The current financial year is about to end and the Indian two-wheeler market is showing its volatility. While company dispatches continued to be on the higher side for most parts of 2024 but that didn’t necessarily translate into retail sales. This led to extremely high inventories, easily lasting beyond 30 days which left the industry in jitters.
The ripple effect for the same is clearly evident on two wheeler sales for the month of February 2025 which has led to recent change in dynamics of the industry. In a long time, Hero MotoCorp has been displaced as the top two-wheeler manufacturer of the country by Honda, even though both OEMs have witnessed YoY decline in monthly sales volume. Here’s a look at the top 5 two-wheeler manufacturers for February 2025.
| Rank | OEM | Feb 2025 | Feb 2024 | YoY change (%) |
| 1. | Honda | 3,83,918 | 4,13,967 | -7.26% |
| 2. | Hero | 3,57,296 | 4,45,257 | -19.8 % |
| 3. | TVS | 2,76,072 | 2,67,502 | 3.2 % |
| 4. | Bajaj | 1,46,138 | 1,70,527 | -14.3 % |
| 5. | Royal Enfield | 80,799 | 67,922 | 19.0% |
Honda
Honda Motorcycle & Scooter India (HMSI) recorded a total sales volume of 422,449 units for the month, which is a decline from the 458,711 units sold during the same period last year. This translated to an 8 percent YoY drop in sales. Of the total, domestic sales accounted for 383,918 units, while exports reached 38,531 units. Domestic sales declined by 7.26% percent YoY.
Hero
Sales of Hero Motocorp witnessed a sharp decline from 468,410 units in February 2024 to 388,068 units in February this year. While exports increased from 23,153 units to 30,772 units during the same period, it was the domestic sales which took a massive hit of almost 20 percent YoY from 4,45,257 units in February last year to 3,57,296 units in February this year.
TVS
TVS Motor Company reported an overall YoY growth of 9.5 percent in the two-wheeler segment with 3,91,889 units dispatched in February this year. Out of the total volume, TVS dispatched 2,76,072 units to dealerships across the country, marking a 3.2 percent YoY increase in sales. Motorcycle sales for TVS increased by 5 percent, reaching 192,960 units in February 2025. The scooter segment experienced significant growth, surging by 24 percent with 164,415 units sold last month.
Bajaj
Bajaj Auto dispatched 2,99,418 two-wheelers last month, out of which 1,46,138 units were accounted for the domestic market while exports contributed 1,53,280 units. Exports during the same period increased significantly by 23 percent YoY, however, domestic sales fell by 14 percent. In fact, in one of the rare occurrences, Bajaj Auto’s two-wheeler exports exceeded its domestic sales reporting 1,53,280 units and 1,46,138 units, respectively.
Royal Enfield
Royal Enfield reported a total sales of 90,670 motorcycles in February 2025, resulting in a 19 percent YoY growth. The Chennai-based bike manufacturer dispatched 80,799 units in the domestic market as opposed to 67,922 units sold during the same month last year, translating to a healthy 19 percent YoY growth.
