As per the latest Vahan retail sales data, Honda sold 3,34,034 units in September 2024 while Hero registered sales of 2,71,465 units. However, Hero MotoCorp is still in the lead in cumulative current fiscal year retails from April 1 to October 6, with sales of 2.45 million units to HMSI’s 2.27 million units. Expect it to regain sales momentum in the ongoing festive season.

The data reveals that while Hero MotoCorp registered sales of 2,71,465 units last month, down 23% YoY (September 2023: 3,52,252 units), HMSI clocked sales of 3,34,034 units, down 4.50% YoY (September 2023: 3,49,781 units). This translates into Honda selling 62,569 more two-wheelers than Hero MotoCorp while also leading in the first five days of October with 75,864 units – 10,353 more – to Hero’s 65,511 units. In August 2024, Hero had a slender lead of 5,428 units over HMSI.

A deep dive into the last 33 months’ retail sales reveals that Honda had last gone ahead of Hero MotoCorp in monthly retail sales two years ago – in September 2022 with 2,98,399 units to Hero’s 2,69,486 units. Nevertheless, in terms of cumulative retail sales in the current fiscal year FY2025, Hero MotoCorp continues to have a sizable lead over HMSI.

From April 1 through to October 5, 2024, as per the latest Vahan data, Hero MotoCorp has sold 24,52,502 units to HMSI’s 22,73,423 units, which is a lead of 1,79,079 units. Hero MotoCorp, which has been the unrivalled boss of the volume game for years due to the sustained demand for its fuel-sipping 100cc commuter motorcycles, seems to be under pressure for the first time in decades. In fact, September 2024 retails (2,71,465 units) are not only its lowest numbers in the current calendar and fiscal year but its lowest in 24 months after September 2022’s 2,98,399 units. It is also likely that the company was optimising its dealer inventory levels in September.  

The retail sales differential between the leading two-wheeler manufacturers in India has been shrinking rather rapidly. In CY2022, the difference in favour of Hero MotoCorp was 1.16 million units, increasing to 1.38 million units in CY2023. Now, after the first nine months of CY204 and the first five days of October 2024, the difference has come down to 3,85,879 units.

Hero MotoCorp though remains ahead of HMSI on the wholesales (OEM dispatches to dealers across India) front for the current fiscal year FY2025. Between April-August 2024, as per SIAM data for the first five months of FY2025, and the company release for September 2024 wholesales, Hero has dispatched a total of 29,40,666 units compared to HMSI’s 28,81,419 units, and is ahead by 59,247 units at the end of September 2024.

Will Hero climb back in sales for the festive season?

The last word on the battle between these two two-wheeler biggies is not yet written. Expect Hero MotoCorp to claw back sales in the festive months of October and November, with both OEMs stretching their marketing muscle to achieve maximum retail sales traction, even as there is competition from TVS Motor Co and Bajaj Auto, the third- and four-ranked two-wheeler OEMs in India. In fact, between October 1-5, Hero had sold 53,240 units to Honda’s 67,345 units – a difference of 14,105 units in HMSI’s favour. By the end of October 6, the difference was down to 10,353 units with Hero selling 12,271 units on a single day (October 6) while Honda sold 8,519 units.