India has surpassed China as the top two-wheeled market in the world. Led by local manufacturers like Bajaj, Hero and TVS, more than 16 million motorcycles were sold in 2022 alone. Royal Enfield reports that for the financial year ended March 2023, the venerable brand recorded total sales of 834,895 motorcycles, registering its highest ever overall sales. This beat its previous record set in 2018-19 and represented a 39% increase over the previous financial year.
"Continuing its spectacular growth in international markets, the company crossed the 100,000 mark in export volumes for FY 2022-23, for the first time ever," noted Royal Enfield CEO B. Govindarajan. "And also registered a 23% growth over the previous financial year." With 41% growth over the previous year, Royal Enfield registered sales of 734,840 in the domestic market.
“Royal Enfield's growth has been nothing short of remarkable this year," added Govindarajan. "We've achieved new heights in sales and market share and have crossed 100,000 international volumes for the first time. Our motorcycles, the Hunter 350 and Super Meteor 650, have exceeded expectations and attracted new customers into our fold. While the Hunter 350, within six months of its launch, has a young and vibrant community, the all-new Super Meteor 650 has also left an indelible mark.
"At Royal Enfield, we're geared up for an exhilarating year ahead, filled with exciting new products and unbeatable customer experiences."
