TVS Motor Company has scripted a success story on the export front with motorcycle exports surpassing one million for the first time in 2021-22. Motorcycle exports in FY22 were also higher than the company’s highest-ever domestic motorcycle sales recorded in FY19.
While domestic demand for two-wheelers has been subdued in the post-second wave phase, exports of two-wheelers from India, particularly motorcycles have been increasing, supported by the early recovery from the pandemic in some markets, deeper penetration of the company into more countries and a strengthened dealer network across markets.
TVS Motor Company’s total bike exports in FY22 stood at 1,024,166 units, a 43 per cent increase from 714,105 units in FY21. FY22 bike export volumes were higher than the company’s highest-ever domestic bike sales of 1,013,701 units in FY19.
Gaining traction
“Over the past year, the international two-wheeler industry has gained significant traction, and there is a demand for quality, durable and more fuel-efficient personal mobility options. In FY22, TVS Motor’s international two-wheeler business sold one million units. The company has reached this significant milestone in a financial year for the first time,” a company spokesperson told BusinessLine.
TVS Motor’s scooter exports grew to 55,727 units in FY22, up from 41,621 units in FY21.
Bike exports
In FY22, India’s total bike exports were 4.08 million units, up from 3.04 million units in FY21. Bajaj Auto remained India’s largest bike exporter, with a 53 per cent market share, down from 59 per cent in FY21. TVS Motor was the second-largest motorcycle exporter with a 25 per cent market share, up from 23 per cent in FY21. Hero MotoCorp was the third-largest bike exporter, with a 7 per cent market share, up from 5.8 per cent in FY21.
In FY22, the Indian two-wheeler industry shipped 3.5 lakh units of ‘Made in India’ scooters to various markets, up from 2.32 lakh units the previous fiscal.
Growth plans
“We are excited to build on this positive export momentum and expand into newer geographies with attractive products and first-in-segment, technology-loaded offerings. The key products for the international market include the Apache series, NTorq 125, HLX series, Raider, and Neo series,” said the spokesperson.
TVS Motor has rapidly expanded its presencein over 80 countries in Africa, South East Asia, the Indian Sub-Continent, Latin America and West Asia.
“Two-wheeler exports were trending at 20 per cent higher than pre-pandemic levels in FY22, driven by healthy demand from African and LATAM markets, thanks to a stable economic and political environment. ASEAN markets are recovering from Covid-19 restrictions and expected to augment demand in the coming months,” according to ICRA report.