Two out of top 3 two-wheeler cos globally are now Indian

The global two-wheeler pecking order has undergone a big shift, with two Indian manufacturers - Hero MotoCorp and TVS Motor Company - now ranking as the second and third largest players in the world, respectively, by volume for the April-September period, behind global leader Honda Motor Co and ahead of Japanese rival Yamaha Motor Co.

As per quarterly and half-yearly corporate filings analysed by FE, Honda retained its global crown with 11.9 million units sold during the six months ended September 30, (H1FY27), up 10.6% from 10.76 million units in the corresponding period of 2025. Hero MotoCorp claimed the second spot globally with 3.55 million units, followed closely by TVS Motor Company at 3.4 million units. Yamaha Motor, which had long occupied a podium position alongside Honda, slipped to fourth place with 2.89 million units during the April-September period.

Honda's dominance remains anchored in Asia, which accounted for 10.11 million units - or 84.9% - of its global two-wheeler sales during April-September. In fact, the company's Indian subsidiary Honda Motorcycle & Scooter India (HMSI) alone contributed sales of 3,044,072 units during the period (data from the Society of Indian Automobile Manufacturers). Outside Asia, Honda sold 1.21 million units in other emerging regions, 290,000 in North America, 215,000 in Europe, and 76,000 in Japan.

Hero MotoCorp's rise to the global number two slot was propelled by back-to-back quarters of double-digit expansion. On a standalone basis, Hero sold 1.677 million two-wheelers in Q1FY27, representing a 23% year-on-year jump over 1.367 million units in Q1FY26. Momentum carried into Q2FY27, when sales rose 10% year-on-year and 11% sequentially to 1.868 million units, bringing its six-month tally to 3.545 million units.

TVS Motor Company posted the fastest growth rate among the top four global players, expanding its two-wheeler volumes by 27% to 3.4 million units in H1FY27, compared with 2.7 million units in H1FY26. Highlighting this global momentum, Peyman Kargar, currently president of international business and set to take over as the company's CEO in January 2027, noted that international operations have become a powerful growth engine, as TVS aggressively scales its presence across Europe, Latin America, and key emerging markets. The automaker's surge was supported by international business growth of 34% (reaching 1.0 million units across two- and three-wheelers) alongside robust domestic traction.

Meanwhile, Yamaha Motor's April-September 2026 volumes stood at 2.889 million units, up 9.1% over the 2.649 million units recorded in the same six-month window of 2025. While Yamaha saw healthy gains in Asia (2.289 million units), its overall pace of expansion trailed the aggressive volume additions of both Hero and TVS.

Beyond sheer volumes, the financial results of both the Indian manufacturers underscore improving operating leverage. Hero MotoCorp reported consolidated H1FY27 revenue of '28,097 crore (up 28% year-on-year) and profit after tax (PAT) of '3,278 crore (up 8%). TVS Motor recorded a 41% jump in half-yearly total revenue to '30,999 crore, while its profit before tax (PBT) surged 52% to '3,454 crore.

With India serving as both the world's largest two-wheeler consumer market and an increasingly vital export hub, Indian manufacturers have effectively ended the decades-long Japanese duopoly at the very top of global motorcycling. Honda, however, is still a long shot.