04-Dec-2023
2 mins read
Hero MotoCorp, the leading two-wheeler manufacturer in India, has reported substantial year-on-year (YoY) growth in its November 2023 sales, reaching 4.91 lakh units. This marks a significant increase of 25.61% compared to the 3,90,932 units sold in November 2022.
Motorcycle Segment Thrives with 25.07% YoY Growth
The motorcycle segment played a pivotal role in Hero MotoCorp’s impressive performance, witnessing a YoY growth of 25.07%. In November 2023, motorcycle sales surged to 4,41,276 units, showcasing a substantial increase from the 3,52,834 units sold in the same month of the previous year.
Scooter Sales Surge by 30.65% YoY
Hero MotoCorp’s scooter sales demonstrated notable growth, registering a YoY increase of 30.65%. November 2023 saw scooter sales rise to 49,774 units, up from 38,098 units in November 2022, representing a 10.14% market share.
Domestic and Export Markets Both Contribute to Growth
The growth in Hero MotoCorp’s sales was not limited to the domestic market, as exports also played a significant role. Domestic sales experienced a YoY increase of 25.39%, with November 2023 figures reaching 4,76,286 units compared to 3,79,839 units in the same month of the previous year. Meanwhile, exports witnessed a robust 33.09% YoY growth, climbing from 11,093 units in November 2022 to 14,764 units in November 2023.
Month-on-Month Performance: A Brief Dip Despite Scooter Success
While Hero MotoCorp celebrated strong YoY growth, its month-on-month (MoM) sales performance showed a slight dip. Despite the commendable surge in scooter sales, the overall sales figures decreased by 14.59% from 5,74,930 units in October 2023 to 4,91,050 units in November 2023.
Year-to-Date Success and Export Challenges
Examining the April to November 2023 period, Hero MotoCorp exhibited positive trends in domestic sales, albeit facing challenges in the export market. Total sales for this period increased by 4.67% to 38,35,080 units, reflecting a volume growth of 1,71,205 units compared to the same period in 2022.
Motorcycles Dominate with 92.31% Share
Motorcycles continued to be a driving force for Hero MotoCorp, commanding a substantial 92.31% share of the total sales. Motorcycle sales grew by 3.79%, reaching 35,40,305 units in April-November 2023, up from 34,11,019 units in the corresponding period of the previous year.
Scooter Segment Sees a Robust 16.58% Growth
The scooter segment exhibited an even more impressive growth rate, with a 16.58% increase in sales. Hero MotoCorp sold 2,94,775 scooters between April and November 2023, compared to 2,52,856 units in the same period in 2022.
Domestic Market Flourishes, Exports Face a Setback
Domestic sales witnessed a 5.01% YoY increase, totalling 37,17,242 units in the April to November 2023 period. However, exports faced a setback with a 4.92% decline, dropping from 1,23,931 units in April-November 2022 to 1,17,838 units in the corresponding period of 2023.
In conclusion, Hero MotoCorp’s November 2023 sales highlight a robust performance, with motorcycles and scooters contributing significantly to the overall growth. While facing a marginal MoM decline, the company continues to thrive in the domestic market, though exports pose a challenge that requires attention in the coming months.