India Two-Wheeler Sales October 2026: Registrations Fall 28.3% YoY to 23.21 Lakh; Honda Leads, TVS Gains Market Share
India's two-wheeler retail market recorded 23.21 lakh registrations in October 2026, down from 32.40 lakh units a year earlier. Honda retained its leadership, while Hero MotoCorp witnessed a significant decline. TVS Motor, Royal Enfield and Suzuki gained market share despite lower registrations.
India's two-wheeler industry witnessed a sharp year-on-year decline in October 2026, with total retail registrations falling 28.35% to 23,21,419 units, compared with 32,39,949 units in October 2025, according to the latest data released by the Federation of Automobile Dealers Associations (FADA).
The industry recorded a reduction of 9,18,530 registrations over the corresponding month last year, highlighting the impact of a particularly high comparison base. Despite the overall contraction, the market witnessed notable changes in manufacturer rankings and market shares. Honda Motorcycle & Scooter India (HMSI) maintained its position as India's largest two-wheeler manufacturer by retail registrations, while Hero MotoCorp remained second.
TVS Motor strengthened its position in third place, increasing its market share by more than two percentage points. Royal Enfield, Suzuki Motorcycle India and Yamaha also improved their market shares despite registering lower volumes.
India Two-Wheeler Retail Sales – October 2026 vs October 2025
Manufacturer | Oct'26 | Oct'25 | YoY Growth |
Honda | 6,37,630 | 8,50,875 | -25.1% |
Hero MotoCorp | 5,98,433 | 10,06,796 | -40.6% |
TVS Motor | 5,72,347 | -19.9% | |
Bajaj Auto | 2,09,634 | 3,35,229 | -37.5% |
Royal Enfield | 1,23,982 | 1,54,563 | -19.8% |
Suzuki | 1,20,931 | 1,42,132 | -14.9% |
Yamaha | 79,001 | 94,769 | -16.6% |
Ather Energy | 31,833 | 30,246 | +5.2% |
Ola Electric | 12,098 | 16,439 | -26.4% |
Greaves Electric | 10,839 | 7,743 | +40.0% |
River Mobility | 6,817 | 1,823 | +273.9% |
Classic Legends | 5,943 | 7,500 | -20.8% |
BGauss Auto | 5,556 | 3,077 | +80.6% |
Piaggio | 4,021 | 3,916 | +2.7% |
Others including EV | 16,398 | 12,494 | +31.2% |
Total | 23,21,419 | 32,39,949 | -28.35% |
Source: FADA Research. Figures represent retail registrations, not manufacturer wholesale dispatches. YoY changes calculated from the supplied registration data.
October 2026 Two-Wheeler Market – Key Highlights
1. Honda Retains Leadership With 27.47% Market Share
Honda Motorcycle & Scooter India emerged as India's largest two-wheeler manufacturer in October 2026, recording 6,37,630 retail registrations.
Although registrations declined 25.1% from 8,50,875 units in October 2025, Honda outperformed the overall two-wheeler market in relative terms. Consequently, its market share increased from 26.26% to 27.47%, a gain of 1.21 percentage points. Honda maintained a lead of 39,197 registrations over Hero MotoCorp during the month.
The performance reinforces Honda's competitive position in the Indian two-wheeler market, particularly as the industry navigates a challenging year-on-year comparison.
2. Hero MotoCorp Registrations Decline 40.6%
Hero MotoCorp recorded 5,98,433 registrations in October 2026, compared with 10,06,796 units in October 2025. This represents a substantial decline of 40.6%, equivalent to 4,08,363 fewer registrations. Hero's market share contracted from 31.07% to 25.78%, a reduction of 5.29 percentage points. The manufacturer accounted for approximately 44.5% of the industry's total year-on-year registration decline. While Hero retained its position as India's second-largest two-wheeler manufacturer, the scale of its decline was considerably greater than that of Honda and TVS. Its performance will be an important indicator to monitor over the coming months, particularly as year-on-year comparisons normalise.
3. TVS Motor Strengthens Third Position, Gains 2.07 Percentage Points
TVS Motor registered 4,58,303 two-wheelers in October 2026, compared with 5,72,347 units a year earlier. Registrations declined 19.9%, substantially less than the industry's overall 28.35% contraction. As a result, TVS increased its market share from 17.67% in October 2025 to 19.74% in October 2026. This represents a gain of 2.07 percentage points, the largest market-share improvement among the seven leading manufacturers. TVS also narrowed its registration gap with Hero MotoCorp, from 4,34,449 units in October 2025 to 1,40,130 units in October 2026. The figures indicate that TVS has strengthened its relative competitive position despite the challenging retail environment.
