TVS Motor overtakes Hero, Honda to become India's top two-wheeler maker on export surge
TVS Motor Company posted 565,417 units in global June sales, up 47% YoY, to emerge as India's largest two-wheeler maker by monthly sales. Domestic sales rose 46% to 411,014 units and exports hit 172,355, with international markets now contributing roughly a quarter of revenue in 2025-26.
What happened
TVS Motor Company · TVS Motor became India's largest two-wheeler maker by total monthly sales in June, driven by exports, overtaking Hero MotoCorp and Honda.
Key facts
- 565,417 units global June sales
- up 47% YoY
- 172,355 exports June
- 411,014 domestic sales India
- 46% domestic increase
- ~25% revenue from international 2025-26
Why this matters
TVS's export-led surge to India's No.1 spot highlights international markets as the key strategic battleground, favoring bolt-on distribution deals or JV expansion in high-growth overseas geographies.
What to watch
- Monthly export volume trend and forex realization
- Festive-season (Sep-Nov) domestic dispatch numbers across all three players
- EV two-wheeler penetration and FAME/subsidy policy shifts
- Currency stability in African and LatAm export destinations
- Commodity/input cost movement affecting per-unit margins
- TVS to expand EV (iQube) and premium (Apache, Ronin) capacity to defend margins beyond volume leadership
- Deepen distribution and CKD assembly in high-growth export corridors to lock in international share
- Hero and Honda to accelerate new model launches and dealer incentives ahead of festive season
- Competitors to push financing schemes to defend domestic rural and scooter segments