- Hero MotoCorp led the market in May 2023
- Honda Motorcycle and Scooter India took the second spot
- TVS Motor Company, Bajaj Auto, and Royal Enfield gained market share
The Federation of Automobile Dealers Associations (FADA) has released the vehicle retail data for May 2023. According to it, the overall retail sales witnessed a year-on-year growth of 10 per cent. The two-wheeler sales registered a year-on-year growth of 9.32 per cent over May 2022, and the combined number stood at 14,93,234 as against the 13,65,924 units in the corresponding month last year.
In terms of individual brands, Hero MotoCorp continued to dominate the Indian market with a 35.54 per cent market share in May 2023. Notably, this share declined from 37.49 per cent in May 2022. Honda Motorcycle and Scooter India secured the second position with an 18.05 per cent market share in May 2023. The market share figure for the Indian arm of the Japanese manufacturer, too, declined as compared to May 2022.
Meanwhile, TVS Motor Company and Bajaj Auto, which took the third and fourth spots, respectively, gained market share over the corresponding month last year. The market share for TVS Motor Company grew from 13.59 per cent in May 2022 to 16.89 per cent in May 2023.
The same increased for Bajaj Auto from 10.59 per cent in May 2022 to 12.47 per cent in May this year. Royal Enfield finished the list by taking the fifth position in the list. The market share for this Eicher Limited unit increased from 3.51 per cent to 4.59 per cent in the same period as the other brands.
Additionally, electric two-wheelers, too, saw healthy sales in May 2023, ahead of the FAME-II subsidy revision. As reported earlier, the FAME-II subsidy has been revised to Rs. 10,000 per kWh as against the Rs. 15,000 previously, with a maximum cap of 15 per cent of the ex-factory price.
