The nation’s largest scooter maker, Honda Motorcycles and Scooters India (HMSI), has closed its account for FY2022 – 23 (April 2022 – March 2023) on a optimistic notice. With loads of merchandise deliberate within the pipeline, we count on HMSI to register even higher numbers within the coming months and all the way in which alongside FY 2023 – 24.
But YoY, MoM and QoQ evaluation reveal that Honda is bleeding numbers within the Indian automotive market. With domination in scooters set in place, Honda appears to intention for the finances commuter motorbike area the place Hero MotoCorp is dominant. The CB Shine 100 can be immediately in opposition to Hero Splendor, which is at present the highest-selling motorbike in India by a really important margin.
Honda 2W Sales For March 2023 – One of their lowest ever month-to-month home gross sales
In the home market, Honda offered round 1,97,512 items final month. This would not bode nicely when in comparison with 3,09,549 items offered a 12 months in the past in March 2022. Honda noticed a decline of 36.19% YoY in its numbers. Volume loss YoY within the home market alone is a staggering 1,12,037 items.
Honda 2W gross sales in March 2023 might be one among their lowest ever month-to-month gross sales recorded, excluding the months when lockdown was carried out resulting from Covid-19. TVS has now crushed Honda 2W in home gross sales. TVS offered 2.4 lakh two wheelers within the home market final month.
When in comparison with 2,27,064 items offered in February 2023, Honda registered a 13.01% MoM decline. This immediately led to a quantity loss accounting for 29,552 items MoM. Exports stood at 14,466 items. In Honda’s complete gross sales, exports account for simply 6.82%. As against 11,794 items shipped in March 2022, Honda’s exports is the one saving grace for the model because it registered a 22.66% YoY progress, gaining 2,672 items in quantity YoY.
Honda shipped 20,111 items in February 2023 and therefore a 28.07% MoM decline was noticed. In the method, Honda misplaced 5,645 items in quantity MoM. In complete, Honda’s gross sales stood at 2,11,978 items, which was not sufficient to beat 3,21,343 items offered in March 2022 and a pair of,47,175 items offered in February 2023. A 34.03% YoY decline and 14.24% MoM decline was registered.
Honda 2W Loses No 2 Spot, falls behind TVS Motor
Now that the primary quarter of 2023 is previous us, Honda has offered 7,02,719 items in that point interval. This was considerably decrease, when in comparison with 9,10,422 items offered in Q1 2022 and 10,12,696 items offered in This autumn 2022. Hence, a 22.81% YoY decline was registered with 2,07,703 items misplaced in quantity.
QoQ decline was even worse, standing at 30.61% with a lack of 3,09,977 items in quantity. In complete, HMSI’s gross sales between April 2022 to March 2023 was round 43,50,943 items. Out of this, home gross sales have been 40,25,486 items and three,25,457 items have been exported. Honda’s YTD progress stood at 14% in FY 2022 – 23.
February 2023 gross sales have been thought of to be a brutal blow for HMSI as the corporate noticed YoY progress solely with Activa. In comparability, March 2023 numbers appear to be even worse for the Japanese model. We hope Honda turns the desk with the brand new Shine 100.