For almost two decades, Hero MotoCorp and Honda Motorcycle & Scooter India (HMSI) were the undisputed leaders of the two-wheeler market — with HMSI closely trailing Hero — while TVS and Bajaj, both distant, fought for the third position.
But in the first half of this calendar year, TVS has narrowed the gap with Hero and HMSI, and has left Bajaj far behind.
Data from the Society of Indian Automobile Manufacturers (SIAM) shows that TVS’s sales grew 27.15% to reach 2,265,240 units in H1CY26, compared to 1,781,500 units in H1CY25, outpacing Hero’s growth of 22.48% (3,161,788 units, up from 2,581,549 units).
TVS also outpaced HMSI’s 22.39% growth (2,958,638 units, up from 2,417,299 units), and was far stronger than Bajaj’s 17.28% (1,208,459 units, up from 1,030,440 units).
Automotive analysts told FE that unlike Hero that is phenomenal in 100-125-cc motorcycles and HMSI that is dominant in scooters, TVS is performing well across segments — the Jupiter family in automatic scooters, the 125-cc Raider in entry-level motorcycles, the Apache range in performance bikes, and the iQube, which is the top-selling electric scooter in India.
In terms of numbers, while TVS added 483,740 extra units to its kitty in H1CY26, Bajaj could manage just 178,019 units, making TVS almost twice as big as Bajaj. While Bajaj maintains a strong position in international markets and performance motorcycles such as the Pulsar range, its slower domestic momentum stems from its strategic choice to stay out of the high-volume petrol scooter segment, relying instead purely on its Chetak EV.
“What we are witnessing in H1CY26 is the culmination of TVS’s segment-wide performance,” an analyst covering the auto sector from one of the Big 4 consulting firms said. “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. By capturing urban premiumisation alongside rural demand through models like the Raider and Jupiter, TVS has unlocked a growth rate that separates it from Bajaj and brings it into the slipstream of the top two.”
But can TVS challenge Hero and HMSI? Analysts said that while its growth rate is the highest in the industry, catching Hero or HMSI remains a steep upward climb in the near term. The current half-yearly gap between TVS and HMSI stands at 693,000 units, while the gap to Hero is 896,000 units. But TVS’s 3-5-year trajectory can pose a genuine threat to Hero and HMSI.
“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,” the analyst said. “In addition, the runaway success of the Raider 125 has allowed TVS to capture younger buyers entering the motorcycle market, a segment where Hero’s Splendor brand faces generational ageing.”
While Hero MotoCorp and HMSI retain vast rural distribution networks that keep them out of immediate reach, TVS is establishing itself as a permanent member of the top-tier cluster, transforming India’s two-wheeler industry into a three-horse race.
