Bajaj Auto delivered 27% YoY growth in March 2024 for two-wheeler wholesale volumes. The company has been reporting double-digit wholesale YoY growth since October 2023. While its close peers, TVS Motors and Hero MotoCorp seem to have lost momentum, Bajaj Auto continues to dominate. Domestic market has been roaring for Bajaj Auto led by its popular brand, Pulsar. While Pulsar has been riding strongly for more than two decades, Bajaj Auto is currently reaping the benefits of spotting the rise of the 125cc segment as BS-VI related costs increased acquisition cost in the 150cc segment. Pulsar 125cc was launched in 2019 and presently has 31% market share in the 125cc segment which constitutes 50% of the motorcycle industry in India. According to Bajaj Auto management, in the 150-200cc sports segment also Pulsar rules with 40% market share. Though Bajaj Auto also manufactures commercial vehicles, two wheelers constitute nearly 85% of its total volumes.
Apart from Pulsar, the motorcycle segment also includes KTM and Triumph. Bajaj Auto launched Triumph motorcycles manufactured in India in June 2023, jointly developed by Bajaj Auto-Triumph Motorcycles (UK). The company sold 15,000 Triumph motorcycles in Q3FY24, of which 8000 units were sold in the domestic market. Apart from domestic market performance, two-wheeler exports also did well in March 2024. While domestic YoY volume growth was 20%, export volumes rose 38% YoY in March 2024. Bajaj Auto’s two-wheeler volumes stood at 3,13,885 units and domestic two wheelers and exports volumes were 1,83,004 units and 1,30,881 units respectively in March 2024.
Hero MotoCorp total wholesale volumes (490,415 units) slid 5.6% YoY in March 2024. Scooter wholesale volumes (33,691 units) were stagnant and motorcycle wholesale volumes (456,724 units) were down 6% in March 2024. Domestic market did not do well with a 9% YoY fall in volumes which constitutes 94% of its total wholesale volumes. Exports with just 6% wholesale volumes grew 88% YoY in March 2024. TVS Motors delivered better growth numbers than Hero MotoCorp but lost its double-digit momentum. While motorcycles wholesales (171,611 units) registered volume growth of 22% YoY, scooter wholesale volumes (131,472 units) rose just 2% YoY in March 2024. Total wholesale volumes (344,446) jumped 12% YoY with domestic wholesale volume (260,532 units) growth at 8% YoY. The electric vehicles reported stagnant growth with wholesale volumes of 15,250 units in March 2024 as against 15,364 units in March 2023. Electric vehicles with its major TVS iQube electric scooter constitute 4% of its total wholesale volumes. Eicher Motors maintained its single-digit growth path as wholesale volumes (75,551 units) jumped 5% YoY. Export wholesale volumes (9,507 units) fell 23% YoY in March 2024.
