India’s largest two-wheeler manufacturer, Hero MotoCorp, achieved a 5% year-on-year growth in its overall volume for the calendar year, driven by a robust festival season and improved sentiments in rural areas. However, December dispatches remained nearly unchanged compared to the corresponding period last year.
Hero MotoCorp recorded sales of a total of 54.99 lakh two-wheelers in 2023, surpassing the 52.47 lakh units sold in 2022. The company expressed optimism for a positive momentum in the fourth quarter, citing increased government spending, improved liquidity, favorable farm activity, and the upcoming marriage season.
The two-wheeler market experienced a noteworthy recovery in 2023, attributed to improved rural disposable income, infrastructure development, enhanced last-mile connectivity, and the trend towards premiumization. Hero MotoCorp achieved its highest-ever festival season sales during the 32-day period from the first day of Navratri to Bhai Dooj in 2023.
In December, the company dispatched a total of 393,952 two-wheelers, slightly lower than the 394,179 units sent out in the same month the previous year. Motorcycle sales saw a marginal decline from 356,749 units to 354,658 units, while scooter sales increased from 37,430 units to 39,294 units. Domestic sales experienced a 1% year-on-year decrease, totaling 377,842 units, while exports grew by 25.7% to reach 16,110 units.