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The 2W market share of TVS moved up from 15.15 per cent in December 2021 to 19.64 per cent in February 2026 in India
The two-wheeler industry is no longer moving to the same old script. Over the last few years, the market has expanded profoundly but the bigger story is how brand positions have changed within that growth. Among the major players, TVS Motor Company has made one of the biggest gains while Hero MotoCorp has given up ground despite still selling in large numbers.
The overall market has recovered well from earlier lows. The annual domestic two-wheeler volumes rose from around 15.3 million units in calendar year 2022 to more than 20 million units in 2025 – putting the industry within touching distance of the 21 million unit sales seen in 2018. The recovery has created room for brands to push harder but it has also exposed which companies are adapting quickly and which ones are leaning too heavily on older strengths.
For instance, TVS’ market share moved up from 15.15 per cent in December 2021 to 19.64 per cent in February 2026 – a sizeable jump in a highly competitive space. The company has managed this by covering multiple price points and body styles. The Jupiter has been a major volume driver in scooters, the Raider has worked well in the commuter motorcycle space, the Radeon has helped deepen its reach in the entry-level segment and the iQube has given TVS a stronger foothold in the EV space.
Hero MotoCorp’s story has been very different. Its share of the market has fallen from 34.5 per cent to 26.92 per cent over the same period. It is a major drop for a brand that has traditionally dominated the commuter motorcycle category. The Splendor and HF Deluxe continue to generate healthy sales but Hero has not been able to build enough momentum around newer products to hold its earlier market position.
In a market where consumers are spreading across scooters, premium motorcycles and EVs, the gap has started to show more apparently. But the recent addition of more premium models and the Vida sub-brand are expected to bring in more volumes in the near future. Elsewhere, Honda has largely held its ground as its share edged up from 24.8 per cent in December 2021 to 25.36 per cent in February 2026.
It was backed mainly by the dependable pull of the Activa and Shine but its debut in the zero-emission segment has not gone as well as it planned. Bajaj Auto saw its domestic share reduce from 12.5 per cent to 10.63 per cent but its business remains supported by exports to global markets as its own brand, KTM and Triumph are contributing to high standards.
Royal Enfield improved from 3.49 per cent to 5.36 per cent due to the good reception for the Classic 350, Bullet and Hunter 350. Meanwhile, Suzuki went from 3.71 per cent to 5.55 per cent with the Access 125 leading the way in expanding its local footprint. Yamaha posted a milder increase from 3.28 per cent to 3.59 per cent – led largely by the FZ and Fascino series.
The electric segment – still relatively small in the two-wheeler spectrum – is beginning to influence the market share chart as well. Ather Energy grew from 0.29 per cent in December 2021 to 1.21 per cent in February 2026. That may look modest next to mainstream manufacturers but it shows the increasing impact.
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