Why Hero stays No.1, why TVS is climbing fast, why Bajaj looks range-bound, and how Royal Enfield is winning young riders
India Two-Wheeler Sales Sep 2025 : Snapshot
Festive tailwinds and price resets delivered a big September for India’s two-wheelers. The Big Five together crossed 23 lakh units, with Hero comfortably in the lead, Honda holding No.2, TVS closing fast, Bajaj steady but export-skewed, and Royal Enfield posting its best month ever. Pent-up demand, improved financing, and pre-festive stock build-up helped lift volumes across segments. Commuter motorcycles anchored the surge, while scooters added momentum in urban pockets. Premium bikes—especially sub-350cc variants—surprised with sustained traction, signaling a broadening aspirational base even as affordability remained the primary driver nationwide.
Leaderboard (Two-wheelers, September 2025)
| Rank | OEM | Total 2W | YoY |
|---|---|---|---|
| 1 | Hero MotoCorp | 6,87,220 | +8% |
| 2 | Honda (HMSI) | 5,68,164 | +5% |
| 3 | TVS Motor | 5,23,923 | +11% |
| 4 | Bajaj Auto | 4,30,853 | +8% |
| 5 | Royal Enfield | 1,24,328 | +43% |
Domestic vs Exports (Two-wheelers, September 2025)
| OEM | Domestic | Exports |
|---|---|---|
| Hero MotoCorp | 6,47,582 | 39,638 |
| Honda (HMSI) | 5,05,693 | 62,471 |
| TVS Motor | 4,13,279 | 1,10,644 |
| Bajaj Auto | 2,73,188 | 1,57,665 |
| Royal Enfield | 1,13,573 | 10,755 |
Key category splits (September 2025)
| OEM | Category Split | Units |
|---|---|---|
| Hero MotoCorp | Motorcycles | 6,26,217 |
| Scooters | 61,003 | |
| TVS Motor | Motorcycles | 2,49,621 |
| Scooters | 2,18,928 | |
| Royal Enfield | <350cc | 1,07,478 |
| >350cc | 16,850 | |
| Honda (HMSI) | Scooter/Motorcycle split | Not disclosed |
Why Hero stays No.1
Commuter dominance that converts sentiment into scale. Splendor/HF Deluxe remain the country’s default daily commuters. When festive footfalls rise, this core pulls disproportionate volumes and keeps plant utilization high.
Distribution depth and price hygiene. Rural and semi-urban reach plus tactical pricing ensured strong conversion to deliveries.
Broad but focused portfolio. A motorcycle-heavy mix drives throughput; scooters and EV add incremental momentum without distracting from the core.
Why TVS is climbing so fast
Balanced growth across scooters and motorcycles. Scooters surged while motorcycles also grew, giving TVS a two-engine push few rivals match.
Exports provide a second wind. Strong overseas shipments smooth domestic swings and lift utilization.
EVs that actually move numbers. iQube contributes meaningful volumes, making TVS the only legacy player scaling scooters, motorcycles and EVs together—with exports as a fourth stabilizer.
Why Bajaj appears range-bound
Export-heavy optics. The headline looks healthy, but the split shows exports doing more of the heavy lifting than domestic motorcycles. When export markets cool, totals flatten even if the product story is strong.
Next leg depends on India 2W. A clearer domestic uptrend in motorcycles would flip the “stagnant” narrative quickly.
How Royal Enfield is winning younger riders
Right product at the right price-point. The sub-350cc spine—led by Hunter 350 and the refreshed 350 family—puts RE squarely within reach of first-time urban buyers.
Community and brand heat. Rides, events and an enthusiast ecosystem keep aspiration high; pair that with accessible entry models and you get record-breaking months like September.
Where Honda sits today
Solid No.2 with a scooter-led cushion. High-turnover scooters capture urban demand quickly and anchor Honda’s volume.
Exports trending up. Overseas dispatches added a helpful tailwind while the domestic core did the heavy lifting.
What to watch in Q3 FY26
- Hero: Can commuter momentum sustain post-festive; do premium/EV add share without denting the core.
- TVS: Whether the four-pillar engine—scooters, motorcycles, EVs, exports—keeps compounding into the New Year.
- Bajaj: Signs of a domestic motorcycle inflection to complement strong exports.
- Royal Enfield: Supply alignment for sub-350cc demand and steady cadence of fresh variants.
- Honda: New activity in scooters/125cc motorcycles to defend and grow the No.2 slot.
Motors77 Take
Hero remains the benchmark for turning sentiment into scale. TVS is the quiet rocket, compounding across all pillars. Bajaj’s global strength is undeniable, but a cleaner domestic uptrend would change the optics. Royal Enfield is executing one of the sharpest youth pivots in the business—and the mix proves it.
For the full story behind Royal Enfield’s record month (1.24 lakh units) and the sub-350cc surge, read our deep dive: Royal Enfield Shatters Records
