Chennai: India’s two-wheeler exports are proving surprisingly resilient despite the troubles in West Asia and the logistical cost pressures they have caused. Monthly shipments have now crossed half a million, touching 5.6 lakh units in August, supported by strengthening demand across Latin America, Africa and Asia.Exports of motorcycles and scooters averaged about 5.2 lakh units a month in Q1 of FY27, against a monthly average of 2.9 lakh in FY24 — a CAGR of about 22%. Export earnings have risen alongside volumes, from a monthly run rate of $231 mn in FY24 to $375.5 mn in the first quarter of FY27. Over FY18-27, export revenue grew at a 9% CAGR, accelerating to 18% over FY24-27, according to Kotak Institutional Equities.Latin America has been the principal engine. In countries such as Colombia, Peru and Brazil, motorcycles are becoming less of a discretionary purchase and more of a means of making a living. Delivery riders, courier services and mototaxis are adding to demand. Disinflation, lower interest rates and rising real incomes have improved affordability, while wider dealer networks and in-house financing have made purchases easier. Local assembly by Indian manufacturers also reduces the impact of currency swings on retail prices, it said.Africa is beginning to contribute more as currencies stabilise. Nigeria, Kenya and Congo are showing signs of recovery from low levels. Sri Lanka’s reopening and strong demand in Nepal have added to the momentum, though Argentina remains a drag amid several headwinds.For top 2W exporter Bajaj Auto, Latin America has become an important source not only of export volumes and revenue but also of EBITDA.Africa has been a major driver of growth for TVS Motor, the second-largest 2W exporter, but the company is now expanding its presence in Latin America. “We are now present in most of the countries in LATAM,” K N Radhakrishnan, its director and chief executive, said during the company’s recent earnings call, adding that TVS would step up marketing investment in the region.The numbers highlight the robust momentum. In the first five months of FY27, Bajaj exported more than a million (11,00,827) units. TVS shipped 6.76 lakh motorcycles, 62,600 scooters, and 4068 mopeds. India’s total two-wheeler exports reached 2.7 mn units during the period, up from 2 mn a year earlier.
