Royal Enfield bikes record sales surge in March 2024
Homegrown automaker Royal Enfield has reported a significant sales increase in March 2024, with total sales, encompassing both domestic and exports, reaching 75,551 units. This figure represents a substantial rise from the 72,235 units, sold in the same month of the previous year. The company's volume growth for this period is marked at an impressive 3,316 units.
Domestic sales show impressive growth
In March 2024, Royal Enfield's domestic sales demonstrated a remarkable year-on-year growth of 10.29%, with a total of 66,044 units sold. This is a significant rise from the 59,884 units sold in March 2023. However, there was a slight decrease of 2.76% compared to the sales figures from February 2024.
The 350cc range continues to dominate
The company's 350cc range remains popular in the US market, with the Classic 350 leading sales at 25,508 units last month. Despite a month-on-month decline of 9.90%, this model saw a YoY growth of 4.26%. The Hunter 350 also experienced robust demand, with an impressive YoY growth of 45.07%, and MoM growth of 29.53%, reaching total sales of 15,702 units in March 2024.
Some models experience sales drop
Despite the overall sales growth, some models like the Bullet 350 saw a decrease in sales both YoY (5.91%) and MoM (19.23%), selling only 11,262 units in March 2024. This decline occurred even after introducing new color schemes. However, other models like the Meteor 350 showed strong performance with a rise of 44.31% YoY, and by 10.31% MoM to reach total sales of 8,963 units in March.
Exports experience year-on-year decline
In contrast to its domestic sales, Royal Enfield's exports saw a YoY decline of 35.03% in March 2024. The export volume went down from 12,351 units in March 2023, to just 9,507 units this year. Despite the overall decline, there was a MoM improvement of 18.64% from February 2024's figures.
Mixed performance in exports
The Himalayan led exports with 2,667 units sold, marking a significant YoY growth of 340.10%, and a MoM increase of 70.96%. The Meteor 350 also had a strong international performance, with 1,816 units shipped, reflecting a YoY improvement of 10.66% and a substantial MoM growth of 45.16%. However, bikes like the Classic 350, Super Meteor, Hunter 350, and 650 twins experienced YoY sales declines in exports.
