The Indian two-wheeler market witnessed a mixed performance in January 2025, with some manufacturers recording impressive growth while others struggled to maintain their sales momentum. Leading players such as Royal Enfield, TVS Motor, and Suzuki Motorcycle reported year-on-year (Y-o-Y) growth, while Hero Motocorp and Bajaj Auto faced declines in domestic sales.
Market Overview: Mixed Signals for the Two-Wheeler Industry
The performance of the two-wheeler industry was shaped by various strategic and market-driven factors. Experts suggest that the mixed performance is largely a result of inventory levels, pricing strategies, and seasonal demand fluctuations rather than a fundamental shift in consumer behavior.
Anurag Singh, advisor at Primus Partners, commented:
“The mixed performance in the two-wheeler market isn’t driven by a fundamental shift, but rather a tactical one. Manufacturers are experiencing varied results based on inventory, discounting, and sales strategies. While brands like Royal Enfield continue to see steady growth, others such as Bajaj have faced recent declines.”
Royal Enfield: A Strong Performer in the Market
Royal Enfield posted an impressive 15% Y-o-Y increase in domestic sales, reaching 81,052 units, compared to 70,556 units in January 2024. The brand’s export segment nearly doubled, with a 79% growth, shipping 10,080 units compared to 5,631 units in the previous year.
One of the key drivers of Royal Enfield’s growth has been the sustained popularity of the Hunter 350, which has surpassed 500,000 units in sales since its launch in August 2022. This success highlights the midsize motorcycle segment’s growing demand in India and abroad.
TVS Motor Company: Consistent Growth Across Segments
TVS Motor Company saw a 10% rise in domestic sales, reaching 293,860 units, compared to 268,233 units in January 2024. The company’s motorcycle sales rose by 12% to 155,611 units, while scooter sales surged by 29%.
Additionally, TVS’s electric vehicle (EV) segment grew significantly, recording a 55% increase in sales, reaching 25,195 units. The company also witnessed an export growth of 52%, shipping 93,811 units.
Suzuki Motorcycle India: Steady Performance
Suzuki Motorcycle India posted a 9% Y-o-Y increase in domestic sales, reaching 87,834 units, compared to 80,511 units in January 2024. The company’s export segment also performed well, rising 38% to 21,087 units.
In contrast to the industry’s overall growth, Bajaj Auto’s domestic sales dropped by 11%, with 171,299 units sold, compared to 193,350 units in January 2024.
However, Bajaj Auto experienced a strong comeback in exports, recording a 37% increase. The company exported 157,114 units, compared to 114,898 units last year.
Hero Motocorp’s domestic sales declined by 2.03%, with 412,378 units sold in January 2025, compared to 420,934 units in January 2024. However, the company saw a significant boost in exports, jumping 140.7% to 30,495 units, compared to 12,664 units last year.
Industry-Wide Two-Wheeler Sales Data
According to data from the Society of Indian Automobile Manufacturers (SIAM), total two-wheeler sales (including motorcycles, scooters, and mopeds) from January to December 2024 reached 19,543,093 units, marking a 14.45% increase compared to the same period in 2023.
The Indian two-wheeler market continues to undergo dynamic shifts, influenced by seasonal trends, consumer preferences, and global trade factors. While brands like Royal Enfield, TVS, and Suzuki are riding the wave of increased demand, Bajaj Auto and Hero Motocorp must reassess their strategies to regain momentum.
With EV sales also seeing strong growth, the market is gradually moving towards electrification while maintaining a stronghold in conventional fuel-driven vehicles. The coming months will be crucial in determining how manufacturers adapt to market demands and maintain their competitive edge in India’s rapidly evolving automobile sector.
