Honda Motorcycle and Scooter India Pvt. Ltd. (HMSI) has surpassed Hero MotoCorp Ltd. in retail sales, emerging as the leading two-wheeler manufacturer in India just ahead of the crucial festive season. In September, HMSI sold 62,537 more motorcycles and scooters than Hero MotoCorp, securing a market share of approximately 27.73%, according to data from the Federation of Automobile Dealers Associations (FADA) released on 7 October 2024. Hero MotoCorp, the former leader, held a 22.54% market share during the same period.
Despite this shift, both companies reported declines in their overall monthly sales volumes. HMSI’s retail sales fell 4.53% year-on-year, reaching 3,33,927 units in September. Hero MotoCorp saw a steeper decline, with retail sales dropping 22.95% year-on-year to 2,71,390 units. Other major players in the two-wheeler market included TVS Motor Co. with 2,21,257 units, Bajaj Auto Ltd. with 1,41,668 units, and Suzuki Motorcycle India Pvt. Ltd. with 74,287 units. Together, these five companies accounted for 86.57% of the total two-wheeler market in India.
It’s important to note that these figures represent retail sales, meaning vehicle registrations as recorded on the VAHAN website. In terms of wholesales, or dispatches from manufacturers to dealerships, Hero MotoCorp still leads. The company’s total wholesales for September 2024 increased by 18.75% year-on-year, reaching 6,37,050 units, up from 5,36,499 units in the same month last year. Meanwhile, HMSI recorded 5,83,633 units in wholesales, marking an 11% year-on-year growth.
For the fiscal year so far, Hero MotoCorp also retains the lead in both retail and wholesale numbers. Between April and September 2024, Hero MotoCorp achieved retail sales of 23,86,991 units, compared to HMSI’s 21,97,559 units, reflecting a gap of 1,89,432 units. Hero’s dominance extends to wholesales as well, with 29,61,010 units dispatched, surpassing HMSI’s 29,28,661 units, according to data from the Society of Indian Automobile Manufacturers (SIAM) and company reports.