Honda Motorcycle & Scooter India Pvt. Ltd. witnessed an increase in its presence in the Indian two-wheeler market between April and October, according to a report from CLSA. The company’s market share rose about 350 basis points during the first seven months of the fiscal 2024-25, reaching 20%, the research firm said.
The growth was attributed to the recovery of the Shine 100 model, which has regained its supply chain following earlier disruptions, CLSA said in a note, adding that the Shine 100 has witnessed strong sales in northern states such as Bihar and Uttar Pradesh, which contributed to HMSI’s market share in the entry-level motorcycle segment.
Overall, the motorcycle market rose to 13% year-on-year during the April-October period.
Meanwhile, Hero MotoCorp Ltd. continues to hold a significant share in the entry-level market, the note said. In the 250cc+ category, Bajaj Auto Ltd. and Hero MotoCorp have gained market share after new launches, a move that reduced Royal Enfield’s market share, it said, adding that Royal Enfield's market share dropped by 400 basis points from the year-ago period.
CLSA also noted that TVS Motor Company Ltd. has potential for long-term investment, even though the research firm maintained a 'Hold' rating with a target price of Rs 2,730 per share.
Also Read: TVS Regains No. 2 Position In Electric Two-Wheelers, Ola's Discounts Help Strengthen Leadership
Here's how two-wheeler industry performed during April-October period, according to the research firm CLSA:
100CC-125CC
The segment grew 13% year-on-year (YTD FY25) in line with market, driven by rural recovery.
The segment also covered 76% of all motorcycle sales against 77% last year.
Honda Motorcycles gained market share by 340 basis points to 21%.
Hero MotoCorp maintained a market share of 56%.
Around 11,000 units of the CNG bike are sold each month. Bajaj Auto said that UBS' report does not present a full and accurate picture. (Photo source: Tushar Deep Singh/NDTV Profit)
Around 11,000 units of the CNG bike are sold each month. Bajaj Auto said that UBS' report does not present a full and accurate picture. (Photo source: Tushar Deep Singh/NDTV Profit)
125CC-150CC
The segment grew by 8% year-on-year (YTD FY25), accounting for 4% of all motorcycles sold.
Bajaj Auto was the biggest gainer in the segment with an 850 basis points spike in market share.
Bajaj Auto also saw a 24% year-on-year growth in volumes driven by the launch of its unique CNG bike, Freedom 125. Around 11,000 units of the CNG bike are sold each month, according to CLSA.
Meanwhile, Yamaha’s volumes dropped by 19% year-on-year.
150CC-250CC
The segment grew 20% year-on-year (YTD FY25) and accounted for 12.2% of all the motorcycles sold compared to 11.5% last year.
Honda saw its market share rise by 650 bps, following the restoration of its supply chain.
Similarly, TVS gained 220 basis points in market share driven by the launch of the Apache RTR racing edition in July 2024.
Meanwhile, Hero MotoCorp’s volumes dropped by 28% year-on-year, due to lower volumes for the Xtreme 160R and a higher base led by the launch of the Karizma last year.
Bajaj Auto also saw its volumes drop 5% year-on-year.
250cc
Although monthly volumes for the recently launched Mavrick 440 and Harley 440x are not picking up, Hero MotoCorp gained 150 basis points year-on-year in market share.
Similarly, Bajaj Auto also launched the Triumph and Pulsar NS440. It gained 250 basis points in in market share, albeit Triumph’s monthly volumes are not picking up despite network growth.
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