March 2023 was successful for the Indian automotive sector. Automakers saw positive YoY growth in both passenger car and two-wheeler markets. Hero MotoCorp dominates the two-wheeler market, but TVS and Suzuki have seen strong sales growth. The top two-wheeler brand names in India as of March 2023 are listed here.
| S.NO. | BRANDS | MARCH 23 | MARCH 22 | GROWTH % YoY | FEB 23 | GROWTH % MoM |
| 1 | HERO | 5,02,730 | 4,15,764 | 20.92 | 3,82,317 | 31.50 |
| 2 | TVS | 2,40,780 | 1,96,496 | 22.54 | 2,21,402 | 8.75 |
| 3 | HONDA | 1,97,512 | 3,09,549 | -36.19 | 2,27,064 | -13.01 |
| 4 | BAJAJ | 1,52,287 | 1,07,081 | 42.22 | 1,20,335 | 26.55 |
| 5 | SUZUKI | 73,069 | 50,734 | 44.02 | 52,455 | 39.30 |
| 6 | ROYAL ENFIELD | 59,884 | 58,477 | 2.41 | 64,436 | -7.06 |
1. Hero Motocorp
In March 2023, Hero MotoCorp sold 5,02,730 units domestically, representing a 20.9% YoY gain. Sales for the same period last year were 4,15,764 units. With 3,82,317 units sold in February 2023, its sales grew by 31.5%.
2. TVS Motor Co.
In March 2023, TVS Motor Company sold 2,40,780 units, representing a staggering 22.4% YoY gain. Domestic sales during the same period the previous year were 1,96,596 units. Compared month over month, it increased by 8.7% as TVS sold 2,21,402 units in February 2023. The TVS iQube electric scooter is doing well and passed the 1 lakh sales mark.
3. Honda Motorcycle & Scooter
Honda Motorcycle & Scooter India sold 1,97,512 units in March 2023, a 36 percent YoY decrease in sales. Domestic sales over the same period the previous year were 3,09,549 units. Compared month over month, it sold 2,27,064 units in February 2023, a 13% decrease from the previous month. However, HMSI anticipates growing its market share by introducing fresh models like the Shine 100 and Activa H-Smart.
4. Bajaj Auto
In March 2023, Bajaj Auto sold 1,52,287 units, a staggering 42% YoY increase in sales. Domestic sales were 1,07,081 units over the same period the previous year. Bajaj’s exports, meanwhile, decline. It sold 2,06,000 units in October 2022, a stunning 40% decrease in sales month over month.
5. Suzuki Motorcycles
In March 2023, Suzuki Motorcycles surpassed Royal Enfield to become the fifth-best-selling two-wheeler brand in India. In March 2023, the company bought 73,069 units, up 44% year-over-year. It sold 50,734 units during the same period last year. Additionally, its sales increased by 39.2% month over month in February 2023, resulting in 52,455 units.
6. Royal Enfield
Royal Enfield is the last item on the list. Sales for the company remained unchanged in March 2023, with a YoY gain of 2.4 percent, or 59,884 units. It sold 58,447 units during the same period last year. Additionally, RE’s sales decreased by 7% month over month in February 2023, when it sold 64,436 units.
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