Two-Wheeler Sales May 2026: Industry Grows 15% YoY; Hero Leads, TVS Gains Share, Yamaha & Ather Shine
- Team Autopunditz
- 4 minutes ago
- 3 min read
India’s two-wheeler industry continued its positive momentum in May 2026, with total dispatches crossing 19 lakh units. The sector registered a healthy 14.8% year-on-year growth, rising from 16,57,116 units in May 2025 to 19,02,209 units in May 2026.
On a month-on-month basis, the industry grew modestly by 1.6%Â compared to 18,71,406 units dispatched in April 2026, indicating stable demand after the strong summer retail push.
Two-Wheeler Dispatches May 2026: OEM-Wise Ranking
Rank | OEM | May 2026 Dispatches | YoY Growth | MoM Growth | May 2026 Market Share |
1 | Hero MotoCorp | 5,36,784 | 9.8% | 0.8% | 28.22% |
2 | Honda | 4,59,611 | 10.2% | -5.2% | 24.16% |
3 | TVS | 3,84,565 | 24.3% | 10.3% | 20.22% |
4 | Bajaj Auto | 2,09,528 | 9.5% | -0.3% | 11.01% |
5 | Suzuki | 1,10,028 | 2.1% | 12.3% | 5.78% |
6 | Royal Enfield | 94,115 | 24.1% | -9.6% | 4.95% |
7 | Yamaha | 72,821 | 58.0% | 7.1% | 3.83% |
8 | Ather | 26,857 | 66.8% | 17.6% | 1.41% |
9 | River | 3,977 | 234.5% | 38.2% | 0.21% |
10 | Piaggio | 3,468 | 29.0% | 2.6% | 0.18% |
11 | Kawasaki | 366 | -17.2% | 85.8% | 0.02% |
12 | Triumph | 89 | 45.9% | -39.9% | 0.00% |
Hero MotoCorp remained India’s largest two-wheeler manufacturer in May 2026 with dispatches of 5,36,784 units. The company posted a 9.8% YoY growth over 4,88,997 units in May 2025.
Honda maintained its second position with 4,59,611 units dispatched in May 2026, compared to 4,17,250 units in May 2025. This translated into a 10.2% YoY growth. However, Honda’s MoM performance was weaker, with dispatches declining 5.2% from 4,84,972 units in April 2026. Its market share also slipped from 25.18% to 24.16%.
TVS Motor Company was one of the strongest performers among large OEMs in May 2026. The company dispatched 3,84,565 units, up from 3,09,287 units in May 2025. This represents a robust 24.3% YoY growth. TVS improved its share from 18.66% in May 2025 to 20.22% in May 2026. This was the highest market share improvement among the top five two-wheeler manufacturers.
Bajaj Auto dispatched 2,09,528 units in May 2026, compared to 1,91,412 units in May 2025. The company recorded a 9.5% YoY growth. However, on a month-on-month basis, Bajaj was almost flat, registering a marginal 0.3% decline from 2,10,063 units in April 2026.
Suzuki dispatched 1,10,028 units in May 2026, compared to 1,07,780 units in May 2025. The company recorded a modest 2.1% YoY growth. However, Suzuki showed strong sequential improvement, growing 12.3% MoM from 98,004 units in April 2026.
Royal Enfield dispatched 94,115 units in May 2026, up from 75,820 units in May 2025. This resulted in a strong 24.1% YoY growth. However, the company saw a 9.6% MoM decline compared to 1,04,129 units in April 2026. Despite the monthly drop, Royal Enfield’s market share improved from 4.58% to 4.95%.
Yamaha was one of the biggest gainers in May 2026. The company dispatched 72,821 units, up from 46,086 units in May 2025. This translated into an impressive 58% YoY growth.
Ather dispatched 26,857 units in May 2026, compared to 16,103 units in May 2025. The EV manufacturer posted a strong 66.8% YoY growth.
River recorded the highest percentage growth in the table, dispatching 3,977 units in May 2026 compared to 1,189 units in May 2025. This resulted in a massive 234.5% YoY growth. The company also grew 38.2% MoM, up from 2,878 units in April 2026. Its market share rose from 0.07% to 0.21%. While River’s volumes remain small compared to legacy OEMs, its growth trajectory is worth watching in the electric scooter segment.
Piaggio dispatched 3,468 units in May 2026, registering 29% YoY growth and 2.6% MoM growth. Its market share remained largely stable at 0.18%.
Kawasaki dispatched 366 units, down 17.2% YoY, though it showed a sharp 85.8% MoM growth over April 2026.
Triumph dispatched 89 units in May 2026, up 45.9% YoY, but down 39.9% MoM.
Key Takeaways
The Indian two-wheeler industry recorded a strong 14.8% YoY growth in May 2026, supported by broad-based demand across commuter motorcycles, scooters, premium motorcycles, and electric two-wheelers.
Hero MotoCorp remained the clear market leader, while Honda retained second position. However, both lost market share as their growth remained below the industry average. TVS was the standout performer among the top OEMs, gaining market share and crossing the 20% share mark. Yamaha and Ather also delivered strong growth, while River emerged as the fastest-growing smaller OEM.
Overall, May 2026 reflects a healthy two-wheeler market, but with a visible shift in competitive dynamics. Legacy leaders continue to dominate volumes, but challengers such as TVS, Yamaha, Ather, and River are growing faster and gaining share.