Two-Wheeler Sales July 2026: Hero Leads, TVS Surges 42%, Ather Doubles Volumes as Industry Grows 23%
India’s two-wheeler industry maintained strong momentum in July 2026, with the leading manufacturers collectively dispatching 19,23,483 units, compared with 15,69,120 units in July 2025. This translates into a healthy 22.6% year-on-year growth.
Sequentially too, the market remained positive. Dispatches increased from 18,51,400 units in June 2026 to 19,23,483 units in July, registering a 3.9% month-on-month improvement.
While Hero MotoCorp retained the No.1 position, the standout performances came from TVS Motor Company, Suzuki, Royal Enfield, Yamaha and electric two-wheeler makers Ather and River.
Two-Wheeler Dispatches – July 2026
Rank | OEM | July 2026 | July 2025 | YoY Growth | June 2026 | MoM Growth | July'26 MS |
1 | Hero | 5,01,403 | 4,12,397 | 21.6% | 5,02,890 | -0.3% | 26.07% |
2 | Honda | 4,76,436 | 4,66,331 | 2.2% | 4,68,956 | 1.6% | 24.77% |
3 | TVS | 4,37,394 | 3,08,720 | 41.7% | 4,11,014 | 6.4% | 22.74% |
4 | Bajaj Auto | 1,65,747 | 1,39,279 | 19.0% | 1,66,956 | -0.7% | 8.62% |
5 | Suzuki | 1,23,216 | 96,029 | 28.3% | 91,264 | 35.0% | 6.41% |
6 | Royal Enfield | 1,05,317 | 76,254 | 38.1% | 1,02,930 | 2.3% | 5.48% |
7 | Yamaha | 72,579 | 50,365 | 44.1% | 66,573 | 9.0% | 3.77% |
8 | Ather | 31,044 | 15,096 | 105.6% | 31,063 | -0.1% | 1.61% |
9 | River | 6,039 | 1,853 | 225.9% | 5,217 | 15.8% | 0.31% |
10 | Piaggio | 3,608 | 2,522 | 43.1% | 3,741 | -3.6% | 0.19% |
11 | Kawasaki | 526 | 192 | 174.0% | 625 | -15.8% | 0.03% |
12 | Triumph | 174 | 82 | 112.2% | 171 | 1.8% | 0.01% |
Total | Two-Wheelers | 19,23,483 | 15,69,120 | 22.6% | 18,51,400 | 3.9% | — |
Hero MotoCorp remained India’s largest two-wheeler manufacturer by dispatches in July 2026 with 5,01,403 units. The company posted a strong 21.6% YoY growth from 4,12,397 units in July 2025. However, volumes remained almost flat sequentially, declining marginally by 0.3% from 5,02,890 units in June.
Honda recorded dispatches of 4,76,436 units, up just 2.2% YoY from 4,66,331 units.
Month-on-month performance was somewhat better, with volumes increasing 1.6% from 4,68,956 units in June.
TVS Motor Company was arguably the biggest story among the three largest manufacturers. The company dispatched 4,37,394 two-wheelers, compared with 3,08,720 units during July last year, translating into an impressive 41.7% YoY growth. TVS also registered 6.4% MoM growth, increasing from 4,11,014 units in June.
Bajaj Auto dispatched 1,65,747 units during July, up 19% YoY from 1,39,279 units.
Sequentially, however, volumes dipped 0.7%. With the overall two-wheeler market growing faster than Bajaj, its market share edged down from 8.88% to 8.62%, a decline of 0.26 percentage points.
Suzuki delivered one of July's strongest sequential performances. Dispatches increased to 1,23,216 units, compared with 96,029 units last year – a 28.3% YoY increase.
Royal Enfield registered another strong month, dispatching 1,05,317 motorcycles.
Volumes increased 38.1% YoY from 76,254 units, while sequential growth stood at 2.3%.
Yamaha dispatched 72,579 units, recording an impressive 44.1% YoY increase from 50,365 units. The company also delivered healthy sequential growth of 9% over June 2026.
Electric two-wheeler manufacturer Ather Energy continued its rapid expansion.
Ather dispatched 31,044 units during July 2026, compared with just 15,096 units during July last year.
River recorded the highest percentage growth. Dispatches increased from just 1,853 units in July 2025 to 6,039 units in July 2026, translating into a remarkable 225.9% YoY growth.
\Piaggio dispatched 3,608 units, registering 43.1% YoY growth, although volumes fell 3.6% sequentially.
Kawasaki recorded 526 units, up a substantial 174% YoY, while declining 15.8% compared with June.
Triumph recorded 174 units, representing 112.2% YoY growth and a modest 1.8% sequential improvement.
July 2026 Market Share – Top Manufacturers
The competitive landscape is becoming particularly interesting among India's three largest two-wheeler manufacturers:
Hero MotoCorp – 26.07%
Honda – 24.77%
TVS – 22.74%
Only 3.33 percentage points now separate Hero and TVS, despite Hero occupying first position and TVS third. More importantly, while Hero's share remained broadly stable, TVS gained more than three percentage points and Honda lost nearly five percentage points compared with July last year. This indicates a significant reshuffling within the top end of India's two-wheeler market.
AutoPunditz Take
July 2026 was not merely another strong month for India's two-wheeler industry – the numbers also point towards a noticeable shift in competitive positioning. At 19.23 lakh units, dispatches were up nearly 23% year-on-year, suggesting strong underlying demand as the industry heads deeper into FY2027.
The biggest development is clearly TVS Motor Company's rapid rise. A 42% increase on a base exceeding three lakh units is significant, and its market share has consequently climbed from 19.67% to 22.74%. With Honda at 24.77%, the gap between India's second and third-largest players has become considerably smaller. Hero remains the leader, but its 26.07% share means the top three manufacturers are now packed within a remarkably narrow band.
At the same time, Royal Enfield crossing one lakh units, Suzuki's 35% sequential surge and Yamaha's 44% YoY growth show that growth is not restricted to the biggest manufacturers. The other important trend is electrification. Ather more than doubled its dispatches while River grew over three-fold, indicating that electric two-wheelers are gradually building meaningful scale alongside conventional ICE motorcycles and scooters.
If the current trajectories continue, the battle between Hero, Honda and TVS, along with the expanding presence of electric OEMs, could make FY2027 one of the most competitive periods India's two-wheeler industry has seen in recent years.
