HERO 2W Sales in October 2024 – Impressive Growth Recorded

Last month, In Oct the company saw a significant increase in its sales. HERO MOTOCORP LTD sold 5,76,532 units this October 2024 while the sales units in Oct 2023 was 4,18,672. Hero MotoCorp continues to maintain its leadership position in the Indian two-wheeler segment.

HERO 2W Sales in October 2024

Sales Growth (October 2023 vs October 2024):

• In October 2024, Hero MotoCorp sold 5,76,532 units, a significant increase from 4,18,672 units sold in October 2023.
• The growth in sales over the year is 37.74% (i.e., 5,76,532 - 4,18,672 = 1,57,860 additional units sold).

Market Share Comparison:

• In terms of market share, Hero MotoCorp held 27.92% of the Indian two-wheeler market in October 2024, showing a slight increase compared to 27.64% in October 2023.
• The increase in market share (0.28%) is primarily due to the increase in sales volumes, which outpaced the overall market growth.

Market Leadership:

• Hero MotoCorp continues to maintain its leadership position in the Indian two-wheeler segment, with the highest sales volume and market share.
• The company’s sales growth reflects a strong consumer preference, supported by Hero’s wide portfolio, ranging from commuter bikes to premium offerings. The Hero Splendor, Passion, and Xtreme series are key contributors.

Two-Wheeler Sales in October 2024: Suzuki, Royal, TVS, Hero, Bajaj, Honda

Key Observations:

Market Share Leadership:

• Hero MotoCorp dominate the Indian two-wheeler market, accounting for approximately 54.76% of the total market in October 2024, a combined total of 11,30,781 units sold out of the overall 20,65,095 units.
• Hero continues to lead with a slightly higher market share, but Honda follows closely with a relatively stable share.

Sales Performance & Growth:

• The companies have seen impressive growth from October 2023 to October 2024, with 37.74% year-on-year increase in sales.
• These figures suggest robust demand for their products and likely reflect increased consumer confidence, along with strong marketing and distribution strategies.

Competitive Landscape:

• Hero MotoCorp dominance in the market is evident, with each maintaining their position at the top, despite increasing competition from other brands like TVS, Bajaj, Suzuki, and emerging electric two-wheeler companies like Ola Electric and Ather Energy.
• TVS, Bajaj, and Suzuki have also experienced positive growth, but their market share is still far behind the two leaders, Hero and Honda.

Electric vehicle (EV) manufacturers like Ola Electric and Ather Energy have also started making a mark in the market, though their market share is still relatively small in comparison to Hero and Honda. However, their growth is notable:

• Ola Electric saw a significant increase in sales from 23,892 units in Oct '23 to 41,651 units in Oct '24, a growth rate of 74.65%.
• Similarly, Ather Energy’s sales grew by 88.27%, from 8,484 units in Oct '23 to 15,993 units in Oct '24.

• Hero MotoCorp remains the dominant players in the Indian two-wheeler market.
• The sales growth of the company reflects a positive market trend for traditional internal combustion engine (ICE) vehicles, while electric vehicles are also beginning to capture a larger share of the market.
• Hero continues to focus on mass-market bikes.