Due to rising gasoline prices, the demand for electric vehicles is on the rise. This is reflected in the sales figures of established two-wheeler manufacturers. If we take YoY growth and MoM growth, the Indian motorcycle industry has seen a downturn in both the domestic and export markets. Let’s take a look at the sales figures of one of the largest motorcycle manufacturers in India, TVS.
TVS Sales March 2022 Disintegration
In the domestic market, TVS has a minor setback when we look at year-over-year growth. With 2,02,155 units sold in March 2021 and 1,96,956 units sold in March 2022, TVS is down 2.57%. Except for TVS Sport, iQube and Apache 310, all other models experienced drops in March 2022 compared to March 2021.
Due to the popularity of electric vehicles, TVS iQube posted a staggering 406.76% YoY growth in March 2022 over March 2021. TVS iQube experienced a sales decline of 19.62% MoM growth. TVS Star City has grown 30.87% year over year and Apache 310 has grown 9.20% year over year in March 2022 compared to March 2021.
TVS Jupiter remained their best-selling product with over 55,000 units sold. Jupiter sales are down 2.44%, XL100 sales are down 15.75%, Apache motorcycle sales are down 17.26%, NTorq is down 11.27%, Radeon is down 11.25%, Pep+ is down 23.88%, Star City is down 9%, Zest is down 12.04%.
When we look at the month-on-month growth of TVS scooters and motorcycles in March 2022 versus February 2022, the company has performed well. Only sales of the Raider 125 fell by 17.74% and those of Pep+ by 10.02%. The rest of the TVS two-wheelers have experienced growth in March 2022 compared to February 2022.
TVS Jupiter monthly sales grew 18.52%, XL 5.02%, Apache series 67.25%, NTorq 3.31%, Sport 66.78%, Radeon 2.53%, Star City 6.33%, Zest 8.34% and RR310 17.57%. . When added, TVS saw a healthy 17.57% MoM growth in March 2022 versus February 2022.
Exports fell 9.02% yoy in March 2022 from March 2021. TVS also discontinued XL, Jupiter and Wego in international markets in February 2022 further reducing TVS sales. The RR310 was the only vehicle to grow in YoY sales with a growth of 62.16% in March 2022 over March 2021. The rest of the models exported to international markets have sold very poorly in March 2022 over March 2021.
When we look at the monthly growth of TVS two-wheelers in international markets, there are only four models that have recorded growth. Among them, Radeon stands out with a month-on-month growth of 128.57%. It is followed by the Raider, Star City and Apache series with a month-on-month growth of 83.25%, 3.19% and 0.40%, respectively.
TVS shipped 103,154 units to international markets in March 2021 and 93,854 units in March 2022, recording a year-over-year sales decline of 9.02%. TVS shipped 93,014 units in February 2022 and 93,854 units in March 2022, posting a mere 0.90% month-on-month sales growth.