In September 2023, Hero MotoCorp experienced sales growth in both the motorcycle and scooter segments, driven by increased demand during India’s festive season. Favourable factors such as a good monsoon, rising disposable income, and favourable economic conditions also contributed to this sales boost. Popular models like Splendor, Passion, and Pleasure continued to perform well. Despite intense competition, Hero MotoCorp’s ability to adapt to market changes and introduce new products aligned with consumer preferences helped the company maintain its substantial market share.
The company’s total sales, including motorcycles and scooters for domestic and export markets, increased by 3 per cent to 5,36,499 units in September 2023, compared to 5,19,980 units in September 2022. This also marked a month-on-month growth from 4,88,717 units sold in August 2023.
Hero MotoCorp’s motorcycle sales in September 2023 reached 4,94,270 units, up from 4,80,237 units in September 2022, indicating a growth of 14,033 units. On a year-to-date basis, motorcycle sales slightly decreased to 25,69,688 units in the FY24 period compared to 26,38,618 units sold in the same period the previous year.
Scooter sales also saw a year-on-year increase, reaching 42,229 units in September 2023 compared to 39,743 units in September 2022. Year-to-date scooter sales for FY24 stood at 1,99,412 units, up from 1,79,743 units during the FY23 period.
Domestic sales totalled 5,19,789 units in September 2023, up from 5,07,690 units in September 2022. However, year-to-date sales for FY24 decreased to 26,81,190 units from 27,17,280 units in FY23. Exports also showed year-on-year growth but declined on a year-to-date basis. The company exported 16,710 units in September 2023, compared to 12,290 units in September 2022. Year-to-date exports for FY24 fell to 87,910 units from 1,01,081 units in FY23.
In addition to its existing portfolio, Hero MotoCorp is planning new launches. The recent introduction of the Karizma XMR in India is part of this expansion. The company is actively testing the Xpulse 210 and Xtreme 210 range, including spy shots of these adventure bikes. Furthermore, there are plans to launch the Hero Xtreme 440 early next year, drawing inspiration from the Harley-Davidson X440.
Also Read: Hero MotoCorp to hike prices of select products from October 3, 2023