TVS passes Yamaha to become world’s third-largest motorcycle manufacturer
TVS Motor Company has surpassed Yamaha Motor in global two-wheeler sales, becoming the world’s third-largest manufacturer by annual volume, according to a report from Autocar India. India now holds two of the top three spots for the largest volume motorcycle manufacturers in the world.
According to the report, TVS sold approximately 5.46 million motorcycles and scooters in 2025, a 20.7% increase from 4.52 million units the previous year. Yamaha recorded roughly 5 million units, up just 0.8% year over year.
The change marks one of the most notable reshuffles in the global motorcycle industry in recent years. Honda, meanwhile, retained its dominant position with 16.44 million units sold globally in 2025, while Hero MotoCorp remained second with 6.25 million units.
Emerging market growth
The shift highlights the growing influence of Indian manufacturers in global two-wheeler markets, particularly across Asia, Africa and Latin America.
TVS has expanded its reach with a broad lineup that spans entry-level commuter bikes to premium motorcycles and electric scooters. Demand in India has increasingly shifted toward motorcycles above 150cc, a segment where the company has expanded aggressively.
The manufacturer also benefits from strong export volumes, particularly across African markets. And TVS is the owner of the resurrected Norton Motorcycles brand, which will begin shipping premium bikes later this year.
At the same time, TVS has emerged as a major player in India’s electric two-wheeler market and is reviewing plans to expand EV production capacity as demand rises, according to Autocar.
Yamaha strategy
Yamaha’s sales growth has been more modest as the company increasingly focuses on higher-value segments and developed markets such as Japan, Europe and North America.
The company said its motorcycle performance in 2025 was “solid” but mixed across regions, with weaker demand in Europe and the U.S. offsetting gains in parts of Southeast Asia.
Higher procurement costs, rising R&D spending and new U.S. tariffs also pressured operating income. In North America, however, Yamaha remains heavily weighted toward premium motorcycles, performance segments, and off-road models rather than high-volume commuter bikes common in developing markets.
TVS jumping to about 5.46 million units in 2025, while Yamaha stayed near 5 million, really shows how fast the balance is shifting in the global two wheeler market. That part stood out to me because the gap opened quicker than I expected.
It also makes the Norton angle more interesting, since TVS now has more room to push on both volume and premium bikes. I did not expect this reshuffle to happen so soon. Do you think Yamaha can win back third place in the next year?
TVS and Yamaha are in different worlds in the same industry. They may not sell as many motorcycles but no one who rides real motorcycles would consider TVS in the same ballpark here in North America. Now maybe they dominate the 250-500cc street motorcycle market. Here that is not a market unless you are just starting to ride a motorcycle.
Fascinating details — Thanks TEAM PSB for making all realize the scale of some segments of the powersports market.
India has what 2-3 billion people, huge subcontinent, I am surprised TVS isn’t #1