After taking a look at the retail performance in the earlier article, now let us take a look at the wholesales performance. India’s two-wheeler industry witnessed a moderate growth in October 2025, backed by festive demand and improved rural sentiment. Combined domestic and export volumes for the top six manufacturers stood at 25,08,082 units, marking a YoY growth of 4.51% and a MoM rise of 2.04%. While Honda Motorcycle & Scooter India (HMSI) regained the top spot, Hero MotoCorp saw a decline both in domestic and total volumes.
Domestic Market – Honda Narrowly Trails Hero
In domestic sales, total industry volumes reached 21,12,180 units, a YoY rise of 2.35%. Despite a marginal 8% drop, Hero MotoCorp retained the top position with 6,04,829 units, commanding a 28.6% share. Honda followed closely with 5,98,952 units, up 8.29% YoY, narrowing the gap significantly to just about 6k units.
TVS Motor Company maintained its strong third position with 4,21,631 units, up 7.98%, driven by strong demand for its Raider, Jupiter, and Apache series. Bajaj Auto saw steady growth of 4.13% with 2,66,470 units, supported by Pulsar and Platina sales.
Royal Enfield delivered an impressive 14.68% YoY growth, retailing 1,16,844 units, led by robust response for the 350cc models. Suzuki Motorcycle India, however, reported a slight 1.42% decline, selling 1,03,454 units. On a month-on-month basis, total domestic sales grew 2.57%, with Honda showing the strongest rebound of 18.44%, while Hero slipped 6.6% MoM as dealers adjusted post-festive inventory.
Exports – Bajaj Leads, Suzuki Sees Highest Growth
Exports contributed 3,95,902 units in October 2025, a strong 17.75% increase YoY. Bajaj Auto dominated exports with 1,75,846 units, up 10.97%, maintaining a 44.4% share of all two-wheeler exports from India. TVS Motor followed with 1,03,519 units, marking an impressive 18.08% YoY growth, while Honda exported 51,644 units, up 15.82%.
The highlight, however, came from Suzuki Motorcycle, which posted a massive 70.74% YoY jump, exporting 25,807 units—its best export performance of the year. Hero MotoCorp also showed a sharp 42.84% increase, shipping 30,979 units. Royal Enfield, in contrast, registered a 6.69% dip, exporting 8,107 units. Month-on-month, exports were mostly flat, declining marginally by 0.74%, with Bajaj being the only major gainer (+11.5%) while others saw small declines.
Total (Domestic + Exports) – Honda Takes Lead, TVS Outperforms Market
In overall sales (domestic + exports), Honda Motorcycle & Scooter India emerged as the top-selling two-wheeler brand with 6,50,596 units, up 8.85% YoY and 14.5% MoM, commanding a 25.9% market share. Hero MotoCorp slipped to second with 6,35,808 units, registering a 6.37% YoY decline, although it still holds a similar share at 25.3%.
TVS Motor secured the third spot with 5,25,150 units, growing 9.83% YoY, thanks to solid performance in both domestic and export markets. Bajaj Auto followed with 4,42,316 units (+6.74% YoY), while Suzuki recorded 1,29,261 units (+7.67% YoY). Royal Enfield completed the list with 1,24,951 units, posting a 13% YoY increase, continuing its steady growth trajectory.
