Three-Wheeler Retail Sales Grow 16.2% in June 2026: Mahindra, TVS Outpace Market While Bajaj Retains Leadership

India's three-wheeler retail market continued its positive momentum in June 2026, with registrations rising to 1,20,889 units, compared to 1,04,035 units in June 2025, reflecting a healthy 16.2% year-on-year (YoY) growth. The latest retail registration data released by FADA (Federation of Automobile Dealers Associations) highlights robust demand across passenger and cargo three-wheelers, supported by urban mobility, last-mile connectivity, and increasing EV adoption.

While Bajaj Auto comfortably retained its leadership position, Mahindra and TVS Motor emerged as the biggest gainers in terms of market share.

Three-Wheeler OEM Market Share – June 2026

Rank	OEM	June 2026 Retail Sales	Market Share	June 2025 Retail Sales	YoY Growth
1	Bajaj Auto	40,883	33.82%	39,058	+4.7%
2	Mahindra & Mahindra*	13,439	11.12%	7,952	+69.0%
3	Piaggio Vehicles	8,887	7.35%	6,747	+31.7%
4	TVS Motor	6,408	5.30%	3,778	+69.6%
5	Atul Auto	2,863	2.37%	2,312	+23.8%
6	YC Electric Vehicle	2,360	1.95%	3,298	-28.4%
7	Dilli Electric Auto	1,774	1.47%	1,674	+6.0%
8	Saera Electric Auto	1,639	1.36%	2,006	-18.3%
9	Mini Metro EV	1,228	1.02%	1,029	+19.3%
-	Others (including EVs)	41,408	34.25%	36,181	+14.4%
Total	Industry	1,20,889	100%	1,04,035	+16.2%

*Includes Mahindra Last Mile Mobility.

• Bajaj Auto remained India's largest three-wheeler manufacturer with 40,883 retail registrations, 33.82% market share,4.7% YoY growth. Although volumes increased, Bajaj's market share declined from 37.54% last year to 33.82%, indicating faster growth among competitors.

• Mahindra registered an impressive comeback in the segment. Retail sales surged to 13,439 units, market share increased from 7.64% to 11.12%, volumes jumped by nearly 69% YoY. The growth was largely driven by Mahindra Last Mile Mobility, which continues to strengthen its electric three-wheeler portfolio across passenger and cargo applications.

• TVS Motor delivered one of the strongest performances among major OEMs. Sales rose from 3,778 to 6,408 units, market share improved from 3.63% to 5.30%, retail volumes increased nearly 70% YoY. The company continues expanding its presence in both conventional and electric three-wheeler categories.

• Piaggio Vehicles posted another healthy month. 8,887 units retailed, 31.7% YoY growth, market share improved to 7.35%. Its strong presence in premium cargo and passenger three-wheelers continues to support growth.

• Among electric three-wheeler manufacturers, performance remained varied. Positive performers were Mini Metro EV: +19.3% and Dilli Electric Auto: +6%.

  Whereas brands witnessing decline were YC Electric Vehicle: -28.4% and Saera Electric Auto: -18.3%. The data suggests increasing competition within India's electric three-wheeler ecosystem, with larger established OEMs gradually capturing a bigger share of the EV market.

India's three-wheeler retail market grew 16.2% YoY in June 2026. Bajaj Auto remained the market leader, while Mahindra and TVS emerged as the fastest-growing OEMs.

Auto Punditz Analysis

The June 2026 retail data highlights a healthy and expanding three-wheeler market, fuelled by rising demand for last-mile mobility, e-commerce logistics, and urban passenger transport.

While Bajaj Auto continues to dominate the segment, Mahindra and TVS Motor are rapidly narrowing the gap with aggressive product expansion, particularly in electric mobility. Piaggio also continues to strengthen its foothold with consistent growth.

Another notable takeaway is that the 'Others' category still accounts for over one-third of the market (34.25%), reflecting the fragmented nature of India's three-wheeler industry and the presence of numerous regional and EV-focused manufacturers.

As electrification accelerates and fleet operators increasingly adopt zero-emission vehicles, competition in the three-wheeler segment is expected to intensify further during the remainder of FY2026-27.