The two-wheeler industry in India is gearing up for the festive season and in contrast to the four-wheeler segment, it continues to expect a healthy growth demand.

Taking a closer look at the company-wise sales performance for the month of September 2024, Hero MotoCorp the world’s largest two-wheeler maker reported 19 percent growth YoY in the domestic market. The company sold 616,706 two-wheelers, as against 519,789 units for the same period last year.

Hero MotoCorp states that there is a positive sentiment prevalent in the industry as it approaches the festive season on the back of a good monsoon. It has a strong pipeline of bookings and is experiencing increased customer footfall leading up to the festive season. The company expects healthy growth during the 32-day period starting from October 3.

Honda Motorcycle & Scooter India (HMSI) reported wholesales of 536,391 units, which was 9 percent higher than 491,802 units last year.

During the period the company attained a new sales milestone for its popular scooter the ‘Activa’, which went home to over 10 million customers in the South Indian states and union territories of Tamil Nadu, Karnataka, Telangana, Kerala, Andhra Pradesh, Puducherry, and Andaman & Nicobar Islands.

TVS Motor Co, too reported a healthy growth of 23 percent YoY with 369,138 two-wheelers sold, compared to 300,493 units for the same period last year.

The company’s EV sales registered a growth of 42 percent increasing from 20,356 units in September 2023 to 28,901 units in September 2024.

For Pune-based Bajaj Auto, the monthly two-wheeler sales jumped by 28 percent, from 202,510 units in September 2023 to 259,333 units in September 2024.

Chennai-based Royal Enfield, a leading mid-sized motorcycle manufacturer, continued to drive sales with its product offensive strategy. The company reported 7 percent growth for September 2024, selling 79,326 units, as against 74,261 units for the same period last year.

Overall, the two-wheeler segment is expected to see a robust demand driven by both rural and urban India as the festivities approach.

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Carolwood LP has officially closed its agreement with Polaris to acquire the iconic Indian Motorcycle Company, which will now become an independent business.

The transition coincides with the 125th anniversary of the company, which also sees Mike Kennedy, a veteran of the motorcycle industry, take over as the Chief Executive Officer of the stand-alone entity.

The acquisition agreement includes the transition of approximately 900 employees to the new Indian Motorcycle Company. Manufacturing operations will remain at existing facilities in Spirit Lake, Iowa and Monticello, Minnesota.

Industrial design, technology and product development will continue at research and development centres in Burgdorf, Switzerland and Wyoming, Minnesota. Sales, service, and support for the dealer network and customers are expected to continue without interruption.

The company’s strategy involves concentrated investment in motorcycles, technologies, and craftsmanship. The executive emphasised a commitment to the brand's American manufacturing identity and its dealer partnerships.

Mike Kennedy, said, “It’s an incredible honour to take the helm of Indian Motorcycle as it celebrates its 125th Anniversary, empowered by a sense of gratitude and opportunity, and the support and ambition of a well-resourced, highly motivated ownership team. 2026 will be a special year to honour our history, but more importantly, to drive the brand into the future with a renewed level of commitment, focus and clarity that can only be found as a stand-alone company.”

The new leadership intends to focus on transparency and collaboration with its global dealer network, incorporating feedback into operations, marketing, and product development.

“We will achieve our vision through a deeper level of differentiation, leaning in on what makes our brand unique, and with products that possess a style, craftsmanship and performance quality that is uniquely justified by our historic legacy and spirit of innovation. Dealers are our most important partners, and we will judge our business based on the success of our dealers. We intend to be extremely collaborative with our dealers, actively listening to their feedback and incorporating it into our planning and decision-making, not only in terms of dealer operations, but also product development and marketing. America’s first motorcycle company will put America first. Our brand and business will be grounded in our American identity and more importantly, American manufacturing. ‘Built in America’ is not a slogan. It’s a competitive advantage, and we intend to use it,” added Kennedy.

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Bengaluru-based electric vehicle maker Ather Energy has posted its highest quarterly revenue to date, reaching INR 9.95 billion for Q3 FY2026, which marks a 53 percent YoY growth.

