Hero MotoCorp consolidates leadership position in India’s two-wheeler market in October
Hero MotoCorp consolidated its leadership position in India’s two-wheeler market in October, riding on strong demand for its popular models during the key festival month.
As per data available on the Vahan portal of the Ministry of Road, Transport & Highways, Hero MotoCorp had a 34.6% share in retail sales in October, up 8.7% percentage points compared with the previous month’s 25.9%.
While Hero MotoCorp’s market share increased sequentially in the past month, all its major rivals posted a decline, according to the data. Honda Motorcycle & Scooter India and TVS Motor Co closed the month with market shares of 27.4% and 15.7%, respectively.
While Hero MotoCorp had sold more vehicles than competitors for the first half of fiscal 2023, former partner Honda Motor’s local two-wheeler subsidiary retailed more units in September.
Multiple Hero MotoCorp dealers ET spoke with said they witnessed strong customer demand during the 32-day festive period (which commenced with the Navratra and ended with Bhai Dooj on October 26, two days after Diwali), which helped boost sales, especially for entry-level motorcycles. Sales of entry-level motorcycles — which comprise a major proportion of overall volume at Hero MotoCorp — have been under pressure in the last three years due to a rise in acquisition cost after the transition to BS-VI emission standard.
With healthy festive sales indicating an improved customer propensity to spend, dealers are upbeat about continuing the sales momentum in the remaining part of the fiscal year.