Bajaj Auto and TVS power 33% growth in motorcycle exports to 1.81 million units in April-July

Demand for made-in-India two-wheelers, particularly motorcycles which command the largest share, continues to soar in FY2027. So much so that the current fiscal is well set to surpass FY2026’s record 2W exports of 5.81 million units comprising 4.47 million motorcycles (up 24% and 86% share), 682,931 scooters (up 20% and 13% share) and mopeds (20,982 units, up 149% and 0.40% share). As per SIAM export data, between April-July 2026, 2.10 million two-wheelers have been shipped to overseas markets (up 34% YoY).

Leading the charge are motorcycles with 1.81 million units (up 33% and 86% share), followed by scooters (290,856 units, up 43% and 14% share) and mopeds (3,186 units, down 61%). Key factors which have been accelerating global demand for made-in-India 2Ws include much-increased recognition of Indian brands, robust quality and wider product range, and also the depreciated value of the rupee which is helping increase export volumes.

Bajaj Auto, TVS Motor Drive 76% of Motorcycle Exports

Bajaj Auto and TVS Motor Co, which have each sold more motorcycles in export markets than they have in India in the first four months of FY2027, are leading the export charge for India Motorcycle Inc. Combined Bajaj and TVS export sales of 13,84,032 bikes give these two rivals a 76% share of the 1.81 million motorcycles exported.

Both these OEMs are capitalizing on export demand for their entry-level, fuel-sipping 100-110cc and 125cc bikes which (1.22 million units) accounted for 68% of total bike exports in the past four months. Bajaj (608,618 units) and TVS (471,883 units) commanded an 88% share of the exports (12,29,155 units) in these two entry level segments, as per SIAM export data. 

While Bajaj Auto (854,991 units) has a 47% share of the 1.81 million bikes exported, TVS (529,041 units) has a 29% share. Bajaj and TVS are the only two bike makers to export more than their domestic market sales.

Bajaj Auto Exports Surge 48% on Entry-Level Bike Demand

Bajaj Auto, the motorcycle export market leader, has exported 854,991 units in the past four months, up 48% YoY (April-July 2025: 576,295 units), which gives it a 47% share of the 1.81 million units exported. In India, Bajaj sold 588,254 units (down 1% YoY), in the past four months. The bulk of the export demand is from the entry-level, fuel-sipping 100-110cc bikes – 378,941 units, up 98% YoY, 44% share of bike exports) – and the 110-125 category (229,677 units, up 36% YoY, 27% share of bike exports).

The numbers for April-July 2026 are in sync with what Rakesh Sharma, Joint Managing Director, Bajaj Auto, said at the company’s Q1 FY2027 results conference call. Speaking to analysts on July 21, he had said: “Exports growth (in Q1 FY2027) was not just faster than the industry, but was broad-based across all the regions, except MENA (Middle East and North Africa). 

African markets did very well, growing by almost 50%, and we grew by twice that rate. We doubled our retail in Africa, led by Nigeria and the new introduction last year of the upgrade of the Boxer 125, which is now called Boxer 125 Heavy Duty.

Latin American markets also grew albeit at a slower pace than before. Here too, the performance was way above the industry, particularly in Mexico, which is the largest market in LATAM and now among the top five markets of the world. The combination of the success of our high-end models, the NS series, the N250S, a well-organised supply chain in Mexico, which gets the best tariffs at 3% and a wide distribution network continue to strengthen the competitive position in this key market.

Retails in Brazil clocked 50% growth where our store count stands at 75 top-class stores, and continues to be expanded. The Asian industry was muted due to underperformance in Bangladesh and Nepal. KTM motorcycle exports from India have revived after the disruption of the past several quarters. In Q1, KTM exports from India grew by over 20%, while the Triumph brand exports grew by 40% YoY.”

TVS Motor Exports Grow 31%, Led by Star City and HLX 125

TVS Motor Co, which sold 493,532 motorcycles (up 18% YoY) in the domestic market, sold 529,041 bikes internationally in the April-July 2026 period, up 31% YoY (April-July 2025: 402,789 units). This total is 35,509 units more than TVS’ domestic market sales.

Just like Bajaj Auto, the entry-level 100-110cc and 125cc segments are the growth drivers of TVS’ bike exports. In the 100-110cc category, the Sport and Star City models (156,308 units, 29% share of TVS exports) posted 54% YoY growth while the bulk of the 125cc exports (315,575 units, up 27% YoY, 60% of TVS bike exports) came from the Star City 125 (sold as the HLX 125) along with the Raider 125.

TVS continues to lead Bajaj in the 125cc export market – in the past four months, TVS outsold Bajaj in this category by 85,898 units with the Star City 125 likely being the highest-selling made-in-India bike in overseas markets.

Speaking in a conference call after the Q1 FY2027 results, K N Radhakrishan, CEO, TVS Motor Co, said: “The HLX series has got huge pull from the market, and we are very happy that this segment is doing extremely well. Demand has gone up . . . the HLX brand stands for its customer durability, reliability, and in terms of low maintenance cost across Africa, Middle East, and LATAM. Africa has become very strong, Asia is very strong for us. Now the entire focus is on Middle East and LATAM.”

Hero MotoCorp, Royal Enfield Round Out Top Bike Exporters

Meanwhile, the other 7 bike makers have exported a total of 429,142 units in the past four months, up 51% YoY despite three (Suzuki, Royal Enfield and Piaggio) posting a YoY decline. Hero MotoCorp, the domestic bike market leader with 1.83 million units and a 42% share of the 4.38 million bikes sold in India, is ranked No. 3 in exports with 119,927 units, up 27% YoY. Honda Motorcycle & Scooter India, with 107,676 bikes, is followed by India Yamaha (96,741 units, up 3%) and Suzuki Motorcycle India (58,685 units, down 2%). Midsize motorcycle market leader Royal Enfield checks in at No. 7 on the export OEM listing: 42,168 units, down 13% YoY, with Piaggio (2,371 units, down 39%) taking the penultimate ranking and India Kawasaki (1,574 units) wrapping up the Top 10 bike exporters list. 

Motorcycle Exports on Track to Surpass 5 Million Units in FY2027

Given the high double-digit growth in the first four months of the current fiscal as also the revival of demand from key export markets, FY2027 looks set to deliver a new high for Indian-made motorcycle exports. As per SIAM data, FY2026 with 4.47 million units exported was the best fiscal year yet for Indian bike makers.

The 1.81 million bikes shipped overseas in April-July 2026 work out to a monthly average of 453,293 units with 33% YoY growth. If the same momentum continues in the remaining eight months of this fiscal, then FY2027 could witness India Motorcycle Inc achieve 500,000-plus or over half-a-million exports for the first time ever. This would be quite an achievement given the turbulence in global markets since February and the resultant disruptions in global logistics.

ALSO READ: EV sales smash records in July with 330,000 units

Royal Enfield sells over 300,000 bikes for the second time in a quarter