TVS Motor rides ahead of peers to gain market share in FY26

Chennai: TVS Motor Company has emerged as the only major two-wheeler manufacturer among legacy top players to gain market share across both internal combustion engine (ICE) and electric vehicle (EV) segments this fiscal. It is also the only legacy player whose EV market share has surpassed its ICE share. The company, the third-largest two-wheeler manufacturer in India by volumes, has increased its overall market share to around 20% during the first 10 months of this fiscal, up from about 18% in the corresponding period last year and nearly 15% in FY19. The gains have been supported by rising motorcycle volumes driven by premiumisation trends, alongside strong traction in the electric mobility space led by the success of its electric scooter portfolio.
"Multiple launches such as Jupiter, Ntorq, iQube and Raider over the years have driven market share gains for TVS Motor," analysts at Nuvama Institutional Equities said, noting that recent introductions, including the Orbiter, Ntorq 150 and Apache RTX300, underscore the company's continued focus on expanding its product portfolio.In contrast, peers have witnessed a year-on-year decline in overall market share during the 10-month period of the current fiscal. Hero MotoCorp's share fell to 27.98% from 28.64%, while Honda Motorcycle & Scooter India's declined to 26.47% from 27.43%. Bajaj Auto, the fourth-largest player by volumes, saw its share drop to 10.87% from 11.95%, according to data from the Society of Indian Automobile Manufacturers (SIAM). TVS Motor has also continued to strengthen its presence in the electric two-wheeler segment. Its EV market share has risen from about one-fifth a year ago to nearly one-fourth currently. Bajaj Auto has broadly maintained its position with around a one-fifth share, while Hero MotoCorp has expanded its presence sharply, more than doubling its share to about 10% from 4% last year, according to Vahan registration data. "TVS Motor's electric two-wheeler market share stood at 23% in 9MFY26, higher than its ICE market share, imparting confidence that the company is better positioned for the EV transition than its peers," Nuvama analysts noted. Alongside its EV push, TVS continues to invest in strengthening its premium motorcycle portfolio under the Apache brand. The company is also preparing to launch six new premium motorcycles under the Norton brand over the next three years, starting this year, aimed at establishing a stronger foothold in the high-end segment. Industry analysts note that premiumisation remains a defining trend in India's two-wheeler market. "Entry-level motorcycle demand continues to face pressure amid rising vehicle prices and affordability constraints, while premium motorcycles and scooters have witnessed a sharp recovery," according to ICRA.