India’s Two-Wheeler Market in FY25: A Shift in Gears
The two-wheeler market share in India has seen major shifts from FY21 to FY25. While Hero MotoCorp continues to lead, its dominance is slipping. Meanwhile, TVS is steadily gaining ground, hinting at changing consumer preferences and competitive pricing strategies.
Let’s break down how the top players are faring in FY25 compared to FY21
Two-Wheeler Market Share: FY21 vs FY25
| Brand | FY21 Share (%) | FY25 Share (%) | Change |
|---|---|---|---|
| Hero MotoCorp | 37% | 28% | ▼ 9% |
| Honda Motorcycle | 26% | 27% | ▲ 1% |
| TVS Motor | 14% | 18% | ▲ 4% |
| Bajaj Auto | 12% | 12% | ➖ 0% |
Key Trends Driving Market Realignment
- Hero’s Decline: From 37% to 28%, due to stagnant innovation and rising competition in the 125cc segment.
- TVS Growth: Strong demand for Radeon, NTorq, and electric two-wheelers helped TVS boost its market share by 4%.
- Honda’s Stability: Marginal gain driven by rural demand and high brand trust in scooters.
- Bajaj’s Plateau: Despite global exports, domestic sales remained flat amid stiff urban competition.
What’s Fueling the Shift?
- Electric mobility: TVS iQube and Ola’s entry reshaped the urban buyer’s mindset.
- Fuel prices: Buyers now prefer efficient scooters over bulky bikes.
- Credit push: NBFCs and fintechs are making two-wheelers more accessible with low EMI options.
Time for Hero to Reboot
“Hero can’t just bank on legacy. The rise of connected tech and EV demand needs faster adaptation.”
Tax & Compliance Tip for Two-Wheeler Dealers
Dealers and distributors should ensure GST compliance under SAC 996601 (Motor vehicle sales). Regular GSTR-1 and GSTR-3B filing is crucial, especially with evolving inventory models and location-based registrations.