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Two-Wheeler Stocks Zoom: Exports & EVs Drive Sales
5 Sep
Summary
- Two-wheeler exports and electric models are driving sales growth.
- Bajaj Auto and TVS Motor Company see strong demand in Africa and Latin America.
- Hero MotoCorp lags peers due to a smaller export focus and domestic sales reliance.
The Indian two-wheeler market is accelerating, with export growth and robust demand for electric two-wheelers propelling sales ahead of the festive season. Bajaj Auto and TVS Motor Company are capitalizing on strong international demand, particularly in Africa and Latin America, where sales for affordable independent travel vehicles are high. Bajaj Auto reported a 28% year-on-year increase in total vehicle sales in August 2026, with two-wheeler exports jumping 53%.
TVS Motor Company also witnessed significant growth, with its electric two-wheeler sales surging 137% year-on-year in August 2026, driven by models like the TVS iQube. High retail fuel prices are increasingly shifting consumer preference towards EVs. While TVS also benefits from strong export sales in Latin America, Africa, and Asia, Hero MotoCorp's performance has lagged its competitors.
Hero MotoCorp's growth in July and August 2026 was primarily driven by domestic sales, with exports forming a smaller part of its overall sales. The company's electric scooter sales, including the VIDA model, have shown positive growth, but its overall sales figures have not matched the export-led surge seen by Bajaj Auto and TVS Motor Company.
