TVS Motor pips top players in FY22 aided by launches, exports

Entry into new segments, product refreshes, and strong exports helped TVS Motor Co Ltd race ahead of the top three two-wheeler players in terms of sales and production in 2021-22 (Apr- Mar). This, in a market marred by falling rural con- sumer demand and severe supply chain issues.

Production of the Tamil Nadu-based TVS Motor rose 6.6% to over 3.1 mln units in 2021-22, the highest among the major two-wheeler makers, according to data compiled by the Society of Indian Automobile Manufacturers. In comparison, production of market leader Hero MotoCorp Ltd fell 17% to 4.8 mln units in 2021-22. Production of Honda Motorcycle & Scooter India Pvt Ltd, which is second in terms of sales, fell 3.4% to 3.8 mln units.

Bajaj Auto Ltd was the only other major player whose production increased in 2021-22. The company's total output rose 4.4% to 3.8 mln units. In terms of sales, all the four players saw a decline in the domestic market. But the fall was the least for TVS Motor by around 117,000 units and for Bajaj Auto by 168,000 units. Sales of Honda Motorcycle fell 400,000 units and that of Hero MotoCorp by 1 mln units.

Because of this, both TVS Motor and Bajaj Auto saw market share gains in the domestic market at the expense of Hero MotoCorp and Honda Motorcycle.

The four players make up about 85% of the total twowheeler market in the country.

One of the key reasons for TVS Motor's march ahead of its rivals was the strong brand pull for its motorcycle Apache and scooter Jupiter, according to an analyst.