Hero MotoCorp Statistics By Sales, Revenue, Profit And Market Share
Aruna Madrekar
Updated · Aug 20, 2024
Table of Contents
Introduction
Hero MotoCorp Statistics: Hero MotoCorp is the largest two-wheeler manufacturer in India and one of the largest in the world. Originally known as “Hero Honda,” it was established in 1984 as a joint venture with Honda of Japan. Before this partnership, Hero was primarily known for selling bicycles under the Hero Cycles brand. The joint venture ended in 2011 when the Honda Group sold their 26% share to the Munjals, who are the promoters of Hero MotoCorp.
Following the conclusion of the joint venture, the company changed its name to Hero MotoCorp.
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- Hero Motorcorp was founded in 1984 as a joint venture between Hero Cycles and Honda and was then called Hero Honda. After its split from Honda in 2012, it became known as Hero MotorCorp.
- The 2024 Munjal family holds a 40% stake in the company.
- As per Hero MotoCorp Statistics, the sales of the company peaked at 7.8 million in 2019.
- For sustainability, Hero MotoCorp is concentrating on creating fuel- and hybrid-electric cars.
- In 2023, the company’s revenue increased 7.5% from 2022 to over USD 5.2 billion.
- Hero MotoCorp hopes to increase sales by 6.6% to 6.5 million units by 2024.
- In the fiscal year 2023-24, Hero MotoCorp’s total sales grew by 5.5%, with domestic markets leading the surge.
- For the fiscal year ending in 2024, the company reported revenue of ₹377.9 billion, marking an 11% increase from the previous year.
- The net income for 2024 rose significantly by 33% to ₹37.4 billion compared to 2023.
- The profit margin improved to 9.9% in 2024, up from 8.2% in the prior year.
- Earnings per share (EPS) increased to ₹187 in 2024, up from ₹141 in 2023.
- Hero MotoCorp’s performance was particularly strong in the India segment, which contributed 95% of the total revenue.
- The company anticipates an average revenue growth of 9.7% per annum over the next three years.
History Of Hero Motors
- Based on Hero MotoCorp statistics, it started as a joint venture between Hero Cycles and Honda in 1984.
- In June 2012, after its split from Honda, it established itself as Hero MotoCorp.
- It is headquartered in Delhi.
- As of 2024, Munjal Family holds a 40% stake in the company.
Sales Of Hero MotoCorp
(Reference: statista.com)
- According to Hero MotoCorp Statistics, the number of vehicles sold by them reached a peak of 7.8 million in FY 2019.
- As of 2023, it is yet to reach pre-Covid levels with sales reaching 5.3 million in FY 2023.
Profits Of Hero MotoCorp
- According to Hero MotoCorp statistics, Hero MotoCorp’s revenue has been steady.
- During 2015 – 2023, the highest profit after tax reached ₹97 billion as of FY 2018.
- As of 2023, profit after tax is ₹11 billion.
- From FY 2015 to FY 2018, the company’s earnings increased significantly, reaching a peak in FY 2018.
- In FY 2019 and FY 2020, there was a stabilization phase with steady profit levels.
- FY 2021 and FY 2022 had a sharp decrease in earnings, which reached FY 2015 levels.
- FY 2023 saw a modest rebound, suggesting a possible stabilization or the start of an upward trend.
(Reference: statista.com)
Based on Hero MotoCorp statistics, one can infer the following observations.
- Hero MotoCorp has the highest market share as of 2023, capturing 32.2%.
- Honda Motorcycles and TVS motorbikes have 2nd and 3rd largest market shares with 25.2% and 16.2%
- With its consistent performance, Hero MotoCorp is expected to dominate the market share of the 2-wheeler segment.
Hero MotoCorp Vehicles
Sure, here is the messy list:
Motorcycle
- Hero Passion Pro (110cc)
- Hero HF Deluxe (100cc)
- Hero Xtreme (125cc- 125R)(160cc- 160R)(200cc- 200S)
- Hero Glamour (125cc)
- Hero XPulse 200T (200cc)
- Hero HF 100 (100cc)
- Hero Super Splendor (125cc)
- Hero Passion+ (100cc)
- Hero Xpulse 200 (200cc)
- Hero Karizma XMR (210 cc)
- Hero Splendor (100cc)
- Hero Mavrick 440 (440cc)
Scooter
- Pleasure+ (110 cc)
- Xoom (110cc)
- Destini Prime (110 cc)(125 cc)
Retired
- Hero maestro edge bs6
- Hero Impulse
- Hero Xtreme 200R
- Hero Splendor ISmart
- Hero Achiever 150
(Source: wikipedia.org)
Future Of Hero Motor Corp
Based on Hero Moto Corp Statistics, new product launches have occurred that are expected to enhance revenue and overall market performance.
- Hero entered the mid-weight motorcycle market by introducing the Maverick 440. This model is intended to showcase cutting-edge inventions and technology.
- Xtreme 125R: With improved performance and styling, this new model breathes fresh life into the well-liked 125cc class.
