Market Research Report • April 2026

BAJAJ AUTO

India Market Intelligence

19-20%

Market Share

4.65M

Units (FY25)

₹55,482 Cr

Revenue

20% ↑

YoY Growth

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Overview

Executive Summary

📈

Fastest Growing Major OEM

Bajaj gained ~4 percentage points of market share in 5 years — the strongest upward trajectory among India's top 5 two-wheeler brands.

⚡

EV Leadership Emerging

Chetak EV surging in 2W; Bajaj GoGo dominates electric 3-wheelers with 38% market share. Dual-pronged EV strategy is executing.

💰

Revenue Outpacing Volume

25% revenue growth vs 20% volume growth signals successful premiumization. EBITDA margins hold firm at ~20%.

🌍

Export Powerhouse

Largest Indian two-wheeler exporter with presence in 70+ countries. Exports up 21% in FY26, reducing domestic cyclicality risk.

⚠️ KEY RISK

No ICE scooter presence — missing ~35% of India's two-wheeler market. EV pivot may leapfrog this, but short-term gap exists.

Brand Overview

Heritage & Evolution

Key Milestones

1945

Company Founded

Initially imported 2W & 3W

1960s-80s

Chetak Scooter Era

Became a cultural icon

2001

Pulsar Revolution

Redefined sport riding

2007

KTM Partnership

48% stake; global tech access

2022

EV Entry

Chetak EV + GoGo 3W

2026

8 New Models

125cc sub-brand + ADV

Product Portfolio — Segment Positioning

ENTRY 2 models

Platina / CT 110

₹55K–₹70K • Rural first-time buyers

SPORT COMMUTER 2 models

Pulsar 125 / 150

₹80K–₹1.1L • Young daily commuters

PREMIUM 3 models

Pulsar N160 / N250 / NS200

₹1.1L–₹1.5L • Enthusiast & urban

PERFORMANCE 2 models

RS200 / Dominar 400

₹1.5L–₹2.4L • Touring & performance

⚡ ELECTRIC 2W 2 models

Chetak C2501 / 2901

₹91K–₹1.3L • Urban eco commuters

⚡ ELECTRIC 3W 1 model

Bajaj GoGo

Last-mile commercial transport

Statistics

Sales & Revenue

Domestic Sales Volume (Million Units)

Revenue (₹ Crore)

4.65M

Total FY25 Units

₹55,482 Cr

FY25 Revenue

+20%

Volume Growth YoY

~20%

EBITDA Margin

Statistics

Demographics & Distribution

Customer Profile

Age 18-25 25%

Age 26-35 40%

Age 36-45 20%

Age 46+ 15%

Gender Split

Male85%

Female15%

Target Segments

🏠 Rural First-Time Buyer

Platina / CT 110 • Value-seeker • ₹55-70K budget

🏍️ Young Sport Commuter

Pulsar 125/150 • Performance + mileage • Core segment

⚡ Urban Eco Commuter

Chetak EV • Tech-savvy • Growing rapidly

🏁 Performance Enthusiast

NS200/Dominar • Premium • High margin

🛺 Commercial 3W

GoGo EV • Last-mile • B2B fleet buyers

Distribution Network

1,000+

Dealerships

33,000

Distribution Points

150K

Retail Touchpoints

100+ Cities

Chetak EV Showrooms

Market Share

Market Share Analysis

FY25 Market Share Breakdown

Market Share Trend (FY21–FY25)

Ranking — India Two-Wheeler Market (FY25 est.)

#1

Hero MotoCorp34%

#2

Honda (HMSI)21%

#3

Bajaj Auto ★19%

#4

TVS Motor15%

#5

Royal Enfield5.5%

#6+

Yamaha / Suzuki / Others5.5%

Competitive

Competitive Landscape

Competitive Advantages

✓Pulsar brand equity — 25yr sport-commuter franchise

✓Cost leadership — aggressive pricing + ~20% EBITDA

✓KTM partnership — global tech + premium access

✓EV first-mover in 3W (38% share) + Chetak scaling

✓Export dominance — #1 Indian 2W exporter

Competitive Gaps

✗No ICE scooter — missing ~35% of market

✗Smaller dealer network vs Hero (10K+) & Honda (6K+)

✗Perception gap — less refined than Honda/Yamaha

✗Rural penetration lags Hero MotoCorp significantly

Pricing

Pricing Comparison

Ex-Showroom Price by Segment (₹ Thousands) — Lower is Better for Value Positioning

₹85K

Pulsar 125 — Sport Entry

Best Value Segment

₹1.17L

Pulsar N160 — Premium Sport

Competitive Match

₹91K

Chetak C2501 — EV

Aggressive EV Pricing

Growth & Trends

YoY Growth Rates (%)

Emerging Trends Impacting Bajaj

⚡ HIGH IMPACT

Electric Two-Wheeler Boom

2.3M EV 2W sold in CY2025 (+30% YoY). Chetak gaining share; Ola losing. Legacy OEMs winning.

💎 HIGH IMPACT

Premiumization Shift

Consumers trading up from 100cc → 125-200cc. Bajaj's sweet spot. Revenue growing faster than volume.

🏛️ MEDIUM IMPACT

Regulatory Tailwinds

FAME III successor policies + upcoming BS-VII norms favor EV-capable OEMs like Bajaj.

🌍 HIGH IMPACT

Export Expansion

Exports up 21% in FY26. Strong in Africa, LATAM, SE Asia — reducing domestic cyclicality.

🏍️ MEDIUM IMPACT

New Product Blitz — 8 Models in 2026

New 125cc sub-brand + ADV/off-road entries could unlock fresh segments.

Outlook

Future Outlook & Key Takeaways

▲ Future Market Outlook

Industry Volume CAGR (to 2030) 8–12%

EV Penetration by 2030 30–40%

Rural Recovery Impact Positive

Premiumization Tailwind Strong Positive

Export Growth Trajectory Strong Positive

Competition Intensity Moderate Risk

🎯 Key Takeaways for Decision-Makers

1

Fastest Growing Major OEM

+4pp market share in 5 years — strongest trajectory in top 5

2

Revenue Growth > Volume Growth

25% revenue vs 20% volume — premiumization working

3

EV Strategy Is Credible & Scaling

Chetak in 2W + GoGo dominating electric 3W at 38% share

4

ICE Scooter Gap Is the Key Risk

Missing ~35% of market but EV pivot may leapfrog this

5

Among Most Profitable 2W Companies Globally

₹55K Cr revenue + ~20% EBITDA — exceptional unit economics

Analyst Consensus

Sustained Double-Digit Growth Expected Through 2030

Driven by premiumization, EV adoption, and export expansion