TVS Motor Company, a prominent name in the two-wheeler and three-wheeler manufacturing industry in India, has ended the month of May 2024 with a noteworthy performance. The company recorded a positive year-on-year (YoY) growth but faced a month-on-month (MoM) decline. Let’s delve deeper into the details of TVS Motor’s sales performance, examining the factors behind the numbers and understanding the market dynamics.
Introduction to TVS Motor Company’s Performance in May 2024
TVS Motor Company has long been a significant player in the Indian automotive market. The company’s diverse portfolio, which includes scooters, motorcycles, and electric vehicles, caters to a wide range of consumer preferences. In May 2024, TVS Motor Company reported total sales of 271,680 units, marking a YoY growth of 7.52%. However, compared to April 2024, the company saw a MoM decline of 9.88%.
The Leading Products: Jupiter and XL 100
TVS Jupiter: The Best-Selling Scooter
The TVS Jupiter range of scooters continues to be the best-selling product for the company. In May 2024, TVS sold 75,838 units of Jupiter. This impressive number reflects a YoY growth of 31.44%, with 18,140 more units sold compared to May 2023. However, on a MoM basis, there was a slight decline of 1.62%, with 1,248 fewer units sold compared to April 2024. Despite this minor setback, Jupiter contributed significantly to TVS’s total sales, accounting for 27.91%.
XL 100: The Reliable Moped
Following closely behind Jupiter, the TVS XL 100 moped secured the second position in terms of sales. In May 2024, TVS sold 40,934 units of XL 100, contributing to 15.07% of the company’s total sales. The moped registered a YoY growth of 14.22%, with an additional 5,097 units sold compared to May 2023. However, similar to Jupiter, the XL 100 saw a MoM decline of 2.36%, with 990 fewer units sold than in April 2024.
Apache Series: A Strong Contender Facing Challenges
Apache: The Flagship Motorcycle
The TVS Apache series is the company’s flagship motorcycle lineup and remains a favorite among enthusiasts. In May 2024, the Apache range sold 37,906 units, capturing a 13.95% market share within TVS’s total sales. Despite its popularity, the Apache series experienced a decline, with a YoY drop of 9.65% and a MoM decline of 16.73%. Compared to May 2023, the series sold 4,049 fewer units, and compared to April 2024, it sold 7,614 fewer units.
Raider 125 and Ntorq 125: Consistent Performers
Raider 125: A Balanced Performer
The Raider 125 motorcycle, sharing the same engine with the Ntorq 125 scooter, maintained a steady performance. In May 2024, TVS sold 37,249 units of Raider 125, contributing 13.71% to the company’s total sales. The Raider 125 registered a YoY growth of 8.16% but faced a significant MoM decline of 27.10%.
Ntorq 125: The Stylish Scooter
The Ntorq 125 scooter, known for its stylish design and performance, sold 29,253 units in May 2024. This scooter showed a YoY growth of 6.16% but experienced a MoM decline of 3.81%. Ntorq contributed 10.77% to TVS’s total sales.
TVS iQube: The Electric Revolution
iQube Electric Scooter: Paving the Way for Electric Mobility
The TVS iQube electric scooter range, which recently witnessed an overhaul with the launch of top-spec ST variants, sold 17,230 units in May 2024. Although the iQube registered a YoY decline of 3.81%, it showed a positive MoM growth of 3.09%, making it the only vehicle in TVS’s lineup to achieve MoM growth. This highlights the growing acceptance of electric vehicles among consumers.
TVS Ronin: A Niche Player
Ronin: Finding Its Footing
The TVS Ronin sold 1,708 units in May 2024. This motorcycle faced a MoM decline of 19.81%, selling 422 fewer units compared to April 2024. Despite its niche appeal, the Ronin has potential for growth in the future.
TVS Sport and Radeon: Facing Declines
TVS Sport: The Budget-Friendly Option
The TVS Sport, a budget-friendly motorcycle, sold 12,757 units in May 2024. However, it faced a YoY decline of 13.68% and a MoM decline of 18.74%. The Sport lost 2,022 units in YoY volume and 150 units in MoM volume.
TVS Radeon: Struggling to Maintain Momentum
The TVS Radeon, another budget-friendly option, sold 10,465 units in May 2024. This motorcycle saw a YoY decline of 1.41% and a MoM decline of 15.03%, losing 2,942 units in YoY volume and 1,851 units in MoM volume.
TVS Zest: A Surprising Performer
Zest: The Underestimated Contender
The TVS Zest scooter surprised everyone with its performance in May 2024. The scooter sold 8,061 units, registering an impressive YoY growth of 43.13%, gaining 2,429 units in volume. However, it faced a slight MoM decline of 0.84%, losing 68 units in volume.
TVS Apache 310: The Flagship’s Performance
Apache 310: Balancing Growth and Decline
The flagship Apache 310 range sold 279 units in May 2024. The motorcycle registered a 4.49% YoY growth but faced a significant MoM decline of 33.89%. Despite the decline, the Apache 310 remains a key player in TVS’s portfolio.
Conclusion: Navigating the Market Dynamics
TVS Motor Company’s performance in May 2024 reflects the complexities of the automotive market. While the company achieved a positive YoY growth of 7.52%, it faced a MoM decline of 9.88%. The performance of individual products highlights the varying consumer preferences and market trends.
The TVS Jupiter and XL 100 continue to be the top performers, while the Apache series faces challenges. The Raider 125 and Ntorq 125 maintained a steady performance, and the iQube electric scooter showed positive MoM growth, indicating a shift towards electric mobility. The TVS Zest surprised with its YoY growth, while the Sport and Radeon struggled to maintain momentum.
As TVS Motor Company navigates the market dynamics, it will be crucial for the company to leverage its strengths and address the challenges to maintain its position as a leading player in the Indian automotive market.
