After many months, all the listed two-wheeler companies clocked growth both year-on-year as well as sequentially in their wholesale volumes in May aided by wedding demand. In fact, Hero MotoCorp Ltd even surpassed analysts' estimates, clocking volume growth of nearly 7% year-on-year.
While this is encouraging, the pace of recovery has been a letdown. On a fouryear compound annual growth rate basis (CAGR), two-wheeler volumes of Hero and Bajaj Auto Ltd have fallen by 4-6% over May 2019-2023. The measure for TVS is 2%. Eicher Motors LtdRoyal Enfield's volume, which has a strong presence in premium segment, grew by nearly 6% on a 4-year CAGR basis.
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