TVS Gains as Hero, Bajaj Lose Share in India’s 2W Market Since 2022

Why It Matters

The reshuffling erodes the dominance of legacy OEMs, opening space for agile brands and electric‑mobility players to capture growth in India’s fastest‑growing vehicle segment.

Key Takeaways

• TVS share up 4.5 points, now 19.6% market.
• Hero lost 7.6 points, falls to 26.9% share.
• Honda stable around 25% despite overall market growth.
• Bajaj domestic share drops, export business remains strong.
• Electric scooter share rises to 1.2%, Ather leads growth.

Pulse Analysis

India’s two‑wheeler market has entered a new growth phase, with annual volumes climbing from 15.3 million units in FY22 to just over 20 million in FY25. This expansion is fueled by rising disposable incomes, urbanization, and a shift toward fuel‑efficient or electric mobility. While the market size approaches the historic high of FY18, the competitive landscape is fragmenting as both traditional manufacturers and newer entrants vie for a larger slice of the pie.

TVS’s ascent illustrates how a focused product pipeline can translate into market‑share gains. The company’s recent launches—such as the Radeon and Raider motorcycles—target both commuter and premium segments, while the iQube electric scooter and refreshed Jupiter model broaden its appeal to eco‑conscious urban riders. By leveraging a mix of price‑competitive offerings and technology upgrades, TVS has turned a modest 15% foothold into nearly 20% of the market, outpacing slower‑moving rivals.

For incumbents like Hero and Bajaj, the data signals a warning: reliance on legacy commuter models is no longer sufficient. Hero’s decline underscores the need for faster product refresh cycles, whereas Bajaj’s export strength cushions its domestic weakness but does not reverse the trend. Meanwhile, electric‑mobility players such as Ather are gaining visibility, with their share rising to over 1%—a modest figure that could accelerate as policy incentives and charging infrastructure improve. The next few years will likely see intensified R&D investment, strategic alliances, and a push toward electrification as manufacturers scramble to protect or grow their positions in India’s lucrative two‑wheeler arena.