Royal Enfield, the popular two-wheeler manufacturer owned by Eicher Motors Limited, posted healthy sales numbers for January 2024. As per a regulatory filing by Eicher Motors, Royal Enfield sold 76,187 motorcycles in January 2024, marking a 2% year-on-year growth compared to 74,746 units sold in January 2023.
The modest increase indicates that Royal Enfield continues on a growth trajectory, thanks to a robust product portfolio.
The January 2024 sales data further reveals that the main volume driver was Royal Enfield's portfolio of motorcycles with engine capacity up to 350cc.
Models in this segment registered sales of 67,620 units in January 2024, accounting for 89% of total sales. While this represents a minor 1% decline from 68,183 units sold in January 2023, it underlines the continued popularity of Royal Enfield's core affordable motorcycles like the Classic 350 and Bullet 350.
Meanwhile, Royal Enfield posted an impressive 31% jump in year-on-year sales for its range of premium motorcycles exceeding 350cc engine capacity.
The manufacturer sold 8,567 units of models like Interceptor 650, Continental GT 650 and the newly launched Super Meteor 650 in January 2024 compared to 6,563 units in the same month last year. This indicates strong demand traction for Royal Enfield's expanding portfolio of mid-sized retro-styled motorcycles.
Overall, Royal Enfield's total domestic motorcycle sales during the April 2023 - January 2024 period stood at 7,61,246 units, marking 10% year-on-year growth compared to 6,91,116 units in the same period of the previous fiscal. The robust double-digit growth in the fiscal so far points to strong momentum in Royal Enfield's India business.
On the exports front, Royal Enfield continues to face headwinds as its international sales declined 20% year-on-year to 5,631 units in January 2024. Exports were impacted largely due to macroeconomic challenges in some key international markets.
For April 2023 - January 2024 period, Royal Enfield's exports were down 25% at 60,417 units compared to 80,596 units in the same period last fiscal. The company will be focused on reviving exports growth in coming months.
If the current trends prevail, Royal Enfield is on track to post record motorcycle sales in FY 2024.