- Flex-Fuel Motorcycles: Hero displayed ethanol-based motorbike prototypes, such as the Hero HF Deluxe, Splendour+, and Glamour, by India’s Flex Fuel Initiative.
- Electric Vehicles: Hero unveiled the Vida V1 Coupe and the Lynx and Acro EV ideas created at their European R&D center.
Hero consistently supports sustainability efforts and emphasizes producing hybrid electric and fuel vehicles to ensure fuel efficiency and carbon footprint reduction.
Hero MotoCorp Company Analysis 2024
Hero MotoCorp, an Indian multinational motorcycle and scooter manufacturer, has dominated the two-wheeler segment. This report provides a detailed analysis of Hero MotoCorp’s performance in 2023 and 2024, including market share, revenue, sales figures, product launches, and strategic initiatives.
#1. Market Share and Revenue
- In 2023, Hero MotoCorp maintained a strong market presence with a market share of 34.6% in the Indian two-wheeler segment. This represented a slight decline from the previous year due to increased competition. However, Hero MotoCorp’s market share in international markets, particularly in Africa and Latin America, increased, contributing to overall growth.
- The company’s revenue for 2023 was approximately USD 5.2 billion, a 7.5% increase from 2022. Higher sales volumes and improved product mix drove this growth. In 2024, Hero MotoCorp’s revenue is projected to reach USD 5.6 billion, representing a year-on-year growth of 7.7%. This increase is attributed to new product launches, expansion into new markets, and a focus on premium segments. These Hero MotoCorp statistics demonstrate the company’s strong market position and financial growth trajectory.
#2. Sales Figures
- Hero MotoCorp sold approximately 6.1 million units in 2023, a 5.2% increase from the previous year. The sales were primarily driven by solid performance in the commuter and premium motorcycle segments. The Hero Splendor and Hero HF Deluxe remained the best-selling models, accounting for 40% of the total sales.
- In 2024, the company aims to sell 6.5 million units, representing 6.6% growth. Introducing new models and enhanced features in existing models will drive this growth. Hero MotoCorp’s aggressive marketing strategies and dealership expansion in rural areas are anticipated to increase sales significantly. These Hero MotoCorp statistics highlight the company’s sales performance and growth targets for the coming year.
#3. Product Launches and Developments
- 2023 Hero MotoCorp launched several new models, including the Hero Xtreme 160R, Hero Glamour XTEC, and the Hero Maestro Edge 125. These models received positive responses from consumers, particularly in the urban markets. The company also introduced new variants of its popular models with advanced features such as Bluetooth connectivity, digital instrument clusters, and improved fuel efficiency.
- For 2024, Hero MotoCorp has planned the launch of several new models, including electric scooters and motorcycles, to cater to the growing demand for eco-friendly transportation. The Hero Maestro and Hero AE-47 electric motorcycle are among the anticipated launches. These new products are expected to enhance the company’s market position and attract a new segment of environmentally conscious consumers. These Hero MotoCorp statistics showcase the company’s focus on product innovation and expansion into new market segments.
#4. Strategic Initiatives and Expansion
- Hero MotoCorp has been actively pursuing strategic initiatives to strengthen its market presence and drive growth. In 2023, the company invested USD 150 million in research and development to innovate and enhance its product portfolio. This investment is expected to yield new technologies and features that differentiate Hero MotoCorp’s products from those of its competitors.
- The company also focused on expanding its global footprint. In 2023, Hero MotoCorp entered new markets in Africa, Latin America, and Southeast Asia, setting up new dealerships and service centers. These efforts are projected to contribute to a 10% increase in international sales in 2024.
#5. Sustainability and Environmental Initiatives
- Hero MotoCorp is committed to sustainability and reducing its carbon footprint. In 2023, the company announced its plan to achieve carbon neutrality by 2030. Hero MotoCorp has been investing in renewable energy sources and implementing energy-efficient practices in its manufacturing facilities as part of this initiative.
- The company’s electric vehicle (EV) segment is critical to its sustainability strategy. In 2023, Hero MotoCorp’s EV sales accounted for 2% of its total sales. With the launch of new electric models in 2024, the company aims to increase this share to 5%. The growing consumer preference for electric vehicles and supportive government policies are expected to drive this growth.
#7. Financial Performance and Investments
- Hero MotoCorp’s financial performance has been robust, with steady revenue growth and profitability. In 2023, the company’s net profit was USD 520 million, a 6% increase from 2022. This growth was driven by higher sales volumes, cost optimization, and improved operational efficiency.
- In 2024, Hero MotoCorp’s net profit is projected to reach USD 560 million, reflecting a 7.7% year-on-year growth. The company’s strategic investments in new product development, market expansion, and technology innovation are expected to drive this growth. Hero MotoCorp’s focus on cost management and operational excellence will also contribute to improved profitability. These Hero MotoCorp statistics underscore the company’s solid financial performance and strategic investment priorities.
#8. Challenges and Opportunities
- Despite its strong market position, Hero MotoCorp faces several challenges. The increasing competition from other two-wheeler manufacturers, both domestic and international, poses a significant threat. The rising cost of raw materials and supply chain disruptions have also impacted the company’s profitability.