4. Bajaj Auto Records 37.5% Decline, Market Share Falls Below 10%
Bajaj Auto registered 2,09,634 two-wheelers in October 2026, compared with 3,35,229 units during the corresponding month last year. This translates into a year-on-year decline of 37.5%. Bajaj's market share decreased from 10.35% to 9.03%, a contraction of 1.32 percentage points. The decline was steeper than the overall market, resulting in a weaker relative performance. Nevertheless, Bajaj retained fourth position in the two-wheeler retail rankings, with a substantial volume advantage over Royal Enfield and Suzuki.
5. Royal Enfield and Suzuki Gain Market Share Despite Lower Sales
Royal Enfield recorded 1,23,982 registrations in October 2026, down 19.8% from 1,54,563 units in October 2025. However, its market share improved from 4.77% to 5.34%, representing a gain of 0.57 percentage points. Suzuki Motorcycle India registered 1,20,931 units, compared with 1,42,132 units last year, marking a 14.9% decline. Suzuki's market share increased from 4.39% to 5.21%, a gain of 0.82 percentage points. Interestingly, Royal Enfield and Suzuki were separated by just 3,051 registrations in October 2026, making them two closely positioned manufacturers in the retail rankings. Suzuki recorded the smallest percentage decline among the seven leading conventional two-wheeler manufacturers, indicating relatively stronger resilience.
6. Yamaha Market Share Improves to 3.40%
India Yamaha Motor registered 79,001 units in October 2026 against 94,769 units in October 2025. While registrations declined 16.6%, Yamaha increased its market share from 2.93% to 3.40%, a gain of 0.47 percentage points. Yamaha's relatively smaller decline helped the company strengthen its position within the overall market.
7. Electric Two-Wheeler Manufacturers Show Mixed Performance
The electric two-wheeler manufacturers listed separately in FADA's OEM-wise data demonstrated significantly different growth trajectories. Ather Energy registered 31,833 units, up 5.2% from 30,246 units in October 2025. Its overall two-wheeler market share increased from 0.93% to 1.37%. Ola Electric, meanwhile, recorded 12,098 registrations, declining 26.4% from 16,439 units last year. Its overall market share remained broadly stable at 0.52%.
Among smaller electric two-wheeler manufacturers, River Mobility registered particularly strong growth, with registrations increasing from 1,823 units to 6,817 units, representing a 273.9% increase. BGauss Auto also delivered robust growth of 80.6%, reaching 5,556 registrations, while Greaves Electric Mobility grew 40.0% to 10,839 units.
These figures highlight the increasingly varied performance of India's electric two-wheeler manufacturers. However, this OEM-wise table should not be interpreted as a complete electric two-wheeler market ranking, and we have published it separately here.
8. October 2026 Market Share Comparison – Winners and Losers
Honda, Hero and TVS collectively accounted for 72.99% of India's two-wheeler registrations in October 2026, compared with 75.00% a year earlier.
The combined market share of the three largest manufacturers therefore declined by 2.01 percentage points, indicating a modest shift towards other manufacturers.
Auto Punditz Analysis – A Changing Competitive Landscape Despite Lower Registrations
India's two-wheeler retail performance in October 2026 highlights three important industry developments.
First, the sharp decline in registrations needs to be viewed against the exceptionally high October 2025 base. Total registrations fell by more than 9.18 lakh units year-on-year. However, monthly retail comparisons can be influenced by festive-season timing, making it important to evaluate October alongside September and the broader festive period before drawing conclusions about underlying demand.
Second, competitive positioning is changing. Honda retained leadership, while TVS, Suzuki, Royal Enfield and Yamaha gained market share despite lower registrations. Hero MotoCorp experienced the most significant market-share contraction among the major manufacturers, losing 5.29 percentage points. TVS Motor's performance is particularly noteworthy. Its market share approached 20%, while the gap with Hero MotoCorp narrowed substantially. Although Hero continues to hold second position, TVS is strengthening its competitive standing.
Third, electric two-wheeler manufacturers are following different growth trajectories. Ather, Greaves Electric, River and BGauss recorded positive growth, while Ola Electric witnessed a decline. This suggests that growth opportunities remain unevenly distributed across manufacturers.
The October data also demonstrates the importance of distinguishing retail registrations from wholesale dispatches. Manufacturers may report healthy factory dispatches even when corresponding retail registrations decline, particularly when dealer inventory levels and festive-season demand patterns differ.
Outlook
The immediate priority for the industry will be assessing whether October's sharp year-on-year decline represents primarily a calendar-related comparison effect or reflects broader demand weakness.
November registrations, combined September–October retail performance and dealer inventory trends, will provide a clearer picture. For now, Honda remains India's largest two-wheeler manufacturer by retail registrations, Hero retains second position, and TVS emerges as one of the strongest relative performers among major OEMs.
Data source: FADA Research, OEM-wise Two-Wheeler Market Share, October 2026. Data collated November 4, 2026, from 1,468 of 1,469 RTOs. Growth rates and market-share changes calculated from the supplied data.
