The Indian two-wheeler market in May 2025 was a thrilling ride! Overall sales zoomed past last year’s numbers, clocking in at a whopping 16,52,637 units, a clear signal that the great Indian consumer has got that throttle wide open.

While the usual suspects with their trusty Internal Combustion Engines (ICE) continue to rule the roost, the electric cavalry is making some noise – a mixed bag of triumphs and tribulations, mind you!

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The Big Players: Who’s Kicking Up Dust and Who’s Eating It?

Hero MotoCorp: The Unchallenged King (Still!)

  • Likes: Hero MotoCorp is not just leading; it’s practically doing a victory lap! With a staggering 4,99,036 units sold in May 2025, they have not only maintained their top spot but also revved up their market share to 30.20% from 28.99% last year. That’s a solid YoY growth, folks! Their strategy appears to be hitting all the right notes, likely a combination of a vast rural network, reliable and affordable models, and a smart push into the EV segment with their Vida brand. They have been focusing on expanding their premium dealerships and even dipping their toes into electric three-wheelers, showing a well-rounded approach .
  • Dislikes: Honestly, for Hero, it is hard to find a major “dislike” in this report. They are consistently performing. The only potential snag could be maintaining this colossal market share as competition intensifies, especially in the evolving EV space.

Honda Motorcycle and Scooter India (HMSI): The Persistent Contender

  • Likes: Honda is playing the long game. While their market share slightly dipped to 23.80% (from 25.46% in May 2024), they still sold a respectable 3,93,383 units. They are not letting go of that second spot easily! Their focus on increasing production, especially of 125cc models, and an aggressive new product roadmap with over a dozen models (across ICE and EV) by 2027 shows they are ready for a serious rumble [3]. Plus, their commitment to localizing production and reducing costs indicates a shrewd business mind at play [3].
  • Dislikes: The slight dip in market share, however small, is a point to ponder. While they are planning a big EV push, HMSI has been somewhat cautious about scaling up their EV production, perhaps waiting to see how the market evolves, which could be a missed opportunity if the EV wave truly breaks .

TVS Motor Company: The Growth Rocket!

  • Likes: TVS is on fire! They have clocked in 3,09,285 units sold, significantly up from last year, and their market share has jumped to a very healthy 18.71% from 17.14%. This growth is not just impressive; it is a testament to their diversified product lines and a strong performance in the EV segment. In fact, TVS’s iQube even dethroned Ola Electric in April 2025 to become the top EV two-wheeler by sales, showcasing their successful pivot .
  • Dislikes: Despite their EV success, TVS has flagged supply chain challenges, particularly concerning magnet availability, which could pose a short-to-medium term hurdle for their electric ambitions .

Bajaj Auto Group: The Steady Performer

  • Likes: Bajaj Auto Group also saw a rise in sales, hitting 1,84,831 units. Their Chetak electric scooter is particularly making waves, contributing significantly to their overall sales and helping them climb the EV ladder. They are proving that traditional players can make a strong comeback in the electric space.
  • Dislikes: While steady, they have not seen the same explosive growth as TVS. They will need to keep innovating to truly challenge the top two.

Royal Enfield: The Cult Classic’s Surge

  • Likes: “Bullet ki sawari” is still in vogue! Royal Enfield posted a notable increase, selling 76,608 units, a significant jump from last year. This translates to a healthy rise in market share to 4.64%. Their focus on community engagement, iconic rides like the Himalayan Odyssey, and expanding into new variants and apparel lines resonates deeply with their loyal fanbase and attracts new riders [7]. They are selling a lifestyle, not just a motorcycle!
  • Dislikes: Royal Enfield occupies a niche. While growing impressively within that niche, their overall volume is still significantly lower than mass-market players, limiting their overall market impact.

The Electric Arena: High Voltage Drama!

This is where things get truly electrifying and, frankly, a bit dramatic!

