India’s two-wheeler industry made a strong start to calendar year 2026 as the top 6 OEMs reported healthy growth in domestic sales, exports and overall volumes in January 2026. Improved rural demand, steady urban recovery and strong export traction helped the industry register year-on-year as well as month-on-month growth.
Domestic sales: Hero and Honda ahead, TVS gains momentum
Domestic two-wheeler sales of the top 6 OEMs stood at 18,31,853 units in January 2026, up 26.39% from 14,49,400 units sold in January 2025. Month-on-month, domestic volumes increased by 25.03% to 14,65,139 units in December 2025.
Hero MotoCorp maintained its lead in the domestic market with 5,20,208 units, registering a growth of 26.15% year-on-year and gaining 28.40% market share. Honda Motorcycle & Scooter India trailed with 5,19,579 units, registering a higher YoY growth of 28.94%, almost equal to Hero’s market share of 28.36%.
TVS Motor Company continued its strong performance with sales of 3,83,262 units, up 30.42% year-on-year, while Bajaj Auto recorded sales of 2,14,727 units, up 25.35% year-on-year. Suzuki Motorcycle India and Royal Enfield recorded more moderate growth with domestic sales of 1,00,296 units and 93,781 units respectively.
Export: Bajaj and TVS dominate foreign markets
Two-wheeler exports of the top 6 reached 4,31,027 units in January 2026, growing 21.60% year-on-year compared to January 2025. However, exports declined marginally by 0.86% MoM from December 2025 levels. Bajaj Auto remained the largest exporter with 1,91,568 units, accounting for a leading share of 44.44% and a growth of 21.93% YoY.
TVS Motor Company stood second with 1,10,933 units, up 18.25% YoY, although it saw a MoM decline. Honda posted strong export growth of 30.96% YoY with 54,832 units, while Hero MotoCorp exported 37,663 units, registering a growth of 23.51% YoY. Suzuki and Royal Enfield contributed small but steady export volumes.
Total Sales: Honda leads overall
Combining domestic and export numbers, total two-wheeler sales in January 2026 stood at 22,62,880 units, showing a solid growth of 25.45% YoY and 19.11% MoM growth. Honda emerged as the overall market leader with 5,74,411 units, growing 29.13% year-on-year and accounting for 25.38% share.
Hero MotoCorp stood second with 5,57,871 units, while TVS Motor Company stood third with 4,94,195 units, registering a YoY growth of 27.48%. Bajaj Auto recorded total sales of 4,06,295 units, while Suzuki and Royal Enfield continued to show steady growth trajectory, led by improving demand in both domestic and export markets.
Industry Outlook
The strong performance in January 2026 highlights a broad-based recovery for the two-wheeler industry, supported by improved consumer sentiment, festive carryover demand and export stability. With several new launches and continued focus on electric and premium segments, the industry momentum is expected to remain positive in the coming months.
