According to the latest Vahan retail sales data, Honda Motorcycle & Scooter India (HMSI) overtook Hero MotoCorp in retail sales for September 2024. Honda registered sales of 3,34,034 units, outpacing Hero’s 2,71,465 units. Despite this, Hero remains ahead in cumulative fiscal year sales, from April 1 to October 6, with 2.45 million units sold, compared to HMSI’s 2.27 million units. Hero is expected to regain momentum during the ongoing festive season.
Year-over-year, Hero’s sales in September saw a significant drop of 23% (compared to 3,52,252 units in September 2023), while Honda’s sales dipped 4.5% from the previous year’s 3,49,781 units. This resulted in Honda outselling Hero by 62,569 units for the month. Honda also maintained its lead in the first five days of October 2024, selling 75,864 units compared to Hero’s 65,511 units, increasing its advantage by 10,353 units. In contrast, Hero had a slim lead over HMSI by 5,428 units in August 2024.
This marks the first time in two years that Honda has surpassed Hero in monthly retail sales. The last instance was in September 2022, when Honda sold 2,98,399 units, compared to Hero’s 2,69,486 units. However, despite Honda’s September 2024 victory, Hero continues to hold a strong cumulative sales lead for FY2025, with 24,52,502 units sold between April 1 and October 5, compared to HMSI’s 22,73,423 units—a difference of 1,79,079 units.
Historically, Hero MotoCorp has dominated the two-wheeler market, particularly with its fuel-efficient 100cc commuter motorcycles. However, its September 2024 sales are the lowest in the past two years, raising concerns about inventory management as the company likely optimized dealer stocks.
The retail sales gap between India’s top two-wheeler manufacturers has been narrowing. In 2022, Hero led Honda by 1.16 million units, which increased to 1.38 million in 2023. However, after the first nine months of 2024, this lead has reduced to 3,85,879 units.
On the wholesales front, Hero still leads HMSI for FY2025. From April to August 2024, Hero dispatched 29,40,666 units to Honda’s 28,81,419 units, maintaining a margin of 59,247 units as of September.
As the festive season unfolds, Hero is expected to intensify efforts to regain market share. With competition from TVS Motor Co and Bajaj Auto also in play, the coming months will be crucial in the ongoing rivalry between Hero and Honda. The early days of October have already seen fierce competition, with Hero narrowing the gap to 10,353 units by October 6 after selling 12,271 units in a single day compared to Honda’s 8,519 units.