How TVS, Not Hero or Bajaj, Will Challenge Honda Worldwide

The Chennai-based challenger is rewriting the global two-wheeler playbook with EVs, exports and strategic agility

At first glance, the global two-wheeler market may appear to be a landscape of entrenched giants. Honda, with its decades-long dominance and unmatched production volumes, sits comfortably atop the heap. But underneath that surface, the tectonic plates are shifting.

Among the Indian contenders, it's not Bajaj Auto with its KTM alliance or Hero MotoCorp with its historical domestic dominance that’s proving to be Honda’s biggest headache. It’s TVS Motor Company.

With sharp moves in electrification, global exports and premium positioning, TVS is quietly but steadily mounting a multi-pronged challenge. And this may well disrupt the global pecking order in the years ahead.

The Growth Story: Not Just Volume, but Velocity

In April 2025, TVS Motor posted a striking 16% year-on-year growth, selling 443,896 units. This wasn’t an isolated spike but part of a broader trend: the company’s domestic market share is rising, its motorcycles and scooters are growing in tandem. Even export volumes surged by 45% in the same period.

Contrast this with Bajaj Auto, which saw a 6% sales dip, and Hero MotoCorp, whose share has slipped to a decade-low 29%. TVS is not just holding ground. It’s expanding its turf both at home and abroad. In an industry marked by cyclical slowdowns and shifting consumer behaviour. And that kind of growth points to a deeper strategic alignment.

Africa: Where TVS Is Beating Honda at Its Own Game

The African continent has long been viewed as a growth frontier for two-wheelers. Affordable mobility is in high demand as urbanisation outpaces infrastructure. It is here that TVS has emerged as the quiet powerhouse. In the first nine months of FY2025, TVS exported 777,622 units, making it India’s second-largest two-wheeler exporter.

Africa accounts for a significant chunk of this. Unlike Honda, which remains anchored to Southeast Asia, TVS is doubling down on this under-penetrated market, offering rugged, reliable commuters suited to local conditions. Its new partnership with Hindi Motors in Morocco, and a portfolio of models like the Raider and Apache, give it not just market presence but growing brand recall.

Latin America and the BMW Leverage

TVS’s global ambition doesn’t stop at Africa. In Latin America, a region where Indian brands have traditionally had a light footprint, TVS has begun building a serious presence. This is supported by a deeper strategic alliance with BMW Motorrad.

The relationship, initially centred around the co-development of 310cc motorcycles, has now grown into a manufacturing and innovation pipeline. BMW’s electric CE 02 and upcoming F 450 GS adventure motorcycle are being made at TVS’s Hosur plant.

The technical knowledge and engineering exposure gained from this partnership are now flowing into TVS’s own product range, sharpening its edge in both the EV and premium ICE segments.

Winning the EV War at Home

Honda may be the global leader in petrol-powered scooters, but it is trailing in the electric transition, particularly in India where the shift to EVs is accelerating.

This is where TVS has emerged as a serious contender. In April 2025, its iQube electric scooter recorded a 154% growth in sales, briefly overtaking Ola Electric.

The company is preparing to launch a budget electric scooter aimed at mass-market commuters, a space where Honda’s Activa E has underwhelmed on both range and features.

If TVS captures this price-sensitive, high-volume segment, it could secure long-term dominance in India’s evolving two-wheeler market.

Beyond Commuters: Building Premium Muscle

TVS has also recognised that the Indian market is no longer a monolith. The bifurcation between budget commuter vehicles and premium leisure bikes is growing more pronounced. While Honda continues to rely on legacy models like the Activa, TVS is launching new products to capture emerging segments.

The Apache RTX 300 adventure motorcycle is expected to tap into the booming ADV category, currently dominated by Royal Enfield.

The Ronin, with its neo-retro styling, targets style-conscious urban riders. These offerings are backed by TVS’s deep racing roots, a heritage that began in 1982 and still informs the performance DNA of its flagship motorcycles.

Norton, Ultraviolette and the Push Upmarket

TVS isn’t just dabbling in premium. It’s going all in. The acquisition of British marque Norton Motorcycles positions it to challenge the likes of Royal Enfield in the mid-capacity and superbike segments. Manufacturing of Norton bikes is expected to shift to India, giving TVS a global launchpad for a high-margin play.

Add to that a significant stake in Ultraviolette Automotive, a start-up making high-performance electric motorcycles, and you have a brand that is now active across the full value spectrum, from affordable EV scooters to electric sport bikes and high-end cruisers.

Brand Building: More Than Just Metal and Rubber

While most rivals focus on distribution and pricing, TVS is investing in community and brand experiences. Events like MotoSoul, custom bike builds, and Apache-owner rides are helping it connect with younger, experience-driven consumers.

Royal Enfield has long used such strategies to build loyalty, and TVS seems to be following that playbook with fresh energy. Honda, in contrast, maintains a functional brand image that may not resonate with emerging aspirational buyers.

Honda Is Up Against a Smarter Rival

TVS’s ability to grow simultaneously across commuter EVs, premium ICE bikes, and international markets sets it apart. It has cracked the formula for doing multiple things at once, something few Indian manufacturers have managed.

By combining local manufacturing expertise, global partnerships, and a nuanced understanding of different consumer segments, TVS is building not just motorcycles but an ecosystem of mobility.

Honda still leads the global two-wheeler market by sheer volume and brand strength. But in markets that matter for future growth such as EVs, Africa, Latin America and premium leisure bikes, it is TVS that appears more agile, more willing to experiment, and more attuned to what’s coming next. If TVS’s bets on Norton, Ultraviolette and budget EVs pay off, it won’t just challenge Honda. It may redefine what a next-generation global two-wheeler brand looks like.