While TVS ranks third in terms of volumes, TVS is the world’s largest two-wheeler manufacturer in terms of market capitalisation.
TVS has achieved some major achievements in recent times. In December 2025, TVS emerged as the top two-wheeler manufacturer in total sales (domestic sales + exports), overtaking Hero and Honda. And now, sales figures for CY 2025 reveal that TVS is the world’s third-largest two-wheeler manufacturer in terms of volumes.
While GST reforms have helped all OEMs, TVS has also excelled in the EV segment with the iQube and the recent Orbiter. The company has a strong presence in both the domestic market and export markets. Let’s look at more details on these developments.
TVS global sales stood at 5.46 million units
Thanks to GST reforms, most two-wheeler manufacturers are reporting strong growth on a year-on-year basis. TVS has consistently posted double-digit YoY growth in recent months. Sales increased by nearly 20% in November 2025. TVS’ December 2025 sales saw an even bigger jump of 53.62%. These numbers have helped the brand emerge as the world’s third largest two-wheeler manufacturer by volume.
If we look at the annual sales of TVS, the number for 2025 is 5.46 million units. This is a year-on-year gain of 20.7% compared to 4.52 million units sold in 2024. In the domestic market, TVS sales in 2025 were projected to be around 3.8 million units. Market share was around 19%. Talking about Yamaha, global sales in 2025 were around 5 million units. This is a modest year-on-year gain of about 0.8% compared to sales of 4.96 million in 2024.
Honda is at number one globally with sales of 16.44 million units in 2025. The year-on-year profit is about 6% compared to sales of 15.51 million units in 2024. Hero MotoCorp is in second place with sales of 6.25 million units in 2025. The year-on-year gain is 5.2% compared to 5.94 million units sold in 2024. Considering only domestic sales in 2025, Hero and Honda stood first and second with market shares of 28.69% and 24.82%, respectively.
Strong growth in EV segment
With versatile, practical and accessible products, TVS has also emerged as a leader in India’s electric two-wheeler segment. TVS EV sales were close to three lakh units in CY 2025, registering a growth of 35.35% year-on-year. This is much higher than the segment growth of 11.36%.
TVS’s market share in the EV segment in CY 2025 was 23.35%. TVS continues to post strong growth in the EV segment, as evidenced by its 66.78% year-on-year gain in February 2026. With the increasing demand for its electric two-wheelers, TVS is looking to increase its manufacturing capacity.
TVS vs Yamaha Sales Analysis
TVS benefits from its strong presence and diverse portfolio in the mass-market segment. The company is also expanding its reach globally, especially in developing markets like Africa. This helps boost global volumes. In comparison, Yamaha focuses more on niche segments within the mainstream market. A significant portion of Yamaha’s sales are generated in developed markets, where growth may be limited. Furthermore, Yamaha has gradually exited many high-volume categories over the years.
In 2025, Yamaha recorded diverse sales performance across global markets. Volumes were marginally impacted due to relatively weak demand in developed markets such as Europe and the United States. Yamaha also faced tariff related challenges in the US. In comparison, sales growth was recorded in markets like Japan, Philippines, Indonesia and Thailand.
It remains to be seen whether Yamaha is able to regain its previous ranking in CY 2026. TVS, on the other hand, would like to maintain this position and perhaps even improve it. The new growth driver could be the premium segment, which TVS will target with its Norton brand. The electric segment will continue to be a strong focus area for TVS. The company will also focus on promoting exports to markets such as Europe, Latin America, Africa, the Middle East and South East Asia.
