ICRA, a leading investment information and credit rating agency, estimates that two-wheeler sales volume in India will grow between 6 percent to 9 percent YoY in FY2026.

The company stated that in April 2025, the domestic two-wheeler wholesales came at 1.39 million units, which was 18.8 percent lower, on the back of production shutdown undertaken by some OEMs for supply chain alignment and scheduled maintenance.

On the other hand, the retail sales remain steady registering a growth of 2 percent for the same period. The offtake was supported by the festive season (Chaitra Navratri, Akshay Tritiya, Baisakhi), which also translated to a sequential growth of around 12 percent.

Interestingly, it points out that electric two-wheelers continue to register a strong growth and maintain its 5-6 percent penetration in the overall two-wheeler sales. For instance, in March a total of 130,274 electric two-wheelers were sold, up 71 percent MoM. Similarly, the electric two-wheeler sales also saw moderation to 91,800 units last month.

On the export front, ICRA estimates that two-wheeler sales volumes reported a healthy growth of 14.8 percent on a partially curtailed base. But despite the growth, the volumes continue to be constrained to an extent by shortage of FOREX and inflationary pressures in markets catered (such as Nigeria).

Going forward, the company expects that two-wheeler sales will remain to grow albeit in single-digit percentage, primarily aided by steady replacement demand, expected recovery in urban demand and healthy rural incomes (driven by early indications of a normal monsoon).

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Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, registered dispatches of 604,490 units in November 2025, marking a 31 percent YoY growth.

In the domestic market, the company sold 570,520 two-wheelers, up 30 percent YoY, as against 439,777 units sold last year. On the exports front, the sales came at 33,970 units, as against 20,028 units, marking a 70 percent increase YoY.

This performance sustains the growth momentum following the festive season, driven by positive consumer sentiment across urban and rural markets, supported by GST benefits and a macroeconomic landscape.

VAHAN registrations showed strong domestic demand, with 886,330 units registered in November 2025. Retail registrations grew 26 percent to 1,882,739 units for the combined period of October and November 2025, reflecting dealership and consumer demand.

The company's performance was supported by the success of new models such as the Xtreme 125R, GlamourX 125, Destini 110, and Xoom 160.

VIDA, powered by Hero, sustained its growth trajectory with 12,199 VAHAN registrations, reflecting a 66 percent growth compared to the same period last year. The company strengthened its position in the EV sector, capturing a 10.4 percent market share. The VIDA Evooter VX2 continued to drive retail growth and sales volume, and the company also expanded the line-up with the VX2 Go 3.4 kWh variant.

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Suzuki Motorcycle India (SMIPL), the two-wheeler subsidiary of Suzuki Motor Corporation, Japan, has announced its sales performance for November 2025, recording total sales of 122,300 units. This marks a strong 30 percent YoY growth over 94,370 units sold in November 2024.

In the domestic market, the sales touched 96,360 units last month, which was 23 percent growth over 78,333 units a year ago.

On the exports front, sales grew 62 percent reaching 25,940 units in November, up from 16,037 last year.

Additionally, SMIPL’s aftersales business continued gaining momentum with spare parts sales of INR 955 million in November.

Deepak Mutreja, Vice-President – Sales & Marketing, Suzuki Motorcycle India, said, “We are grateful for the growing confidence our customers place in Suzuki. Their support, along with the dedicated efforts of our dealer network, continues to drive our growth. Alongside strengthening our presence, we are also expanding customer engagement initiatives and experience-led programs to bring riders closer to the brand. We will continue to invest in enhancing accessibility, after-sales experience, and community-building as we work towards sustained growth.”

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Honda Motorcycle & Scooter India (HMSI), one of the leading two-wheeler manufacturers in the country, has reported wholesales of 591,136 units in November 2025, up 25 percent YoY.

The total sales figure for the month included 533,645 units in domestic sales and 57,491 units in exports.

During the period, the automaker continued its commitment towards road safety by organising awareness campaigns across various cities nationwide, encouraging responsible road behaviour through interactive learning.

HMSI also celebrated Children’s Month with a Kids Carnival across all its manufacturing facilities, Traffic Training Parks (TTPs), and Safety Driving Education Centers (SDECs). The initiative, themed ‘Safety Explorers: Journey Through Traffic Land,’ aimed to make road safety learning engaging for children while promoting safe habits from an early age.

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Chennai-based mid-sized motorcycle major Royal Enfield has reported its monthly wholesales for November with 100,670 units sold, up 22 percent YoY, as against 82,257 units sold last year.

This includes 90,405 units in the domestic market, up 25 percent YoY and 10,265 units in the exports market, up 2 percent YoY.

B. Govindarajan, Managing Director, Eicher Motors and Chief Executive Officer, Royal Enfield, said, “November was truly a special time for us at Royal Enfield. At EICMA, this year, we marked a significant milestone as we entered our 125th year of Pure Motorcycling, a legacy that is built on authenticity, craftsmanship, and an unwavering pursuit of timeless design. Our showcase at EICMA this year reflected a perfect blend of past, present and future; ranging from the special edition of our most iconic motorcycle – the Classic 650 to a bigger and bolder Bullet 650, to pushing the boundaries of urban exploration with the Flying Flea S6. Carrying that energy back home, Motoverse in Goa welcomed people from across the globe, and it was heartening to see the strong enthusiasm for the new motorcycles we unveiled for the riding enthusiasts. Motoverse brought together riders who have been with us for decades and many who are just starting their journey with us and every moment there was a reminder that this community truly is the soul of Royal Enfield.”

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