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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TVS Motor Company (TVSM), one of the leading two-wheeler and three-wheeler manufacturers in the country, has entered its second year of association with Rann Utsav in Gujarat, using the festival to promote motorcycling-led tourism.

The initiative brought together over 100 riders from India and international markets, including Italy and Mexico, to the Rann of Kutch.

The event featured community rides by the TVS Apache Owners Group (AOG) and the TVS Ronin CuLT community. Participants travelled from cities including Mumbai, Pune, Kolhapur, Jaipur and Ahmedabad to reach the white salt plains.

The collaboration introduced the TVS Rann Utsav Custom Series, consisting of five bespoke motorcycles designed as interpretations of the local landscape and culture.

The Rann of Kutch Edition: Four models – the TVS Ronin, TVS Apache RTR 200, TVS Apache RTR 310, and TVS Apache RR 310 – were developed with Eimor Customs. These feature hand-painted designs and laser-cut stainless-steel badges.

Unscripted Exploration Edition: A modified TVS Ronin equipped with dual-purpose tyres, a reinforced rear rack and Ajrak-inspired leather accessories. The finish features a gradient from sky blue to salt white.

The TVS Premium Arena hosted showcases of the company's racing legacy and product performance. Activities included – stunt showcases and FMX displays, flat track training & adventure riding experiences and a Women’s Drift-R Championship.

Harsh Sanghavi, Deputy Chief Minister of Gujarat, said, “The Rann Utsav continues to redefine how destinations can be experienced, blending culture, landscape, and innovation in meaningful ways. The growing participation of riders and communities this year demonstrates how initiatives like this expand the appeal of the Rann of Kutch beyond traditional tourism formats. Collaborations with industry leaders such as TVS Motor Company help strengthen India’s experiential tourism narrative, positioning the Rann of Kutch as a destination that resonates not only nationally, but globally.”

Sudarshan Venu, Chairman, TVS Motor Company, stated, “The Rann of Kutch stands as one of India’s most remarkable expressions of culture and heritage. The Hon’ble Prime Minister Shri Narendra Modi’s long-standing vision and encouragement to promote India’s destinations, and experiential tourism has been a strong source of inspiration for TVS Motor. It is an honour to take this vision to the next level by pioneering motorcycling-led adventures that position India’s treasures on the global tourism map.”

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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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