Chennai-based midsize motorcycle market leader Royal Enfield, which recently signed an MoU with the Tamil Nadu government, has sold 8,22,295 bikes in CY2023 (January-December 2023). While this total constitutes a 17 percent year-on-year increase over 2022’s 7,03,156 units, it is lesser than the company’s best-ever annual sales of 8,37,669 units in CY2018.
In CY2023, the strong sales momentum continues for Royal Enfield in the fiscal year. In the first nine months of FY2024, the company has dispatched a total of 6,30,273 units, which makes for a 16 percent YoY growth (April-December 2022: 5,42,818 units). The festive period, which helped sell 80,958 units, has been the best month in CY2023 as well as the ongoing fiscal.
Sales of the 350cc models in the April-November 2023 period, as per SIAM industry wholesales data, were 5,25,300 units, up 18.42 percent YoY (April-November 2022: 4,43,554 units). Along with sustained demand for the popular Bullet and Classic, the Hunter and the Meteor have carved a following of their own.
With three months still to go in FY2024 and Royal Enfield having averaged monthly sales of 70,030 units between April-December 2023, an 8 lakh-plus score is there for the taking, despite growing competition in this segment in India.
Rishaad Mody
Azaman Chothia
Vishal Venugopal
