India's Three-Wheeler Market Witnesses Strong 29% Growth in February 2026; TVS Shines with 91% YoY Surge

The domestic three-wheeler industry in India showcased robust performance in February 2026, recording a solid double-digit growth. Total domestic dispatches stood at 74,573 units, up from 57,788 units in February 2025, registering a healthy year-on-year (YoY) growth of 29.0%.

While the overall pie expanded significantly, the competitive landscape saw some interesting shifts in market share, with traditional heavyweights maintaining their lead and challengers clocking impressive growth rates.

Here is a detailed breakdown of the OEM-wise domestic dispatch data for February 2026:

OEM Performance Highlights

• Bajaj Auto's Unshakable Lead: Bajaj Auto continues to be the undisputed king of the three-wheeler segment, dispatching 46,417 units in February 2026 compared to 37,274 units last year. While this translates to a commendable 24.5% YoY growth, the OEM's overall market share took a slight hit, dropping by 2.26% to settle at 62.24%.

• Piaggio Holds Steady at Number Two: Piaggio retained its second-place position with 9,798 units dispatched, growing by 29.3% YoY. The company managed to keep its market share nearly identical to last year's, holding firm at 13.14%.

• Mahindra & Mahindra (M&M) Closes the Gap: M&M recorded a strong month with 9,190 units dispatched, trailing Piaggio by just over 600 units. Their impressive 43.7% YoY growth helped them expand their market share by 1.26%, bringing it to 12.32%.

• TVS Motor Company Steals the Show: The standout performer of the month was undoubtedly TVS. With dispatches of 5,569 units, up from just 2,911 units in February 2025, TVS registered a massive 91.3% YoY growth. This surge allowed them to gain the highest market share among all OEMs, jumping from 5.04% to 7.47% (+2.43%).

• Atul Auto Stays the Course: Atul Auto saw consistent growth, dispatching 2,940 units (+24.6% YoY). However, their market share saw a very marginal dip of 0.14%.

• Struggles at the Bottom: It was a challenging month for Baxy Mobility and Montra Electric. Baxy saw a sharp decline of 62.3%, dropping to just 280 units. Similarly, Montra Electric's dispatches fell by 49.0% to 270 units.

• EKA Mobility made an appearance on the charts with 109 units dispatched in February 2026, capturing a 0.15% share of the market.

Domestic Dispatches Data Table - February 2026

Rank	Three Wheeler OEM	Feb '26	Feb '25	Growth (%)	Feb '26 MS	Feb '25 MS	MS Diff
1	Bajaj Auto	46,417	37,274	24.5%	62.24%	64.50%	-2.26%
2	Piaggio	9,798	7,576	29.3%	13.14%	13.11%	0.03%
3	M&M	9,190	6,395	43.7%	12.32%	11.07%	1.26%
4	TVS	5,569	2,911	91.3%	7.47%	5.04%	2.43%
5	Atul Auto	2,940	2,360	24.6%	3.94%	4.08%	-0.14%
6	Baxy Mobility	280	743	-62.3%	0.38%	1.29%	-0.91%
7	Montra Electric	270	529	-49.0%	0.36%	0.92%	-0.55%
8	EKA Mobility	109	0	-	0.15%	0.00%	0.15%
Total	Three Wheelers	74,573	57,788	29.0%	100.00%	100.00%	-