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Honda rides past Hero MotoCorp to top spot in two-wheeler sales

Hero MotoCorp (HMCL) has lost its top position in the monthly domestic two-wheeler retail sales to Honda Motorcycle and Scooter India (HMSI) in September for the first time in more than two years.

The Vahan portal — which records vehicle registration data across India — showed on Sunday evening that HMCL and HMSI sold 251,939 units and 285,400 units, respectively, in September this year.

The last time HMSI rode past HMCL in retail sales was in May 2020. According to Vahan, HMCL and HMSI had sold 44,355 units and 51,936 units, respectively, to consumers across the country in May 2020.

Vahan shows retail sales data, which is slightly different from wholesales data that is released by automotive companies at the beginning of each month. Units despatched to dealers are counted as wholesales.

Units sold by dealers to consumers are counted as retail sales.

HMCL and HMSI did not immediately respond to requests for statements sent by Business Standard on this matter.

Brokerage and research firm Elara Capital had on Friday stated that on the basis of Vahan data, HMCL will lose its top spot in monthly domestic two-wheeler retail sales to HMSI in September for the first time since May 2020. Elara Capital said the cause for concern for HMCL is that in terms of market share in rural states, HMCL has lost month-on-month (MoM) market share of 100-800 basis points.

“While September usually sees this phenomenon MoM, the extent of loss in market share this time is alarming,” it mentioned.

Rural states, such as Uttar Pradesh (UP), Bihar, and Jharkhand, have fallen higher in September on a MoM basis, it said. “In these states, HMCL has a dominant market share of 50 per cent,” it added.

HMCL’s sales in UP dipped 36 per cent MoM, followed by Bihar at 24 per cent, Rajasthan at 22 per cent, and Jharkhand at 21 per cent, observed Elara Capital’s report. HMCL sold 304,713 units in India in August this year and HMSI sold 288,145 units in the same month, revealed Vahan’s data.

Assuming September sales data will be its lowest in 2022-23, it is estimated that HMCL’s domestic market share during the financial year would stand at about 28 per cent, stated Elara Capital.

In 2021-22, HMCL had a market share of 30 per cent. The brokerage and research firm also mentioned that the trend in HMCL’s sales is expected to reverse in November, given that Navratri and Diwali this year will be celebrated in October.

Companies Units sold in August Units sold in September
HMCL 304713 251939
HMSI 288145 285400

Source: Vahan portal

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