Festive demand, GST reforms lift sentiment as two-wheeler industry posts handsome volumes in October

The two-wheeler sales in October 2025 were propelled by festive demand and GST reforms.

India's two-wheeler industry delivered a strong domestic wholesale performance in October 2025 as festive buying and the Goods and Services Tax (GST) reforms helped sustain consumer sentiment. While Honda Motorcycle & Scooter India, TVS Motor Company, Bajaj Auto and Royal Enfield reported a growth in dispatches, Hero MotoCorp and Suzuki Motorcycle India witnessed marginal declines during the month.

The wholesales stood at 6,04,829 units for Hero, 5,98,952 units for Honda, 4,21,631 units for TVS, 2,66,470 units for Bajaj, 1,16,844 units for Royal Enfield and 1,03,454 units for Suzuki. The year-on-year (y-o-y) movement translated into growth of 8.3% for Honda, 8% for TVS, 4.1% for Bajaj and 14.7% for Royal Enfield, while Hero declined 8% and Suzuki dipped 1.4%.

Domestic two-wheeler wholesales: October 2025 vs October 2024

Hero said it celebrated the festive season with nearly 10,00,000 retail sales in October 2025 and recorded its second successive month of over 6,00,000 wholesales. "The positive performance reflects sustained festive momentum and renewed customer confidence, further supported by favourable market conditions, including GST benefits," it added.

The Splendor motorcycle-maker reported 9,94,690 Vahan registrations in October 2025 and said that its electric vehicle (EV) arm, Vida, recorded an impressive 117% y-o-y growth in Vahan registrations, driven by strong festive demand. Vida registered around 16,000 units during the month, marking a 24% sequential rise. Hero highlighted that the GST rate rationalisation announced at the onset of the festive season "provided a significant boost to consumer sentiment, revitalising retail momentum across markets".

While the festive traction resulted in Honda's strong performance in October 2025, the company celebrated a key milestone with 35 million sales of its popular Activa range.

TVS achieved its highest-ever monthly sales in October 2025. The company said motorcycles grew 16% y-o-y, while scooters were up 7% y-o-y, supported by festive demand. It also reported an 11% y-o-y rise in electric two-wheeler volumes, noting that "while the retails continue to be robust, magnet availability continues to pose challenges in the short to medium term". Supported by festive buying and steady demand across segments, the domestic two-wheeler business of Bajaj rose 4.1% y-o-y.

Royal Enfield achieved its highest-ever festive performance, crossing a milestone of over 2.49 lakh motorcycles sold during the festive months of September and October with 26% growth over the same period last year. Commenting on the October performance, Managing Director B. Govindarajan said, "This festive period has been truly special for all of us at Royal Enfield, as the festive spirit translated into an overwhelming response from customers across the country."

Suzuki reported its all-time high retail sales of 1,40,679 units during the month, even as its domestic wholesales were marginally lower on a y-o-y basis. "October 2025 marks a significant milestone in Suzuki Motorcycle India's growth journey. Achieving our highest-ever monthly performance is a direct reflection of the trust customers place in our brand and products," the company's Sales and Marketing Vice President Deepak Mutreja said.