India’s petrol-powered two-wheeler registrations grew 16.7 per cent year-on-year in June, slower than the overall two-wheeler market’s 21 per cent expansion but still reflecting healthy demand for conventional motorcycles and scooters. Hero MotoCorp’s petrol-powered portfolio grew 14.1 per cent to 446,844 units.
Honda Motorcycle & Scooter India’s sales rose 20.6 per cent to 447,328 units and TVS Motor’s increased 17.3 per cent to 309,693 units.
Bajaj Auto, however, emerged as the outlier. Its petrol-powered portfolio grew just 2.1 per cent to 143,520 units even as overall retail sales increased 13.5 per cent, signalling a changing growth profile.
The numbers point to two distinct growth models. Hero, Honda and TVS continue to expand their petrol-powered portfolios, while Bajaj is increasingly offsetting slower ICE (internal combustion engine) growth with a rapidly expanding electric vehicle business.
THE SHIFT
According to an analysis of Vahan retail registrations by businessline, India’s two-wheeler market added 313,830 retail sales in June to reach 1.81 million units. Petrol-powered models still accounted for 1.62 million sales, showing that they remain the backbone of the market despite the industry’s gradual transition towards electrification.
Bajaj illustrates that shift most clearly. While the company retailed 186,696 two-wheelers, up 13.5 per cent, its petrol-powered business remained almost flat at 143,520 units. Electric two-wheelers contributed 43,176 units, lifting EV penetration to 23.1 per cent— the highest among India’s major legacy manufacturers. Put differently, nearly one in every four Bajaj two-wheelers sold in June was electric.
DIFFERENT PATHS
TVS Motor has emerged as the most balanced player among legacy OEMs. Overall retail sales increased 22.6 per cent to 356,240 units, while petrol-powered registrations rose 17.3 per cent to 309,693 units. Electric vehicles contributed 46,547 units, taking EV penetration to 13.1 per cent.
Hero MotoCorp continues to derive most of its growth from conventional motorcycles and scooters. Total retail sales increased 17.3 per cent to 468,639 units, while its petrol-powered portfolio rose 14.1 per cent to 446,844 units. Electric vehicles accounted for 4.7 per cent of total sales.
Honda Motorcycle & Scooter India remains overwhelmingly ICE-led. It retailed 448,130 two-wheelers, up 20.7 per cent, with electric vehicles contributing just 802 units, or 0.18 per cent of total sales. Suzuki, Yamaha and Royal Enfield also remain almost entirely dependent on petrol-powered models, with EV penetration below 1 per cent.
THE NEW SCORECARD
The data suggests India’s legacy two-wheeler manufacturers are beginning to compete on more than volumes alone. Hero and Honda continue to expand through their petrol-powered portfolios, while TVS is growing both ICE and electric businesses in tandem. Bajaj, meanwhile, has reached a stage where electric vehicles are becoming a meaningful contributor to overall growth rather than a niche business.
Hemal Thakkar, Senior Practice Leader and Senior Director, Crisil Intelligence, said the data reflects an industry that is moving through different stages of electrification rather than one where manufacturers are following a single transition path.
“The ICE business continues to remain the volume and profitability engine for most two-wheeler manufacturers, so companies cannot afford to neglect it. At the same time, OEMs that have invested early in electric mobility are beginning to create an additional growth lever. Over the next few years, investors will increasingly look at how successfully manufacturers balance both businesses rather than evaluating either in isolation,” he said.
Published on July 2, 2026
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