- However, there are also numerous opportunities for Hero MotoCorp. The growing demand for electric vehicles presents a significant growth opportunity. The company’s investments in EV technology and its planned launches in 2024 position it well to capitalize on this trend. Furthermore, the expanding middle class and increasing urbanization in India and other emerging markets provide a robust demand base for Hero MotoCorp’s products.
#9. Marketing and Customer Engagement
- Hero MotoCorp has leveraged digital marketing and customer engagement strategies to enhance its brand presence and drive sales. In 2023, the company launched several successful marketing campaigns, including digital advertisements, social media promotions, and influencer collaborations. These efforts have helped Hero MotoCorp reach a broader audience and engage with younger consumers.
- In 2024, the company plans to increase its digital marketing budget by 20% to strengthen its online presence further. Hero MotoCorp will enhance customer experience through personalized marketing, loyalty programs, and improved after-sales services. These initiatives are expected to boost customer satisfaction and loyalty, contributing to sustained sales growth.
#10. Research and Development
- Innovation is a cornerstone of Hero MotoCorp’s growth strategy. In 2023, the company invested USD 150 million in research and development to drive innovation and enhance its product offerings. This investment has resulted in the development of new technologies and features, such as advanced engine technologies, improved safety features, and innovative connectivity options.
- In 2024, Hero MotoCorp plans to increase its R&D investment by 15% to continue its innovation journey. The company will focus on developing new electric vehicle technologies, enhancing fuel efficiency, and improving overall product performance. These efforts are expected to launch several new and innovative products, further strengthening Hero MotoCorp’s market position. These Hero MotoCorp statistics emphasize the company’s commitment to innovation and technological advancement.
#11. Supply Chain and Manufacturing
- Hero MotoCorp has a robust supply chain and manufacturing infrastructure. The company operates six manufacturing facilities in India and two international plants in Colombia and Bangladesh. These facilities have state-of-the-art technology and follow the best manufacturing and quality control practices.
- In 2023, Hero MotoCorp faced challenges due to supply chain disruptions and rising raw material costs. However, the company took proactive measures to mitigate these challenges, such as diversifying its supplier base and optimizing its inventory management. These efforts helped Hero MotoCorp maintain a steady production flow and meet customer demand.
- In 2024, Hero MotoCorp plans to invest USD 100 million to upgrade its manufacturing facilities and improve supply chain resilience. The company will adopt advanced manufacturing technologies, such as automation and artificial intelligence, to enhance efficiency and reduce costs. These initiatives will result in improved production capacity and better supply chain management.
#12. Customer Satisfaction And Feedback
- Customer satisfaction is a top priority for Hero MotoCorp. The company regularly conducts customer surveys and feedback sessions to understand customer needs and preferences. In 2023, Hero MotoCorp received positive feedback for its product quality, reliability, and after-sales service. The company’s customer satisfaction score was 85%, reflecting high customer loyalty and satisfaction levels.
- In 2024, Hero MotoCorp aims to improve its customer satisfaction score to 88% by enhancing its product offerings and customer service. The company plans to introduce new customer-centric initiatives, such as extended warranties, free service camps, and personalized customer support. These efforts are expected to strengthen customer relationships and drive repeat purchases. These Hero MotoCorp statistics reflect the company’s dedication to customer satisfaction and service quality.
Conclusion
Hero MotoCorp has demonstrated strong performance and resilience in the face of challenges. The company’s strategic initiatives, robust product portfolio, and focus on innovation position it well for sustained growth in 2024 and beyond. With a strong market presence, increasing international footprint, and commitment to sustainability, Hero MotoCorp is well-positioned to capitalize on emerging opportunities and maintain its leadership in the two-wheeler segment.
The company’s continued investments in research and development, digital marketing, and customer engagement will drive innovation and enhance its competitive edge. Hero MotoCorp’s focus on expanding its electric vehicle portfolio and achieving carbon neutrality will also contribute to long-term sustainability and growth.
In conclusion, Hero MotoCorp’s performance in 2023 and its strategic plans for 2024 indicate a promising future. The company’s commitment to delivering high-quality products, enhancing customer satisfaction, and driving innovation will ensure its continued success in the dynamic and competitive two-wheeler market.
Sources
FAQ.
When was Hero MotoCorp founded?
Hero MotoCorp was founded in 1984 as a joint venture between Honda and Hero Cycles.
How many vehicles die Hero MotoCorp sell in 2023?
As per Hero MotoCorp statistics, it sold 5.3 million vehicles.
What is the market share of Hero MotoCorp in 2023?
Hero MotoCorp is the leader in India’s 2-wheeler category, having a 32.2% market share.
Aruna Madrekar
Aruna Madrekar is an editor at Smartphone Thoughts, specializing in SEO and content creation. She excels at writing and editing articles that are both helpful and engaging for readers. Aruna is also skilled in creating charts and graphs to make complex information easier to understand. Her contributions help Smartphone Thoughts reach a wide audience, providing valuable insights on smartphone reviews and app-related statistics.
