Shine 100 DX and CB125 Hornet fuel Honda's renewed focus on mass motorcycle market
Honda Motorcycle & Scooter India has introduced the Shine 100 DX and CB125 Hornet to strengthen its presence in the high-volume 100cc and 125cc motorcycle segments. With these launches, the company aims to tap deeper into commuter and youth segments, reinforcing its ICE portfolio in India.
This isn't new territory for HMSI, but the approach is more calibrated than ever before — drawing from deep consumer insight, changing aspirations, and a growing understanding that brand loyalty in India's commuter space is built on dependability first, and design later.
Two segments, two different customers
The 100cc segment in India is vast, accounting for nearly 29 per cent of the total two-wheeler market. Honda's Shine 100, launched two years ago, helped the brand capture nearly 15 per cent of the lower-end commuter market. But Honda knew this wasn't the whole opportunity.
'The 100cc segment is bifurcated," said Yogesh Mathur, Director, Sales and Marketing, HMSI. 'One is extremely price-sensitive and utility-focused. For this, we already have Shine 100. But 70 per cent of the segment is made up of riders looking beyond basic mobility — they want reliability, durability and a sense of pride."
This is where the Shine 100 Deluxe fits in. With a digital meter, wider fuel tank, five-step adjustable suspension, tubeless tyres, and premium graphics, the Deluxe brings a new level of aspiration to the entry-level commuter. It's built for daily grind but crafted to look like it belongs to a higher bracket.
'In a segment that contributes to 20 per cent of the overall industry, we see huge potential," added Mathur. 'And the timing aligns perfectly with festive season demand."
Also watch: Honda CB 125 Hornet Walkaround In HD + Exhaust Note 🎧🎧
Honda CB125 Hornet: A style play for Gen Z
At the other end of the commuter spectrum is the 125cc category, where Honda already commands a 51 per cent market share as of Q1 FY25. The SP125 and Shine 125 have long been staples in this space, but consumer expectations have evolved.
'Young buyers no longer want just a motorcycle — they want an expression of identity," Mathur said. 'That's where the CB125 Hornet comes in. It is not only sporty but packed with tech and style features Gen Z cares about."
Golden USD forks, a 4.2-inch TFT digital cluster with Bluetooth connectivity, navigation, and distance-to-empty readouts, split seats, LED lighting — all rolled into a package that hits the sweet spot between performance and practicality. With a 0–60 kmph time of 5.4 seconds, it also brings real performance cred to the segment.
Mathur dismissed any fears of cannibalisation within Honda's portfolio, saying, 'These products will bring new customers. There's enough headroom in both 100cc and 125cc to grow without eating into existing volumes."
No rush, just relevance
Interestingly, HMSI's recent launches come at a time when India's two-wheeler industry is slowly but steadily recovering to its pre-COVID levels. Yet Honda has maintained a measured tone in its pursuit of leadership.
Tsutsumu Otani, President, CEO and Managing Director, Honda Motorcycle & Scooter India (HMSI), stated during the launch event that Honda contributed nearly 50 per cent of the industry's growth last fiscal year and that the brand's focus is on 'delivering value, not chasing numbers." Even so, with HMSI's current market share at 27 per cent, the ambition to close the gap with its former partner Hero MotoCorp is evident.
For Tsutsumu Otani, its more about delivering value than chasing numbers (Mohd Nasir for HT Auto)
'Leadership will be a byproduct of relevance," Mathur emphasised. 'If we stay in sync with what the Indian customer needs — be it in design, utility or aspiration — the numbers will follow."
Electrification and a multi-fuel future
Even as it reinforces its ICE playbook, Honda is in no tearing hurry on the electrification front. When senior members of its global two-wheeler leadership team visited India recently, the message was refreshingly candid. Minoru Kato, the head of the Motorcycle business at Honda Motor Company, did not mince words in describing the local EV two-wheeler market as 'stagnant" — a space propped up more by subsidies and fuel price anxiety than genuine consumer conviction.
Also Read : Honda to relook at its electric two-wheeler strategy as it finds Indian market stagnant
Honda debuted its electric two-wheelers — the Activa e with a swappable battery and the Honda QC1 with a fixed battery — earlier this year. The rollout has been phased, starting with Bengaluru and expanding to Delhi and Mumbai. 'We're still in the process of evaluating which battery approach works best for the Indian market," Otani said.
However, HMSI's road to carbon neutrality, which it plans to achieve by 2050, is not limited to EVs alone. The company is actively pursuing a multi-pathway strategy toward carbon neutrality. This highlights a focus on Flex-fuel technologies, which Honda has already positively executed in Brazil, with more than 7 million flex-fuel two-wheeled vehicles sold so far.
Yogesh Mathur stated that the company's vision is to give customers sustainable options without compromising performance or affordability (Mohd Nasir for HT Auto)
The company has launched its first ethanol-compatible motorcycle in India - the Honda CB300F Flex Fuel - and is now working with governments to clarify policies and incentives around bioethanol-based mobility solutions.
Mathur echoed this broader outlook, stating, 'We are not betting on a single technology. Whether it's EVs, ICE or flex-fuel, our vision is to give customers sustainable options without compromising performance or affordability."
