India’s two-wheeler brands reported strong year-on-year growth in December 2025, led by a sharp recovery in domestic volumes.
Hero and TVS Outpace Market Expectations
Hero MotoCorp emerged as the strongest domestic performer during the month, posting a 43% year-on-year increase in domestic two-wheeler dispatches at 419,243 units. Total dispatches rose 40% to 456,479 units, significantly above market expectations, though volumes declined from over 600,000 units in November as festive demand tapered off. Export volumes grew 21% to 37,236 units. Motorcycles continued to dominate Hero’s portfolio, with dispatches rising 35% to 402,374 units, while scooter volumes more than doubled to 54,105 units, supported by a low base and recent model launches. For the October–December quarter (Q3 FY26), Hero reported total dispatches of 1.70 million units, up from 1.46 million units a year earlier. On a year-to-date basis, volumes grew 5% to 4.75 million units.
TVS Motor Company delivered a broad-based domestic performance, reporting a 54% year-on-year rise in domestic two-wheeler sales at 330,362 units in December. Total sales rose 50% to 481,389 units, though volumes declined sequentially by 7.3%. Motorcycle sales increased 50% to 216,867 units, while scooter dispatches grew 48% to 198,017 units. Electric vehicle volumes jumped 77% to 35,605 units, while three-wheeler sales more than doubled. Export volumes grew 40% to 146,022 units. TVS reported its highest-ever quarterly sales in Q3 FY26, reflecting sustained momentum across domestic and international markets.
Bajaj and Royal Enfield’s Strategic Balance
Bajaj Auto reported more moderate domestic growth but continued to benefit from a strong export performance. Total dispatches rose 14% year-on-year to 369,809 units in December. Domestic sales grew 4% to 169,373 units, while exports surged 25% to 200,436 units. In the two-wheeler segment, dispatches rose 14% to 310,353 units, led by a 24% increase in exports, while domestic volumes edged up 3%. The commercial vehicle segment outperformed, with total dispatches rising 17%, supported by a 32% jump in exports. For the April–December period, Bajaj Auto’s total volumes grew 6%, with exports up 19%, even as domestic two-wheeler sales declined 4%.
Royal Enfield ended December on a steady note, reporting domestic sales of 93,177 units, up 37% year-on-year. Export volumes declined 10% to 10,397 units, reflecting some moderation in overseas markets. On a month-on-month basis, total volumes remained stable, with growth in the above-350cc segment offsetting a decline in the 350cc category. For April–December 2025, Royal Enfield reported total sales of 921,098 units, up nearly 27%, led by sustained demand for higher-capacity motorcycles.