TVS Motor Company owns a market share of 23 percent in the first 9 months of FY 26 in the electric two-wheeler segment
TVS Motor Company has increased its market share in both the ICE and EV segments in the first 10 months of this financial year. It is the only mainstream two-wheeler brand among other legacy players to achieve this feat. Furthermore, the company’s EV market share has raced past its ICE figures, which is a rare achievement. It has been learnt that the overall market share of TVS has reached to 20 percent in the first 10 months of this fiscal against 18 percent during the same period last year. The growth is even significant if we compare it with 15 percent market share in FY19.
This success saga is mainly due to the increased trend of premiumisation in the motorcycle segment as more buyers have gravitated towards 125cc+ models instead of entry-level bikes. Moreover, the electric scooter portfolio of the brand has witnessed unprecedented demand in recent months as both iQube and Orbiter sales are at an all-time high.
“Multiple launches such as Jupiter, Ntorq, iQube and Raider over the years have driven market share gains for TVS Motor,” analysts at Nuvama Institutional Equities said. TVS has also benefitted from the introduction of multiple new models across various segments in the last few months such as the Orbiter, Ntorq 150 and Apache RTX 300.
The rival brands, on the other hand, have witnessed a steep fall in market share in the first 10 months of FY26. The SIAM (Society of Indian Automobile Manufacturers) data reveals that Hero MotoCorp’s market share came down to 27.98 percent from 28.64 percent while Honda saw a drop in its market share to 26.47 percent from 27.43 percent, followed by Bajaj Auto whose market share declined from 11.95 percent to 10.87 percent.
If we talk specifically about the electric two-wheeler segment, TVS used to have one-fifth of the market share a year back which has now increased to one-fourth. “TVS Motor’s electric two-wheeler market share stood at 23 per cent in 9MFY26, higher than its ICE market share, imparting confidence that the company is better positioned for the EV transition than its peers,” Nuvama analysts noted.
TVS will launch six new motorcycles under Norton starting April 2026 in the Indian market. The company is keeping up with the latest trend of premiumisation by introducing new products for the customers. “Entry-level motorcycle demand continues to face pressure amid rising vehicle prices and affordability constraints, while premium motorcycles and scooters have witnessed a sharp recovery,” according to ICRA.
