Bajaj Auto Ltd. registered a healthy 31% year-on-year increase in overall vehicular sales for November 2023, one of the country’s leading two and three-wheeler manufacturers stated today. The performance was led by the whopping 77% jump in domestic sales.
According to the regulatory report submitted by the Pune-based company, Bajaj Auto clocked total sales of 4,03,003 units in November 2023, against 3,06,719 units in November 2022. The robust growth comes on the back of strong home market demand during the festive season as well as firm commercial vehicle momentum.
Segmenting the figures, Bajaj Auto registered domestic sales of 2,57,744 vehicles – comprising two-wheelers and commercial vehicles – exhibiting a powerful 69% on-year spike. This was propelled by a 77% domestic two-wheeler sales surge along with 34% growth in the commercial vehicle division.
This indicates that there has been some revival in the two-wheeler market, after nearly a year of disappointment.
Rakesh Sharma, Executive Director, Bajaj Auto said, “Healthy festive uptake along with government infrastructure push and timely monsoon boosting rural prosperity have revived two-wheeler demand. Our new Pulsar and Dominar series have received excellent feedback too. The commercial vehicle segment growth outperformed on increased activity in road logistics, agriculture and construction sectors.”
However, exports for the month declined by 6% to 1,45,259 units impacted largely by the global economic slowdown coupled with recessionary woes in key export geographies for Bajaj Auto in regions like Latin America and Africa. But robust domestic demand helped offset the export contraction in November.
Analyzing the cumulative April-November 2023 period paints a slightly different picture. While overall sales grew 6% year-on-year to 29,55,551 units, exports dropped 19% to 10,89,077 units owing to global headwinds and order delays. This export decline particularly affected the two-wheeler vertical as foreign shipments fell 18%. But once again, the domestic market propped up numbers with 29% order growth during the 1st eight months of FY 2024.
“On the outlook, India’s projected 6% plus GDP growth forecast for 2023-24 and strong two-wheeler demand from semi-urban and rural regions indicates continued sales momentum in the near future. Infra spends and higher agriculture output will also boost commercial vehicles order book,” Mr.Sharma further added.
Bajaj Auto is India’s largest exporter of two and three wheelers. The company holds ubiquitous brand presence across Africa, Latin America and Middle East markets. Analysts expect export contraction to moderate once global economic turbulence eases.