TVS Motor leads market share gains in FY26 with EV surpassing ICE

TVS Motor increases market share in FY26, becoming the only major player to grow in both ICE and EV, with growth driven by its premium portfolio and electric scooters.

TVS Motor Company stands out as the only major manufacturer among legacy players to register market share gains in both ICE and EV this fiscal year, according to market data. The company is currently the third-largest two-wheeler manufacturer by volume in the country, with a global market share around 20% in the first 10 months of FY26, compared to ~18% in the same period last year and ~15% in FY19.

The advance is supported by growth in motorcycle volumes, driven by the premiumization trend, and strong traction in the electric mobility space, led by its electric scooter portfolio. According to analysts at Nuvama Institutional Equities, launches such as Jupiter, Ntorq, iQube, and Raider over the years have contributed to TVS's market share gain, while new offerings — including the Orbiter, Ntorq 150, and Apache RTX300 — reinforce the focus on portfolio expansion.

In comparison, peers registered a drop in market share over the 10 months of the current fiscal period. Hero MotoCorp fell to 27.98% versus 28.64%, and Honda Motorcycle & Scooter India declined to 26.47% from 27.43%. Bajaj Auto held a market share of 10.87%, compared to 11.95%, according to SIAM data. TVS has also been strengthening its presence in the electric vehicle segment, with its EV market share rising from about 20% a year ago to nearly 25% today; Bajaj maintained a position around 20%, while Hero MotoCorp expanded its presence to about 10% from 4% last year, based on Vahan data.

It was also observed that TVS's market share in electric vehicles was 23% in the 9 months ending FY26 (9MFY26), surpassing ICE usage on the same base, signaling greater confidence in the transition to EV, according to Nuvama analysts.

In parallel with the progress in EV, TVS continues to invest in the premium motorcycle portfolio under the Apache brand. The company is also preparing to launch six premium motorcycles under the Norton brand in the next three years, starting this year, to strengthen its presence in the high-value segment. Analysts point out that premiumization remains a determining trend in India's two-wheeler market, with entry-level demand under pressure, while premium motorcycles and scooters show recovery.

Do you believe TVS will maintain this pace of growth? In which area — premium or EV — do you bet as the main driver of the sector's transformation in the coming months? Share your thoughts in the comments.