The motorcycle segment, the largest two-wheeler sub-segment in India, has registered its second highest first-half wholesales in April-September 2026. The 6.92 million units, up 10% YoY (H1 FY2026: 6.27 million units) are now the next best after the record 7.37 million motorcycles sold in H1 FY2019. The difference between these two fiscal half-years is 441,586 units.
While Q1 (April-June 2026) saw dispatches of 3.30 million bikes, Q2 (July-September 2026) was better with 3.61 million units due to the segment registering its highest monthly sales of 1.41 million units in September 2026.
Also, compared to H1 FY2026 which saw monthly sales of a million-plus units for three months, H1 FY2027 raced past the million mark in each of the past six months. If the pace of demand remains the same over the next six months, FY2027 could set a new fiscal benchmark of over 14 million motorcycles sold, improving upon FY2019’s 13.59 million units and FY2026’s 13.06 million units.
While motorcycles continue to have the largest share (57%) of the 12 million two-wheelers sold in H1 FY2027, their share has reduced YoY from 61% in H1 FY2026. Scooters, which registered their highest H1 sales of 4.86 million units in April-September 2026, had a 40% share versus 37% in the year-ago period. Mopeds (292,920 units, up 22% YoY) maintained their 2% share.
The reduction in motorcycle share can be attributed to the slower offtake of the two entry level categories – the volume-generating, fuel-sipping 100-110cc and 125cc segments.
At a combined 4.86 million units (up 5% YoY) – which is the same as scooter sales in H1 FY2027 – their share of the overall 2W market reduced to 70% in the current fiscal from 73% in H1 FY2026/ This is mainly due to a good number of bike buyers upgrading to the 125-150cc, 150-200cc, 200-250cc and 250-350cc categories, which have each increased their share of the motorcycle market as a result of the substantial price reduction enabled by GST 2.0 on bikes below 350cc.
HERO, HONDA post 12% GROWTH, BAJAJ SLOWS DOWN, TVS AND ROYAL ENFIELD SHINE
Hero MotoCorp, the world’s largest two-wheeler OEM and motorcycle manufacturer, maintained its firm grip on the market with 2.94 million bikes and a 43% share, which is more than twice that of Honda (1.38 million units, 20% share). The two arch rivals posted a similar 12% growth rate. In FY2026, Hero had sold 5.49 million bikes, which means its H1 FY2027 sales are 54% of last fiscal’s total.
Honda Motorcycle & Scooter India with 13,89,056 units dispatched an additional 146,187 units YoY to maintain its 20% share of the bike market and account for 53% of its FY2026 sales of 2.58 million units
Third-ranked Bajaj Auto (932,981 units) sold 72,063 fewer bikes YoY (H1 FY2026: 10,05,044 units) mainly due to sizeable sales declines in the volume 110cc, 125cc and 150cc segments.
These multiple category declines have impacted Bajaj’s market share which fell to 13% from 16% in H1 FY2026, albeit the company fared a lot better in the 150-200cc category and the 350cc space where it snatched market share from Royal Enfield. Bajaj Auto’s H1 FY2027 sales are 46% of its FY2026 sales of 2.04 million bikes.
TVS Motor Co factories dispatched 774,391 units to company showrooms in the past six months, up 13% YoY to maintain its 11% market share. Considering TVS had sold 1.41 million units in FY2026, its H1 FY2027 performance is 55% of that score.
In fifth position is midsize motorcycle leader Royal Enfield which, with 642,021 units (up 23%) and 58% of its record FY2026 sales (11,07,343 units), is well set to race past the million sales milestone for the second fiscal in a row. The company saw its share grow to 9% from 8% a year ago.
India Yamaha Motor (227,408 units, up 34%) is the only other OEM with six-figure sales and maintains its sixth rank from the 10 motorcycle OEMs. The remaining four OEMs comprise Suzuki Motorcycle India (11,714 units, up 65%), India Kawasaki Motors (2,476 units, up 12%), Piaggio (1,940 units) and Triumph India (785 units, up 109%).
GST 2.0 PRICE CUTS SPUR DEMAND FOR HIGHER-POWERED MOTORCYCLES
Delving into the motorcycle segment’s 12 separate cubic capacity categories reveals that four of them (see data table above) with YoY sales declines. While the big-volume, entry level, fuel-sipping 100cc and the 125cc bike segments posted single-digit growth, the executive 150cc segment fared better with a 40% YoY increase.
The GST 2.0-fueled price cuts, which enabled tax being reduced to 18% on engines up to 350cc, accelerated demand for 150cc, 200cc, 250cc and 350cc bikes which posted high double-digit growth albeit on much lower volumes.
The first-half motorcycle industry stats also reveal that demand for the two fuel-sipping, mileage-friendly 100-110cc and 125cc categories is slowly reducing. In H1 FY2027, they registered sales of 4.86 million units, up 5% (H1 FY2026: 4.65 million units) but saw their share of the bike market reduce to 70% from 74% in the year-ago period.
