India's motorcycle exports surged 26% YoY to 3.29 million units in April-December 2025, set to easily exceed FY2022's record of 4.08 million units. Bajaj Auto (leading the 100-110cc segment with Boxer) and TVS (with Star City 125) are driving this export growth.
19 Jan 2026 | 443 Views | By Ajit Dalvi
The Make-in-India export growth story is on a roll this fiscal and how. At 4.89 million vehicles exported across all vehicle segments in the first 9 months of FY2026, the YoY increase is a robust 24.5% (April-December 2024: 3.93 million units). Powering this growth is the two-wheeler segment with 3.80 ...
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The Make-in-India export growth story is on a roll this fiscal and how. At 4.89 million vehicles exported across all vehicle segments in the first 9 months of FY2026, the YoY increase is a robust 24.5% (April-December 2024: 3.93 million units). Powering this growth is the two-wheeler segment with 3.80 million units, up 24% and within it, the motorcycle sub-segment.
As per export sales data released by apex industry body SIAM, export of made-in-India motorcycles at 3.29 million units rose 26% YoY (April-December 2024: 2.61 million units). This translates into an addition of 681,041 units YoY and gives motorcycles an 86% share of total 2W exports. Scooters (496,805 units, up 11%) have a 13% share and mopeds (14,388 units, up 173%) have a 0.37% share.
Delving into the last nine months’ export sales reveals that, despite growing geopolitical turbulence, demand for Indian motorcycles has growth month on month. The current fiscal year began with shipments of 313,008 bikes (up 23%) and have continued rising till December 2025 (407,481 units, up 23%), with November and December both witnessing exports of over 400,000 bikes.
Monthly bike exports have crossed 400,000 in November and December. FY2026 set to beat FY2022 (4.08 million units) which was a record fiscal year for export of made-in-India motorcycles.
India Motorcycle Inc’s highest exports were in FY2022 when it breached the 4 million mark – 40,82,442 units. Now, in the current fiscal, with 32,91,765 bikes exported between April-December 2025, the stage is set for the segment to achieve its best-ever fiscal exports in FY2026.
At 32,91,765 units and three months (January-March 2026) still to be counted, the difference of 790,677 units with the FY2022 score should easily be bridged by end-February, if motorcycle OEMs ship a similar level of 400,000 units bikes each month. And, if the trend continues into March, it is likely that motorcycle exports will close in or even surpass the 4.5 million units mark for the first time.
Led by the Boxer, Bajaj Auto has exported 1.42 million bikes but its export share at 43% is down on the 47% it had in April-December 2024. TVS’ (957,846 units) share, led by Star City 125, has risen to 29% from 27 percent.
Bajaj Auto And TVS Set The Pace
The export sales numbers for the eight OEMs shows strong double-digit growth for all other than Piaggio Vehicles. Motorcycle export leader Bajaj Auto maintains its vice-like grip with shipments of 1.42 million units, up 15% YoY (April-December 2024: 1.23 million units) which gives it a current export market share of 43%, albeit this is down four percentage points on the 47% it had in the year-ago period.
TVS Motor Co, the export bike OEM No. 2 with 957,846 units, up 37% (April-December 2024: 700,923 units), sees its share increase to 29% from 27% in the year-ago period which could be attributed to its dominance in the 125cc motorcycle category.
Hero MotoCorp (244,659 units, up 48%), India Yamaha Motor (214,462 units, up 27%), Honda Motorcycle & Scooter India (205,378 units, up 35%), Suzuki Motorcycle India (142,803 units, up 26%) and Royal Enfield (99,210 units, up 34%) have also benefited from the growing demand for made-in-India motorcycles. Piaggio (4,953 units, down 3%) is the only one to register a YoY decline.
125cc Bike Demand Outstrips 100-110cc In Export Markets
Unlike the domestic market, where the 100-110cc segment has the largest share (46%) of the 9.67 million bikes sold in April-December 2025, the 110-125cc segment rules in the export market. The 11,63,33 units exported in the past nine months make for handsome 51% YoY growth and a 31% share of total exports of 3.29 million bikes, up from the 29% share they had a year ago.
In comparison, the 100-110cc bikes exports at 930,912 units have risen at a slower rate of 17% (April-December 2024: 794,261 units) and have a 24% share of export sales in the current fiscal’s first nine months, down from the 30% share they had a year ago. Clearly, the export demand for made-in-India 125cc bikes is outstripping that of 100-110cc bikes.
The 125cc bike segment’s robust export market growth comes from TVS, which has two models in the 125cc category in the longstanding Star City 125 and the Raider 125. TVS has sold 601,801 units of these two models in its export markets, up 48% YoY (April-December 2024: 405,577 units). The vast majority of these will comprise the Star City 125, the same as it in FY2025 when the Star City 125 accounted for 88% of TVS’ sales in this category and a 53% share of the 10,93,938 made-in-India 125cc bikes exported last fiscal.
Meanwhile, Bajaj Auto is the boss of the 100-110cc export bike market. Of the 930,912 bikes the industry has exported in the past nine months, the Pune-based company accounts for 517,189 units, up 14% YoY (April-December 2024: 452,809 units). Bajaj has four models in this category – the Boxer, CT, Discover and Platina. The 102cc Boxer would easily be the highest-selling export model in this sub-segment.
What is interesting is the growth trajectory of these two arch rivals in the export market but that calls for an altogether different sales analysis. Stay plugged in to Autocar Professional for the latest sales updates and analyses for both the domestic and export markets.