Wedding season, pre-buy of EVs drive domestic two-wheeler demand

On an aggregate basis, volumes increased 7 percent YoY for Hero MotoCorp, 9 percent for TVS Motor and 22 percent for Royal Enfield

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The month of May was a mixed bag for the automotive sector. While demand for two-wheelers exceeded expectations due to the wedding season and pre-buying of electric vehicles (EVs), commercial vehicle (CV) demand fell short.

“The growth in domestic two-wheeler volumes increased approximately 10 percent year-on-year, driven by the pre-buying of electric two-wheelers ahead of the moderation of FAME II incentives starting on June 1, 2023, as well as the wedding season,” said Kotak Institutional analysts in a report.

The two-wheeler export segment witnessed gradual recovery in volumes on a sequential basis, though overall numbers remained weak. On an aggregate basis, volumes increased 7 percent year on year (YoY) for Hero MotoCorp, 9 percent for TVS Motor and 22 percent for Royal Enfield.

Passenger vehicles

The wholesale volumes for the domestic passenger vehicle (PV) industry increased by 13-15 percent compared to the previous year. However, the retail volume growth remained minimal, only growing in low single digits year-on-year, as per KIE analysts.

Maruti Suzuki saw a 10 percent year-on-year increase in total volumes, driven by a 13 percent increase in domestic segment volumes. However, this growth was offset by a 3 percent decline in exports. Hyundai Motors reported a 15 percent year-on-year increase in volumes, while Kia Motors saw flat domestic volume growth year-on-year.

Commercial vehicles

The commercial vehicle segment’s demand remained muted compared to the previous year, with volumes declining by mid to high-single digits.

This can be attributed to subdued demand trends as customers made pre-purchases of vehicles before the transition to BS-VI Phase II in March 2023, said analysts.

Tata Motors‘ CV volumes saw a 12 percent year-on-year decline and Ashok Leyland reported a 1 percent decline.

As per estimates, domestic tractor industry volumes also declined by low single digit on a yearly basis, with M&M reporting 5 percent YoY decline.

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