The 100-110cc segment with sales of 3.0 million units grew 5% and accounted for the bulk – 44% – of the total 6.92 million units, albeit this is lesser than the 46% they had in H1 FY2026. Hero MotoCorp, the mover and shaker in this segment, saved this segment the blushes with 25,83,467 units (up 11%). That’s because each of the other three major players – Bajaj Auto (178,794 units, down 26%), TVS Motor Co (103,364 units, down 22%) and Honda (159,370 units, down 5%) were a drag on overall numbers. As a result, the 110cc segment share dropped to 44% from 46% a year ago.
It's a similar scenario in the 110-125cc segment – the 1.84 million units are up 4% YoY albeit its share of the 2W market is down 1% YoY to 27 percent. Segment leader Honda with 990,370 units posted 12% YoY growth, followed by Hero MotoCorp (323,668 units, up 19%) which outsold Bajaj Auto (321,613 units, down 22%).
TVS (208,209 units, up 1%) was ranked fourth. The slower growth rate, as a result of Bajaj dragging down numbers, means that the 110-125cc segment’s share of total motorcycle sales reduced marginally to 27% from 28% in H1 FY2026.
The 125-150cc segment, which is ranked fifth in volume terms, sold 335,981 units, up 40% YoY (H1 FY2026: 240,011 units). This smart growth is solely due to one product – Honda’s CB Unicorn 150 – which sold 182,253 units, up 229% YoY (H1 FY2026: 55,291 units) and accounted for a 54% share.
In comparison, both Bajaj Auto (75,603 units, down 29%) and TVS Motor (78,124 units, down 1%) saw their sales decline. Honda’s stellar showing with a single product helped this category grow its segment share to 5% from 4% a year ago.
The 150-200cc segment (796,721 units, up 15%) is the third highest volume-wise and maintains its 11% share of overall bike sales. Of the seven OEMs here, only Honda (68,635 units, down 52%) saw a sales decline.
Leader TVS continues to benefit from the strong demand for its Apache series of motorcycles. At 334,347 units sold and 23% YoY growth, the Apache remains TVS’ best-selling motorcycle, ahead of the Raider 125 (208,209 units).
In April-September 2026, the Apache series – RTX, RTR 160, RTR 160 4V, RTR 180 and RTR 200 – had a leading 42% share of this segment’s sales. Bajaj Auto (210,743 units, up 33%) was next best with a 26% segment share. Yamaha (149,283 units, up 64%) were the other growth drivers. Hero MotoCorp (28,000 units, up 8%) and Suzuki (5,713 units, up 22%) were also in positive territory.
The 200-250cc segment witnessed good demand in the past six months – the 158,655 units are a handsome 81% YoY increase and help double its motorcycle market share to 2 percent.
Segment leader Bajaj Auto delivered a strong performance with 88,343 units, up 80%, and commanded a 56% share. TVS saw a similar 81% jump in sales of the Ronin to 61,829 units, giving it a 39% share of the segment.
Suzuki (5,825 units, up 188%), Hero MotoCorp (1,805 units, down 11%) and Kawasaki (853 units, up 222%) are the other three OEMs in this segment.
The 250-350cc segment, fourth in volume terms in India’s motorcycle market with 703,329 units and 41% YoY growth, remains the preserve of Royal Enfield albeit the company’s share is down with the entry of Bajaj Auto.
The Chennai-based midsize motorcycle major sold 596,539 units, up 26% YoY, which gives it a segment share of 85%, down from 94% a year ago. Bajaj Auto (51,545 units) which has entered this category by strategically downsizing the Pulsar NS400Z, introducing the Dominar 400 with a 349cc engine, and a six-pack of 349cc Triumphs, outsold Honda (44,148 units, up 88%) for a 7% market share.
TVS ranked fourth with 10,636 units (up 239%) of the RR 310 and the 310 series bikes for BMW. The strong growth here has impacted the other segments above it, which did not benefit from GST 2.0 tax cuts.
The 350-500cc segment saw sales of 40,451 units, down 41% YoY (H1 FY2026: 68,510 units). Bajaj Auto bore the brunt of the downturn with a massive 84% YoY decline to 6,339 units – that’s 32,412 fewer bikes than the 38,751 units sold in H1 FY2026.
Clearly, Bajaj Auto has made a trade-off here to benefit from the value-driven customer shift to 350cc or lower-capacity bikes.
The 500-800cc segment too felt the heat of shifting market dynamics. The 23,114 units in H1 FY2027 we down 20% on H1 FY2026’’s 28,823 units. And likewise in the 1000-1600cc segment which, with 419 units, was down 34% YoY.
Dealer body FADA, in its near-term outlook, has stated that two-wheelers should see stronger booking-to-retail conversion on auspicious days in the ongoing festive season, supported by rural cashflows, easier finance and rising EV interest.
Expect November, which has Diwali opening the second week of the month, to deliver record sales. Will November outdo September’s record 1.41 million motorcycles and will the second-half of the current fiscal deliver the 6.67 million units needed to surpass FY2019’s record 13.59 million units? That remains to be seen but the 2W industry remains optimistic that the good times are here to stay.
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