India’s largest two-wheeler maker Hero MotoCorp posted a 5% on-year growth in its total volume during the calendar year on the back of a strong festival season and improvement in rural sentiments. However, despatches in December remained almost flat from the year-ago period.
Hero MotoCorp sold a total of 54.99 lakh two-wheelers in 2023, against 52.47 lakh units in 2022. “With increased government spending and improved liquidity, encouraging farm activity and the upcoming marriage season, the company expects a positive momentum to build up from the fourth quarter onwards,” the automaker said in a press release.
The two-wheeler market witnessed a remarkable recovery in 2023. Improvement in rural disposable income and infrastructure, last mile connectivity and premiumisation trend bpde well for two-wheeler maker last year. Retail sales during the 32-day festive period between the first day of the Navratri and Bhai Dooj in 2023 were the highest-ever festival season sales for Hero Motorcorp.
In December, the company despatched a total of 393,952 two-wheelers, compared with 394,179 units in the year-ago period. Motorcycle sales dropped to 354,658 units from 356,749 units. Scooter sales came in at 39,294 units, up from 37,430 units. Domestic sales declined 1% on year to 377,842 units, while exports grew 25.7% to 16,110 units.