2 weeks ago
TVS Growth Turns India's Two-Wheeler Market Into Three-Horse Race
TVS is a company that makes scooters and motorcycles in India.
For a long time, two companies — Hero and Honda — sold the most two-wheelers in the country.
This year, TVS has grown faster than any other big two-wheeler company.
In the first six months of 2026, TVS sold far more vehicles than it did a year before.
TVS makes many different kinds of two-wheelers, like the popular Jupiter scooter and the fast-selling iQube electric scooter.
Because it sells so many types, it can reach many different customers.
Bajaj grew more slowly because it mostly relies on its Chetak electric scooter and skips petrol scooters.
TVS is now nearly twice as big as Bajaj in India.
Hero and Honda still sell more, but TVS is catching up, making it a three-way competition at the top.
TVS Motor Company's H1CY26 sales grew 27.15% to 2,265,240 units, the fastest growth among India's leading two-wheeler makers.
TVS outpaced Hero MotoCorp (22.48%, 3,161,788 units), HMSI (22.39%, 2,958,638 units) and Bajaj (17.28%, 1,208,459 units) in the first half of calendar 2026.
Growth was driven by the Jupiter scooter line, the 125-cc Raider, the Apache performance range and the iQube, India's top-selling electric scooter.
TVS remains 896,000 units behind Hero MotoCorp and 693,000 units behind HMSI, but analysts say its 3-5 year trajectory could pose a genuine threat.
Bajaj's slower domestic growth reflects its focus on the Chetak EV and absence from petrol scooters, leaving India's two-wheeler market a three-horse race.
- Who
- TVS Motor Company, competing against Hero MotoCorp, Honda Motorcycle & Scooter India (HMSI) and Bajaj Auto in India's two-wheeler market.
- What
- TVS posted the industry's fastest sales growth in H1CY26, narrowing its gap with leaders Hero and HMSI and leaving Bajaj far behind.
- Where
- India's domestic two-wheeler market.
- When
- First half of calendar year 2026 (H1CY26), compared with the same period in 2025.
- Why
- TVS's broad portfolio across scooters, 125-cc motorcycles, premium bikes and electric vehicles drove 27.15% growth, while Bajaj's reliance on the Chetak EV and absence from petrol scooters slowed its domestic momentum.
Key facts
- TVS H1CY26 sales
- 2,265,240 units, up 27.15%
- Hero MotoCorp H1CY26 sales
- 3,161,788 units, up 22.48%
- HMSI H1CY26 sales
- 2,958,638 units, up 22.39%
- Bajaj H1CY26 sales
- 1,208,459 units, up 17.28%
- TVS gap to Hero
- 896,000 units
- TVS gap to HMSI
- 693,000 units
- Key TVS models
- Jupiter, Raider, Apache, iQube
- Data source
- Society of Indian Automobile Manufacturers (SIAM)
Quotes
Consulting firm analyst
Analyst covering the auto sector from a Big 4 consulting firm
“As electric adoption and scooterisation accelerate in semi‑urban and urban centres, TVS’s early dominance with the iQube and Jupiter positions it to capture market share directly from Hero’s traditional commuter base.”
financialexpress.com
“While Hero remains anchored to mass‑market commuter bikes, and Honda relies heavily on the Activa brand, TVS is growing aggressively across all four major pillars—scooters, 125‑cc commuters, premium bikes, and EVs.”
financialexpress.com
Sources
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