Two-Wheeler Sales September 2026: Dispatches Rise 13.5%; Hero Leads, Honda Gains Share
Two-wheeler dispatches across the manufacturers covered in this snapshot reached 24,63,103 units in September 2026, registering 13.5% year-on-year growth over 21,70,100 units in September 2025. Volumes also increased 21.1% month-on-month from 20,34,698 units in August 2026.
Hero MotoCorp retained the top position with over 7.39 lakh units, while Honda delivered the largest absolute annual volume increase. TVS remained firmly in third place, taking the combined share of the top three manufacturers to 75.44% of the reported total. Growth was broad-based: 11 of the 13 manufacturers recorded higher dispatches year-on-year. Bajaj Auto and Kawasaki were the exceptions.
Manufacturer-Wise Dispatches: September 2026
Rank | Manufacturer | Sep’26 | Sep’25 | YoY Growth | Aug’26 | MoM Growth |
1 | Hero MotoCorp | 7,39,432 | 6,47,591 | 14.2% | 5,42,305 | 36.3% |
2 | Honda | 6,36,768 | 5,05,693 | 25.9% | 5,17,329 | 23.1% |
3 | TVS | 4,82,073 | 4,13,279 | 16.6% | 4,33,796 | 11.1% |
4 | Bajaj Auto | 2,39,771 | 2,73,188 | -12.2% | 2,01,898 | 18.8% |
5 | Royal Enfield | 1,21,326 | 1,13,573 | 6.8% | 1,14,204 | 6.2% |
6 | Suzuki | 1,08,806 | 1,05,886 | 2.8% | 1,03,118 | 5.5% |
7 | Yamaha | 80,782 | 73,307 | 10.2% | 68,796 | 17.4% |
8 | Ather | 30,121 | 25,137 | 19.8% | 29,694 | 1.4% |
9 | Greaves Electric Mobility | 13,441 | 7,251 | 85.4% | 12,439 | 8.1% |
10 | River | 6,057 | 1,960 | 209.0% | 6,567 | -7.8% |
11 | Piaggio | 4,140 | 2,802 | 47.8% | 3,973 | 4.2% |
12 | Kawasaki | 260 | 368 | -29.3% | 502 | -48.2% |
13 | Triumph | 126 | 65 | 93.8% | 77 | 63.6% |
Total | 24,63,103 | 21,70,100 | 13.5% | 20,34,698 | 21.1% | |
Hero MotoCorp dispatched 7,39,432 units, up 14.2% YoY and 36.3% MoM. The company added 91,841 units over September 2025 and 1,97,127 units over August 2026. Its share of the reported dispatch total rose to 30.02%, an improvement of 0.18 percentage points year-on-year. Hero also widened its lead over Honda to 1,02,664 units, compared with 24,976 units in August.
Honda registered 6,36,768 units, growing 25.9% YoY and 23.1% MoM. The manufacturer added 1,31,075 units over September 2025—the largest absolute annual increase in this snapshot. This accounted for approximately 44.7% of the net year-on-year increase across the listed manufacturers. Honda’s market share climbed from 23.30% to 25.85%, a gain of 2.55 percentage points, the strongest share improvement in the table.
TVS recorded dispatches of 4,82,073 units, an increase of 16.6% YoY and 11.1% MoM. With annual growth exceeding the reported total’s 13.5% increase, TVS strengthened its share to 19.57%, up 0.53 percentage points. Its year-on-year volume addition stood at 68,794 units.
Bajaj Auto dispatched 2,39,771 units, down 12.2% YoY, although volumes improved 18.8% MoM. The sequential recovery helped Bajaj retain fourth position, but its annual decline contrasted with growth among the three manufacturers ahead of it. Market share fell to 9.73%, a reduction of 2.85 percentage points from September 2025.
Royal Enfield registered 1,21,326 units, up 6.8% YoY and 6.2% MoM. Its share stood at 4.93%, down 0.31 percentage points.
Suzuki recorded 1,08,806 units, growing 2.8% YoY and 5.5% MoM. Its share declined by 0.46 percentage points to 4.42%.
Yamaha dispatched 80,782 units, delivering 10.2% annual growth and a 17.4% sequential increase. Its share eased to 3.28%, down 0.10 percentage points.
Ather’s dispatches reached 30,121 units, up 19.8% YoY and 1.4% MoM, taking its share to 1.22%.
Greaves Electric Mobility recorded 13,441 units, increasing 85.4% YoY and 8.1% MoM. Its share improved to 0.55%.
River posted the highest annual growth rate among the listed manufacturers at 209.0%, with dispatches rising to 6,057 units from 1,960 units. However, volumes declined 7.8% from August, highlighting a softer sequential performance despite the strong annual comparison.
Piaggio dispatched 4,140 units, up 47.8% YoY and 4.2% MoM.
Kawasaki recorded 260 units, declining 29.3% YoY and 48.2% MoM.
Triumph’s reported volume rose to 126 units, up 93.8% YoY and 63.6% MoM, albeit from a small base. The figure is presented within the supplied reporting scope and should not be interpreted as a separately verified brand-wide total.
Market Share: September 2026 vs September 2025
Manufacturer | Sep’26 Share | Sep’25 Share | Change (percentage points) |
Hero MotoCorp | 30.02% | 29.84% | +0.18 |
Honda | 25.85% | 23.30% | +2.55 |
TVS | 19.57% | 19.04% | +0.53 |
Bajaj Auto | 9.73% | 12.59% | -2.85 |
Royal Enfield | 4.93% | 5.23% | -0.31 |
Suzuki | 4.42% | 4.88% | -0.46 |
Yamaha | 3.28% | 3.38% | -0.10 |
Ather | 1.22% | 1.16% | +0.06 |
Greaves Electric Mobility | 0.55% | 0.33% | +0.21 |
River | 0.25% | 0.09% | +0.16 |
Piaggio | 0.17% | 0.13% | +0.04 |
Kawasaki | 0.01% | 0.02% | -0.01 |
Triumph | 0.01% | 0.00% | +0.00 |
Auto Punditz Take
September’s dispatch numbers show a strong increase in volumes, with Hero, Honda and TVS reinforcing their combined position. Hero led on scale and delivered a sharp monthly rebound, while Honda stood out for its annual volume addition and market-share gain. TVS also grew faster than the reported total.
Bajaj’s year-on-year contraction remains a key development to track despite its sequential recovery. Meanwhile, River and Greaves delivered strong percentage gains from smaller bases.
The distinction between dispatches and retail sales remains essential. Higher manufacturer dispatches indicate increased supply into the sales channel; retail registrations and dealer inventory data would be needed to assess how closely this increase matched end-customer demand.