The long game
In many ways, Honda's 2025 playbook reflects the balancing act many legacy automakers are attempting: doubling down on ICE where it still thrives, while preparing the ground — cautiously but firmly — for an electric and sustainable future.
As Otani succinctly put it during the event, 'This is not just about new products. It is about reinforcing Honda's role in India's mobility story — across segments, technologies, and generations."
For now, the Shine 100 Deluxe and CB125 Hornet may seem like modest moves. But in the vast chessboard of India's two-wheeler market, they are strategic placements, meant to consolidate territory and shape perception — one commuter, one aspirational rider at a time.
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Explore courses from Top Institutes in Please select course: Select a Course Category Degree Data Science Artificial Intelligence MBA MCA Healthcare PGDM Technology Management Data Analytics Leadership Digital Marketing Operations Management Project Management Public Policy CXO Design Thinking Cybersecurity Finance Others Data Science Product Management healthcare others Skills you'll gain: Data-Driven Decision-Making Strategic Leadership and Transformation Global Business Acumen Comprehensive Business Expertise Duration: 2 Years University of Western Australia UWA Global MBA Starts on Jun 28, 2024 Get Details From the mechanics of price sensitivity to strategy shifts for various investor profiles, Kaul offers a clear roadmap for navigating bond markets in a changing rate cycle. Edited Excerpts – Kshitij Anand: For investors, especially retail ones, could you give them a small masterclass on how rate cuts affect investor demand for different tenures of corporate bonds? 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For example, if a fund declares itself as PRC "A" on credit risk, that means the fund's average portfolio rating will be at least AAA at all times. If it's PRC "B," then the average rating must be at least AA. This gives the investor a clear sense of the maximum credit and duration risks associated with the fund—two of the most critical parameters when investing in fixed income. So, if you do nothing else, just look at the PRC classification. It gives you a reliable, forward-looking measure of the fund's risk profile. Kshitij Anand: Apart from that, looking at the industry more broadly—do you see the Indian bond market emerging as a relatively safe haven amid the global debt uncertainty? Gautam Kaul: Oh yes, absolutely. In fact, I'd say India is, if not unique, certainly one of the few economies that offers both macroeconomic stability and high yields. To give some context—long-term fixed income investors are primarily trying to preserve the purchasing power of their money. That means earning returns that beat inflation, which is the holy grail. Achieving that consistently requires macro stability: low fiscal deficit, low and stable inflation, and ideally a manageable current account deficit. India ticks all those boxes. Our current account deficit is low and stable. We're less exposed to tariffs compared to economies like Southeast Asia or China, which rely heavily on manufacturing exports. Our exports are predominantly services-based, which are more insulated from global tariff issues. Inflation is also well under control—lower than the RBI's forecast and well below its upper tolerance level. The government has been fiscally responsible, reducing the fiscal deficit year after year (except during the COVID period, where even then, spending was targeted and controlled). They've also committed to bringing down the debt-to-GDP ratio over time. These are exactly the metrics that any global fixed income allocator looks at. As a result, global investors have already started viewing India as a fixed income haven, even before our inclusion in the JP Morgan bond index. Just consider this example: If you compare two countries—one where the fiscal deficit is rising from 5.5% to 6.5-7%, and another where it's falling from 5.5% to 4.5%—you'd assume the latter is a developed market and the former an emerging one. But in India's case, it's the opposite. That speaks volumes about our policy strength. And all of this hasn't happened by accident—it's the result of deliberate, disciplined policy decisions. For a global fixed income allocator, this signals a stable environment with attractive returns. Another key point: foreign ownership of Indian government bonds is still quite low—even post JP Morgan inclusion, it's under 3%. For comparison, many other emerging markets have foreign ownership ranging between 5-15%. So yes, India offers an attractive macro landscape, a deep and growing market, and plenty of headroom for increased foreign participation. I believe we're well-positioned to become a preferred destination for global fixed income allocations. Kshitij Anand: Also, let me get your perspective on ESG — one of the key themes that has emerged in both equity and bond markets. Are investors assigning a valuation premium to companies issuing ESG-compliant bonds, and what is driving the growing popularity of these instruments? Gautam Kaul: ESG as a movement — and the market attached to it — has gained significant traction and momentum in the West. In India, we are still at a very early stage of the entire ESG investing platform. Even within our landscape, equity is where we are seeing more traction compared to fixed income. That said, we have seen some private corporates issuing ESG bonds. In fact, the Government of India also issues green bonds. So, there is a concerted effort, and of course, some demand for these instruments from specific segments. From a fixed income perspective, the market is still nascent and developing. Most of the demand for ESG bonds currently comes from foreign investors rather than domestic ones. I believe that as awareness grows, we could see ESG-dedicated funds in India as well — either from Indian or foreign investors — which could further drive investment in ESG bonds. There is great potential here, but we're still in the early days. Is the market paying a significant premium for ESG bonds? Selectively, yes. But it still needs to evolve into a more widespread and common practice. For instance, the government's borrowing cost for green bonds versus regular bonds isn't very different — perhaps just a 5-basis point premium. When green bonds were first introduced, our sense was that this premium — or "greenium," as it's called — could be much higher. That might still be the case in the future, given the early stage of the INR bond market.