The company attributed the performance to sales volume growth as well as a rise in non-vehicle revenue. During the period, the company sold 67,851 units, a 50 percent increase YoY. Consequently, Ather’s national market share has expanded to 18.8 percent.

Ather Energy reported a narrowing of its EBITDA loss to INR 299 million, with the EBITDA margin improving by 1,600 basis points to (-3 percent). This progress is attributed to cost management and operating leverage.

Key Financial Data:

• Adjusted Gross Margin (AGM): INR 2.51 billion, up 111 percent YoY.
• AGM (Excluding Incentives): 23 percent, an increase of 1,100 bps YoY.
• Non-Vehicle Revenue: Contributed 14 percent to total income, led by software subscriptions, charging and services.
• Quarterly Loss Reduction: Narrowed by 45 percent compared to Q2 FY2026.

Tarun Mehta, Executive Director & CEO, Ather Energy, said, “Q3 has been a strong quarter for us. Robust festive demand, healthy volume growth, and improving market share together drove our best quarterly revenue and EBITDA so far. Over the past few quarters, we have stayed very focused on getting the fundamentals right by improving unit economics, margins, and operating leverage, and that effort is now clearly showing in the improvement in EBITDA. What is particularly encouraging is the strength of our ecosystem. AtherStack attach rates remain very high, and customer engagement is deepening even as our sales scale. All of this gives us confidence that the business is structurally prepared for sustainable, long-term growth.”

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Suzuki Motorcycle India (SMIPL), the two-wheeler subsidiary of Suzuki Motor Corporation, Japan has reported wholesales of 125,786 units in January 2026, which marks a 15 percent YoY growth.

In the domestic market, the sales increased by 14 percent to 100,296 units, as against 87,834 units last year, while exports came at 25,490 units, up 21 percent YoY.

Deepak Mutreja, Vice-President – Sales & Marketing, Suzuki Motorcycle India, said, “The sales results for January indicate growing demand in both domestic and international markets. This momentum is supported by our ongoing focus on continuous customer engagement, after‑sales service enhancement, and network expansion. We will continue to invest in these areas to ensure that customers receive a seamless and reliable ownership experience throughout the year.”

Furthermore, the company reported INR 895.6 million revenue through spare parts sales, marking a 20 percent YoY growth.

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India Yamaha Motor (IYM), a leading two-wheeler manufacturer, has announced the price of its first electric scooter – the EC-06 – at INR 167,600 (ex-showroom Delhi). The e-scooter based on the River Indie will initially be sold in select cities through the company's Blue Square showrooms in a Bluish White colour.

The EC-06 features a 4kWh fixed battery paired with an Interior Permanent Magnet Synchronous Motor (IPMSM). It offers a certified claimed range of 169km on a single charge. It has a claimed top speed of 79 kmph, 6.7 kW of peak power, 26 Nm of torque and can be charged in 8 hours using a standard plug. It comes with 3 years or 30,000 km warranty for the battery.

The vehicle is built with IP67-certified protection for the motor and battery, while other electronics carry an IP65 rating for water and dust resistance.

The scooter includes three riding modes – Eco, Standard and Power – alongside a Reverse Mode. The chassis uses telescopic front forks with hydraulic dampers and a rear coil spring suspension. Braking is handled by 200mm discs at both ends, supported by a Combi Brake System (CBS).

For storage and technology, the EC-06 provides 24.5 litres of under-seat space and a colour LCD display. It integrates with the ‘Yamaha Motor Connect R’ app for real-time data access.

Hajime Aota, Chairman, Yamaha Motor India Group, said, “The EC-06 marks an important step in Yamaha’s journey toward sustainable urban mobility. As India accelerates its transition toward a carbon-neutral future under the government’s visionary leadership, Yamaha is proud to support this national agenda through high-quality electric innovation. Designed for everyday commuting, it balances efficiency with performance, offering an impressive range and intuitive features. As a first-of-its-kind model from Yamaha, it demonstrates how sustainability and riding excitement can coexist – true to our brand philosophy and our responsibility towards the future of India’s green economy.”

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