TVS Becomes Third-Largest Two-Wheeler Manufacturer in the World

In what can be labelled a proud moment for the Indian automotive industry, TVS Motor has overtaken Yamaha Motor Co to become the world’s third-largest two-wheeler manufacturer in terms of sales volume. TVS managed to sell 5.46 million units in 2025 as opposed to the 5 million units sold by the Japanese two-wheeler giant. Compared to 2024, TVS has managed to pump up sales by 20.7 per cent over the 4.52 million units it retailed then, while Yamaha achieved a minor 0.8 per cent growth in sales, relinquishing third place on the podium to TVS.

TVS becomes the second Indian brand to enter the top 3 for annual sales for any bike manufacturer after Hero MotoCorp, which has been in second place for many years. While Hero makes the tall claim of being the world’s largest two-wheeler manufacturer, it’s quite far behind its erstwhile-partner-turned-rival Honda, which leads the charts with 16.44 million units sold in 2025 as opposed to Hero MotoCorp’s 6.25 million units. Honda’s domination is such that it would take the cumulative sales of Hero, TVS, and Yamaha to defeat it.

The key reason for TVS's rapid sales growth is its very large two-wheeler portfolio and its success in the EV business. While the Hosur-based giant is still third with respect to sales in the Indian market, it leads the charge in the EV sector with its iQube and Orbiter models. 

The TVS Apache series has been registering record sales every year, and has expanded a lot, with the latest addition in the form of the TVS Apache RTX. Another strong sector for TVS has been scooters, with its Jupiter range clocking massive growth and becoming the second-highest selling in India behind the Honda Activa range. In the performance segment, the TVS NTorq line is going strong, and the new NTorq 150 was also launched recently.

Another aspect in which TVS has been performing strongly is exports as it’s among the largest two-wheeler exporters in the country with a very strong foundation in Africa. TVS is also focusing its attention on Latin America as it feels the TVS Apache series has huge potential in these markets where Bajaj Auto has a stronghold for the past many years. On the other hand Yamaha’s journey has been completely different as it has a portfolio that spans across various segments, including premium motorcycles and scooters. The Japanese bikemaker has the advantage of being present in more markets and also possesses more manufacturing units, but its sales have been poor especially in a market like India, which is the largest in the world.

Yamaha will need to improve its sales in high volume destinations in Southeast Asia and India for it to topple TVS from third place in 2026. The other issue is the EV space, Yamaha electric scooters have less range, power and features compared to the TVS iQube and cost close to thrice as much, so the challenge in hand for Yamaha is a big one. As for TVS, it will be focusing on consolidating domestic sales, while increasing exports to help it hold onto the third palace in the near future.