2-W space reports muted performance in January 2022

News: Market leader Hero MotoCorp reported a volume decline of 3.6% MoM at 3.8 lakh units. Bajaj auto reported volumes of 3.2 lakh units for the month, up 1.5% MoM while TVS Motors posted 8% volume growth MoM at 2.5 lakh units. Royal Enfield brand at Eicher Motors reported a decline of 20% MoM at 58,838 units .

Views:  In the 2-W space, for the month, on MoM basis, scooter segment outperformed the motorcycle space. The key highlight for the month was double digit MoM decline at Royal Enfield, which reported one of best readings for the previous month (December 2021). The only silver lining at Bajaj Auto was 6.2% QoQ growth in domestic 2-W sales volume at 1.35 lakh units .

Impact: Negative