TVS has achieved some major milestones in recent times. In December 2025, TVS emerged as the top two-wheeler manufacturer, overtaking Hero and Honda in total sales (Domestic Sales + Exports). And now, sales numbers for CY 2025 reveal thatTVSis the third largest two-wheeler manufacturer in the world in terms of volumes.
While GST reforms have helped all OEMs, TVS has also excelled in the EV segment with iQube and the more recent Orbiter. The company has a strong presence both in domestic market and across export markets. Lets check out more details on these developments.
TVS global sales at 5.46 million units
Thanks to GST reforms, most two-wheeler manufacturers have been registering strong YoY growth. TVS has consistently registered double-digit YoY growth in recent months. In November 2025, sales grew by around 20%. TVS December 2025 sales saw an even bigger jump of 53.62%. These numbers have helped the brand to emerge as the worlds third largest two-wheeler manufacturer, measured by volumes.
If we look at TVS annual sales, the number for 2025 is 5.46 million units. Thats a YoY gain of 20.7%, as compared to 4.52 million units sold in 2024. In the domestic market, TVS sales in 2025 were close to 3.8 million units. Market share was close to 19%. Coming to Yamaha, global sales were at around 5 million units in 2025. Thats a marginal YoY gain of approximately 0.8%, as compared to sales of 4.96 million in 2024.
At number one globally is Honda with sales of 16.44 million units in 2025. YoY gain is around 6%, as compared to sales of 15.51 million units in 2024. Hero MotoCorp is in second place in 2025, with sales of 6.25 million units. YoY gain is 5.2%, as compared to 5.94 million units sold in 2024. Considering only domestic sales in 2025, Hero and Honda were at 1st and 2nd place, with market share of 28.69% and 24.82%, respectively.
Strong growth in EV segment
Backed by well-rounded, practical and accessible products, TVS has also emerged as the leader in Indiaselectric two-wheeler segment. TVS EV sales in CY 2025 were close to three lakh units, registering a YoY gain of 35.35%. This is much higher than the segment growth of 11.36%.
TVS market share in the EV segment in CY 2025 was at 23.35%. TVS continues to register strong growth in the EV segment, as evident with a 66.78% YoY gain in February 2026. With increased demand for its electric two-wheelers, TVS is looking at increasing its manufacturing capacity.
TVS vs. Yamaha sales analysis
TVS benefits from its strong presence in the mass-market segment and a diversified portfolio. The company has also been increasing its global footprint, especially across developing markets like Africa. This helps boost global volumes. In comparison, Yamaha is more focused on specialized segments within the mainstream market. A significant share of Yamaha sales is generated in developed markets, where growth can be limited. Moreover, Yamaha has gradually moved out of multiple high-volume categories over the years.
In 2025, Yamaha recorded varied sales performance across global markets. Due to a relatively weaker demand across developed markets like Europe and the United States, volumes were slightly impacted. In the US, Yamaha also had to face challenges linked to tariffs. In comparison, sales registered an increase in markets like Japan, Philippines, Indonesia and Thailand.
It remains to be seen ifYamahacan regain its earlier ranking in CY 2026. On the other hand, TVS will be looking to retain this position and probably improve it even further. New growth drivers could be the premium segment, which TVS will be targeting with its Norton brand. The electric segment will continue to be a strong focus area for TVS. The company will also be looking to boost exports across markets like Europe, Latin America, Africa, the Middle East and Southeast Asia.
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