  • Ola Electric: The Reign Dethroned (Oops!)
    • Likes: Let us be fair, Ola was once the undisputed champion of the EV two-wheeler space. They burst onto the scene with aggressive pricing and ambitious plans.
    • Dislikes: Ouch! Ola Electric took a massive tumble, with sales plummeting by 50.50% YoY to just 18,501 units. Their market share shrunk from a dominant 2.43% to a mere 1.12%. What went wrong? Reports suggest issues with inconsistent after-sales service, regulatory red flags, and delayed expansion plans . It appears rapid scaling without robust groundwork can backfire spectacularly. They have been dethroned by TVS and Bajaj, and have a major task ahead to rebuild consumer trust .
  • Ather Energy: Doubling Down on Growth!
    • Likes: Now, this is a comeback story! Ather Energy saw its sales more than double to 12,856 units, pushing their market share to 0.78%. Their consistent focus on product quality, customer service, and timely delivery, along with a successful IPO, appears to be paying off big time [8, 9]. They are demonstrating that quality and customer experience are paramount in the EV game. Their new Rizta family scooter is a key growth driver, showing they are adapting to diverse consumer needs .
    • Dislikes: While growing, their overall sales volume is still considerably lower than the established ICE players and even the new EV leaders like TVS and Bajaj. Profitability remains a challenge for EV manufacturers, even with impressive revenue growth .
  • Greaves Electric Mobility: The Quiet Climber
    • Likes: Greaves Electric Mobility is quietly making strides, almost tripling its sales to 4,178 units and increasing its market share to 0.25%. They are demonstrating steady, consistent growth.
    • Dislikes: Still a relatively small player in the grand scheme of things, they have a long way to go to become a major contender.

The Underdogs and the Fading Stars:

  • India Yamaha Motor, Piaggio Vehicles, and Classic Legends all experienced declines in sales and market share. It appears they are struggling to keep pace with the market’s dynamism and evolving consumer preferences. Perhaps a lack of competitive new models or a slower embrace of the EV trend is hurting them.

Marketing & Consumer Sentiment: What’s Driving the Wheels?

The overall positive year-over-year growth in the two-wheeler market points to a resurgence in consumer confidence, particularly in rural areas, and perhaps an easier access to financing . The forecast of an above-normal monsoon is also a significant positive indicator, as a good monsoon often translates to stronger rural economies and higher discretionary spending on vehicles .

However, there is an interesting dichotomy: while ICE vehicles dominate, the EV segment shows mixed signals. Rising fuel prices are a huge driver pushing consumers towards electric options, with studies showing electric two-wheelers are significantly more affordable to run per kilometer [12]. The government’s continued FAME subsidies (though slightly reduced) and efforts to improve charging infrastructure are also playing a crucial role in boosting EV adoption.

Reviews, Likes, and Dislikes from the Road (Figuratively Speaking):

  • ICE bikes: Still loved for their reliability, established service networks, and lower upfront costs. The familiar roar of an engine still holds a sentimental value for many.
  • EVs: Appreciated for their low running costs, silent operation, and eco-friendly appeal. However, concerns around battery degradation, range anxiety, higher initial cost (though prices are dropping), and inconsistent charging infrastructure still linger for some. Ola’s recent dip highlights that after-sales service and quality control are paramount for building lasting trust in the EV space.

The Road Ahead: Buckle Up!

May 2025 was a fantastic month for India’s two-wheeler market. Hero MotoCorp’s continued dominance is a testament to its understanding of the Indian consumer. Honda and TVS are hot on its heels, showing aggressive growth strategies. But the real story is unfolding in the electric vehicle segment. While some, like Ola, are facing significant headwinds, others, like Ather and TVS, are demonstrating that innovation, quality, and a focus on customer experience are the true accelerators in this high-stakes race.

The coming months will be fascinating as traditional giants battle it out with nimble EV startups, all vying for a slice of this booming market. With rising disposable incomes, improving rural demand, and a strong push for greener mobility, India’s two-wheeler market is set for an exciting journey! So, keep your helmets on, because this ride is far from over!

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