India Yamaha Motor expects its volumes to exceed 1.1 million units in 2026, including exports, as the Japanese two-wheeler maker prepares for a stronger second half supported by festive demand and new products.
“For all products put together, including exports, it is over 1.1 million,” Hajime Aota, Chairman of Yamaha Motor India Group of Companies, said during a media round table following the global launch of the YZF-R2.
Aota expects volumes in the second half of 2026 to be higher than in the first six months, helped by the festive season and the introduction of the R2.
“Volume-wise, the second half is going to be bigger than the first half. Of course, it is the festival season,” he said.
The 1.1-million-unit ambition includes domestic sales and exports and is, therefore, not directly comparable with Yamaha’s first-half domestic sales figure.
Yamaha sold 4.1 lakh units in the Indian market during the first half of 2026, up 41% from 2.9 lakh units a year earlier. This was nearly twice the 21% growth recorded by the broader domestic two-wheeler industry, which expanded to 10.67 million units.
“We are growing faster than the market and gaining share across almost all segments,” said Ravinder Singh, senior vice-president, Yamaha Motor India Sales.
Singh attributed the performance to Yamaha’s premium portfolio, focused marketing and expanding retail presence. He said the company expects to capture further growth through new products, a wider network and its focus on customers.
Yamaha said its premium motorcycle sales increased by 49% to 1.36 lakh units, while deluxe motorcycle sales rose 25% to 86,000 units. Scooter volumes grew 38% to 1.88 lakh units.
Premium motorcycles accounted for around one-third of Yamaha’s first-half domestic volumes, while scooters contributed approximately 46%.
Premium Segment Drives Growth
India’s premium motorcycle segment is expanding faster than the broader two-wheeler market, providing the backdrop for Yamaha’s product and volume plans.
Premium motorcycle sales across the industry increased 37% to 1.04 million units in the first half of 2026. By comparison, the deluxe motorcycle segment grew 26% to 9.10 lakh units, while scooter volumes rose 28% to 3.68 million units.
“India remains a world volume leader. But the real story right now is value and premiumisation,” Aota said.
Yamaha has largely stayed away from India’s commuter motorcycle market, focusing instead on 150cc and higher-capacity motorcycles, along with 125cc and 155cc scooters.
The YZF-R2 marks its entry into the 200cc segment. Priced from Rs 2,30,500, it will be available through Blue Square dealerships from mid-September.
Yamaha has set an annual domestic sales target of 50,000 units for the R2, equivalent to more than 4,000 units a month. Its immediate priority is to establish the model in India, with exports expected to follow.
The company is also expanding its premium retail network, particularly in Tier 1 and Tier 2 cities. It expects the Blue Square network to exceed 600 outlets by the end of 2026.
Raw-Material Costs Pose a Challenge
The stronger volume outlook comes with pressure on profitability from rising raw-material costs, particularly aluminium.
Aota said Yamaha increased prices during the first half of the year but has not decided whether another increase will be required.
“I wish I did not have to do it,” he said, referring to a possible further price increase. “But if I am going to sacrifice profitability, I may. That is where we are.”
Yamaha will have to balance higher input costs against the price sensitivity of the Indian market as it seeks to sustain growth through the festive season.
The R2 launch, network expansion and continued growth in premium motorcycles provide Yamaha with momentum for the second half. Reaching more than 1.1 million units in 2026 will also depend on export performance and the company’s ability to manage cost pressures without weakening domestic demand.