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  • 04 Apr 2022
  • ICICI Securities

2-W space reports healthy double digit volume growth MoM in March 2022

News: Market leader Hero MotoCorp reported volume growth of 25.7% MoM at 4.5 lakh units. Bajaj Auto is yet to report numbers while TVS Motors posted 9.5% volume growth MoM at 2.93 lakh units. Royal Enfield brand at Eicher Motors reported volume growth of 14.4% MoM at 67,677 units

View: In the 2-W space, healthy double digit volume growth sequentially came in as a positive surprise and could also be supported by financial year end phenomenon. The sustenance of the current run-rate will be the key monitorable to gauge whether the segment is out of the woods or not. Product mix at Eicher Motors improved in the favour of >350 cc segment as well as exports with current month reading the second best in last 12 months.

Impact: Positive

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