2W exports turn positive after 2 years, Bajaj Auto registers highest export growth: SIAM data

With the revival in demand in the international markets, two-wheeler exports from India saw a double-digit revival in FY25. Pune-based Bajaj Auto registered the highest growth in exports at 13.31 per cent, according to the Society of Indian Automobile Manufacturers (SIAM) data.

A 21.4 per cent growth was registered with 41,97,517 two-wheelers exported in FY25, compared to 34,58,416 two-wheelers exported in FY24.

According to the SIAM statistics, the total number of two-wheeler exports in FY23 declined by 17.80 per cent, while in FY24, exports declined by 5.3 per cent. The data reveals that TVS exported 10,89,748 units while Hero exported 2,89,668 two-wheelers in FY25.

Automobile experts have pointed out that the surge in exports can be attributed to the budgeted product portfolio offered by Indian Original Equipment Manufacturers (OEMs).

“The sharp rise in two-wheeler exports shows that demand is bouncing back in key markets like Africa and Latin America. Indian manufacturers are doing well globally, especially in the entry-level and commuter segments, thanks to their affordable pricing, reliable products, and strong on-ground dealer networks,” Nikhil Dhaka, Vice President, Primus Partners, told businessline.

Indian OEMs in 2024 increased their focus on expansion into new international markets for the export of two-wheelers. They shifted their focus from Colombia, Nigeria, the Philippines, Mexico, Sri Lanka, Bangladesh, Egypt and Nepal. Further, OEMs also witnessed the recovery of exports across Asia in FY25.

Bajaj Auto, which registered the highest share of exports had noted that the export momentum will continue.

“In the domestic market, the near-term outlook is that the industry growth will be between 6 to 8 per cent, and the 125cc+ segment will continue to grow. Presently, the 125cc+ segment is growing at twice the rate, while the 100 cc segment is growing at half the speed. Further, the exports saw a broad-based recovery and returned to 5,00,000 units after nine months. The growth is positive, with Latin America recording the highest growth. The near-term outlook in exports is that we will continue to grow,” said Rakesh Sharma, Executive Director of Bajaj Auto, during an earnings call.

Exports growth FY26

The two-wheeler exports will grow further in FY26 and is expected to reach all time peak.

Rohan Kanwar Gupta, Vice President & Sector Head, Corporate Ratings, ICRA Limited said“over FY2023-FY2024, global inflationary headwinds forced several central banks to increase their rate of interest. The high inflation, coupled with higher financing rates, eroded the purchasing power of customers and constrained export volumes for Indian OEMs.”