India’s two-wheeler market, the world’s largest, is witnessing an intense showdown between Hero MotoCorp and Honda Motorcycle & Scooter India (HMSI). Hero, the homegrown giant, has long dominated with its commuter-focused lineup like the Splendor, but Honda’s scooter stronghold via the Activa and aggressive export push have narrowed the margin significantly. In FY25 (April 2024–March 2025), Hero held onto the top spot with a 28.84% market share, but Honda surged to 25.37%—up from 23.36% the previous year—selling 47.89 lakh units versus Hero’s 54.45 lakh. This trend of Honda gaining ground continued into FY26, with the two trading monthly leads and the gap shrinking to under 2 lakh units by mid-year.
As of September 2025—the kickoff to the festive season—Hero reclaimed the crown with 6.87 lakh units (8% YoY growth), edging Honda’s 5.68 lakh (5.44% YoY). Domestic sales favored Hero at 6.48 lakh (up 5% YoY), while Honda’s exports jumped 32% to 62k units, highlighting its global ambitions. Year-to-date FY26 (April–September 2025), Hero leads with ~35.5 lakh units, but Honda’s ~29.9 lakh shows resilience amid rural recovery and GST 2.0 price cuts. Projections for FY26 peg overall 2W growth at 6-9%, with Honda eyeing the No. 1 spot by year-end if scooter demand holds.
Key Sales Metrics: A Head-to-Head Breakdown
Hero’s strength lies in volume commuters and rural penetration, while Honda excels in urban scooters and premium exports. Below is a snapshot of monthly and quarterly trends, drawing from SIAM, FADA, and company data.
| Metric | Hero MotoCorp | Honda (HMSI) | Notes |
|---|---|---|---|
| September 2025 Total Sales | 6,87,220 units (8% YoY ↑) | 5,68,164 units (5.44% YoY ↑) | Hero leads; festive start boosts both. Exports: Hero 39,638 (↓); Honda 62,471 (32% ↑). |
| Domestic Sep 2025 | 6,47,582 units (5% YoY ↑) | 5,05,693 units (5.1% MoM ↑) | VAHAN registrations: Hero 3.23 lakh (19% YoY ↑); Honda strong in scooters (~60% share). |
| Q2 FY26 (Jul-Sep 2025) | ~16.5 lakh (est. 3-5% YoY ↑) | 16.18 lakh (3.69% YoY ↑) | Hero edges; Honda’s scooter focus drives domestic recovery. |
| YTD FY26 (Apr-Sep 2025) | ~35.5 lakh (est. 4% YoY ↑) | 29.91 lakh (3.94% YoY ↓) | Hero ahead by ~5.6 lakh; Honda’s exports (3.11 lakh) narrow gap. |
| FY25 Total (Apr 2024-Mar 2025) | 58.99 lakh (4.94% YoY ↑) | 58.31 lakh (19.16% YoY ↑) | Hero wins by 68k; Honda’s growth steals headlines. Domestic: Hero 56.12 lakh; Honda 53.26 lakh. |
| Market Share FY25 | 28.84% (↓ from 30.79% FY24) | 25.37% (↑ from 23.36% FY24) | Hero dilutes lead; Honda gains 2 pts on scooter dominance (Activa ~3.5 lakh/month). |
| EV Share (Sep 2025) | 12,736 registrations (VIDA; 12.2% EV mkt share) | Minimal (Activa e/QC1 ramping) | Hero leads EV; Honda plans full hybrid push by FY27. |
Sources: SIAM, FADA, company filings. Est. based on monthly aggregates.
Monthly Trends: A Rollercoaster Rivalry
The Honda-Hero duel has seen flips every few months, driven by rural sentiment, launches, and exports:
- April 2025: Honda topped with 4.81 lakh (12.5% MoM ↑), overtaking Hero’s 3.05 lakh (↓29% MoM)—a rare Hero slump amid inventory clears.
- May 2025: Hero bounced back to 5.08 lakh (↑ YoY), vs. Honda’s 4.65 lakh—Hero’s Splendor refresh and rural revival key.
- June 2025: Hero at 5.54 lakh (10% YoY ↑); Honda dipped to ~4.8 lakh (double-digit ↓), but held second.
- July 2025: Honda reclaimed No. 1 with 5.15 lakh (↑ YoY); Hero at 4.12 lakh domestic (21% ↑ but trailed).
- August 2025: Honda edged retail at 3.55 lakh (0.17% YoY ↑, 25.81% share); Hero at 3.42 lakh (↓ YoY).
- September 2025: Hero surges to 6.87 lakh (8% YoY ↑); Honda steady at 5.68 lakh.
Trend insight: Hero wins 4/6 months but Honda’s consistency (fewer dips) and 19% FY25 growth signal a tightening race. Exports tip Honda’s scale—32% Sep surge vs. Hero’s decline—while Hero’s EV arm (VIDA) grabbed 12.2% EV share.
Market Share Evolution: Honda’s Steady Climb
Hero’s dominance (30%+ for decades) is eroding as Honda chips away via urban scooters (Activa holds 80% scooter mkt) and premium bikes (CB350 series). FY25 saw Hero’s share slip 1.95 pts to 28.84%, while Honda rose 2.01 pts to 25.37%—the closest since their 2010 JV split. YTD FY26, Hero ~30%, Honda ~26%, with TVS at 17-19%. Rural recovery favors Hero (Splendor ~2 lakh/month), but urban/exports boost Honda. Experts predict Honda could hit 28% by FY26 end if EV launches (Activa e) deliver.
Driving Factors: What Shapes the Trends?
- Hero’s Edge: Rural focus (70% sales), affordable commuters (Splendor under ₹80k), and EV push (VIDA doubled share to 12.2%). Challenges: Premium lag and export softness.
- Honda’s Momentum: Scooter supremacy (Activa 3.5 lakh/month), GST cuts (₹5k off entry models), and exports (39% FY25 ↑ to 5.05 lakh). Hurdles: Commuter weakness and delayed EVs.
- Broader Trends: Festive season (Diwali ~20% spike expected), GST 2.0 affordability, and rural income rise (good monsoon). EVs at 6% penetration—Hero leads, Honda catching up. Overall mkt: 11-14% FY25 growth; 6-9% FY26 forecast.
Public buzz on X echoes the rivalry: Posts like @AutoCarIndia’s Sep recap (“Hero edges Honda in festive opener—Activa vs Splendor round 2?”) drew 2K views, with fans debating “Honda’s urban king, Hero’s rural boss.”
For global watchers, this duel mirrors U.S. bike trends—affordable commuters vs. premium scooters—amid EV shifts. Honda’s export hub status could inspire U.S. assembly tweaks.
In wrapping up, Hero holds a slim lead in sales trends, but Honda’s share gains and export surge make FY26 a nail-biter; with festive fireworks ahead, expect the gap to shrink further, reshaping India’s 2W landscape.