India’s two-wheeler export engine roared louder than ever in FY2026. The industry shipped a staggering 51,80,429 units overseas during the financial year, a robust 23.4% jump over the 41,98,403 units exported in FY2025. The numbers confirm what the industry has long been positioning for — India is not just the world’s largest two-wheeler market by volume; it is fast cementing its place as the global manufacturing and export hub for powered two-wheelers.
From the sunbaked roads of Sub-Saharan Africa to the bustling streets of Latin America and Southeast Asia, Made-in-India motorcycles and scooters are increasingly the wheels of choice. Here is a deep dive into who drove this growth, who slipped, and what the numbers really mean.
Breaking through the 50-lakh-unit barrier is a landmark moment for the Indian two-wheeler export story. FY2026’s 23.4% growth is particularly impressive because it comes on the back of a strong FY2025 base, suggesting that demand in key export markets — Africa, ASEAN, Latin America, and the Middle East — remains structurally buoyant rather than cyclically driven.
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Bajaj Auto retained its throne as India’s top two-wheeler exporter by a commanding margin, shipping 19,67,810 units in FY2026 — up 17.5% year-on-year. The Chakan-based manufacturer accounts for 38.0% of all two-wheeler exports out of India, making it almost synonymous with the Indian export story itself. However, Bajaj’s market share has slipped 1.9 percentage points from 39.9% in FY2025. Its 17.5% growth, while solid in absolute terms, is the second slowest among the top six OEMs. Rivals are growing faster, and the pack is closing in. Bajaj’s Boxer, Platina, and CT-series continue to dominate Africa, but the competition for those same markets is intensifying.
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TVS Motor Company delivered the standout performance among large-volume exporters, clocking 14,26,424 units — a stellar 30.9% growth — to finish second overall with a 27.5% market share, up 1.6 percentage points from FY2025. This is a significant shift. TVS has been consistently expanding its export-focused lineup and has invested heavily in building brand equity in Africa and Latin America.
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Honda held its ground with 6,20,275 units exported, a growth of 22.8%, and maintained an almost identical market share of 12.0% (down just 0.1 pp). Its export portfolio, anchored by commuter workhorses like the Shine and CB series, continues to find demand in Southeast Asia and Latin America.
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If there is one OEM that outperformed expectations this year, it is Hero MotoCorp. The world’s largest two-wheeler manufacturer by domestic volumes grew its exports by a remarkable 39.0% to 4,02,744 units — the highest growth rate among all major OEMs. Market share climbed to 7.8%, up 0.9 pp. Hero’s export acceleration reflects the payoff from its sustained push into Africa and the gradual diversification of its global footprint.
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Yamaha India exported 3,41,765 units, up 15.6%, but this was the slowest growth rate among the top six OEMs. Consequently, its market share eased to 6.6% from 7.0% in FY2025 — a 0.4 percentage point decline. Yamaha’s export mix, which skews toward higher-displacement and sportier models, may be facing headwinds in price-sensitive emerging markets even as it holds its own in ASEAN.
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Suzuki Motorcycle India posted 25.7% growth, shipping 2,64,541 units and nudging its market share up a marginal 0.1 percentage point to 5.1%. Suzuki’s export performance has been quietly solid for the past several years, driven by demand for its Access and Gixxer series. A 25.7% growth rate places it ahead of Bajaj, Yamaha, and Honda on a relative basis — not a headline that gets written often, but worth noting.
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Royal Enfield exported 1,31,336 units, up 22.6%, maintaining a 2.5% market share. For a brand that commands significant mindshare in the premium space, Royal Enfield’s export volumes are still relatively modest — but the trajectory is positive. Markets in Southeast Asia, Europe, and the Americas are increasingly receptive to its retro-modern positioning, and the recent expansion of its product portfolio should support future growth.
