| Two-Wheeler OEM | Jan '26 | Market Share (%) Jan '26 | Jan '25 | Market Share (%) Jan '25 |
|---|---|---|---|---|
| HERO MOTOCORP LTD | 4,92,167 | 26.56% | 4,11,529 | 26.83% |
| HONDA MOTORCYCLE AND SCOOTER INDIA (P) LTD | 4,72,938 | 25.52% | 3,74,474 | 24.42% |
| TVS MOTOR COMPANY LTD | 3,64,241 | 19.66% | 2,88,742 | 18.83% |
| BAJAJ AUTO GROUP | 1,95,752 | 10.56% | 1,74,414 | 11.37% |
| BAJAJ AUTO LTD | 1,95,752 | 10.56% | 1,74,414 | 11.37% |
| CHETAK TECHNOLOGY LIMITED | - | 0.00% | - | 0.00% |
| ROYAL-ENFIELD (UNIT OF EICHER LTD) | 1,06,398 | 5.74% | 78,730 | 5.13% |
| SUZUKI MOTORCYCLE INDIA PVT LTD | 98,899 | 5.34% | 88,892 | 5.80% |
| INDIA YAMAHA MOTOR PVT LTD | 64,399 | 3.48% | 58,359 | 3.81% |
| ATHER ENERGY LTD | 21,999 | 1.19% | 13,097 | 0.85% |
| OLA ELECTRIC TECHNOLOGIES PVT LTD | 7,516 | 0.41% | 24,413 | 1.59% |
| GREAVES ELECTRIC MOBILITY PVT LTD | 5,337 | 0.29% | 3,613 | 0.24% |
| CLASSIC LEGENDS PVT LTD | 4,940 | 0.27% | 2,839 | 0.19% |
| PIAGGIO VEHICLES PVT LTD | 2,939 | 0.16% | 2,806 | 0.18% |
| RIVER MOBILITY PVT LTD | 2,587 | 0.14% | 611 | 0.04% |
| BGAUSS AUTO PRIVATE LIMITED | 2,477 | 0.13% | 1,451 | 0.09% |
| Others Including EV | 10,281 | 0.55% | 9,586 | 0.63% |
| Total | 18,52,870 | 100% | 15,33,556 | 100% |
India’s two-wheeler market grew by over 20.8 percent YoY in January 2026, adding nearly 3.2 lakh extra units compared to January 2025, and this growth was driven almost entirely by the top three OEMs. Hero MotoCorp added 80,638 units YoY, but its market share slipped by 0.27 percentage points, meaning Hero grew slower than the market, mainly due to pressure in entry-level commuter bikes. Honda was the biggest winner, adding 98,464 units and gaining 1.1 percentage points of market share, largely on the back of Activa, Shine and SP series volumes.
TVS posted the fastest growth among large OEMs, adding 75,499 units and expanding share by 0.83 points, helped by strong Raider 125, Jupiter and iQube demand. Bajaj Auto grew volumes by 21,338 units, but lost 0.81 points of share, showing continued weakness in domestic commuters despite Pulsar support. R
oyal Enfield grew 35 percent YoY, adding 27,668 units, clearly benefiting from sustained demand for 350 cc models. In EVs, Ather nearly doubled volumes and improved share, while Ola Electric lost over 16,800 units YoY, with market share collapsing from 1.59 percent to 0.41 percent, making it the biggest loser in absolute and relative terms.
Source- FADA
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