 | 41,955 | -4,049 | -9.65 | 4.48 |
The Hero Splendor remained the best-selling motorcycle with over 3 lakh units sold (3,04,663) but faced a massive 11.05% decline compared to May 2023. The fact that the highest-selling motorcycle in India witnessed such a steep sales drop is worrying signs for Hero MotoCorp. However, on the other end of the spectrum, Honda had a fantastic month as sales of the Shine grew by 43.74% YoY, securing it the second spot.
The key reason for the Japanese brand's success is the addition of the Shine 100, which seems to have been well received by commuter buyers. Bajaj Pulsar remained steady in the third position with a marginal YoY increase of 0.06% and it can be attributed to the slew of new updates to the Pulsar series and it recently launched the biggest Pulsar yet in the form of the Pulsar NS400Z. Heroes HF Deluxe does decent sales but there is a speculation that those could be fleet orders which are dwindling as many delivery operations are switching to electric.
Product | May-24 | Apr-24 | Diff | Growth % MoM | % Share Apr 24 |
|---|---|---|---|---|---|
Hero Splendor | 3,04,663 | 3,20,959 | -16,296 | -5.08 | 34.61 |
Honda Shine | 1,49,054 | 1,42,751 | 6,303 | 4.42 | 15.39 |
Bajaj Pulsar | 1,28,480 | 1,44,809 | -16,329 | -11.28 | 15.62 |
Hero HF Deluxe | 87,143 | 97,048 | -9,905 | -10.21 | 10.47 |
TVS Apache | 37,906 | 45,520 | -7,614 | -16.73 | 4.91 |
Looking at the Month-on-Month (MoM) performance, all top 5 manufacturers experienced a decline in sales compared to April 2024. Hero Splendor witnessed the biggest MoM decline (-5.08%), followed by Bajaj Pulsar (-11.28%) followed by TVS Apache (-16.73%). There is a clear shift in consumer buying patterns but more data would be required to understand the trigger for it.
The ups and downs in sales compared to last year and last month show that the two-wheeler market is becoming more dynamic and people are considering shifting from just commuters to aspirational products. As the market changes and new companies come in strong, the next few months will be exciting for the Indian two-wheeler market. With the arrival of the first-ever CNG Bike, there could be a drastic change in these numbers.
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