Two-Wheeler Retail Sales May 2026: Market grows 7.5% YoY; Hero leads, TVS and Ather gain share

India’s two-wheeler retail market registered healthy growth in May 2026, with total retail sales standing at 18,44,947 units, compared to 17,15,581 units in May 2025. This translates to a YoY growth of 7.5%, adding nearly 1.29 lakh units over the same month last year.

There an interesting shift in market share as per the report published by FADA. While Hero MotoCorp continued to lead the market, its share declined year-on-year. On the other hand, Honda, TVS, Yamaha and Ather gained share, indicating stronger traction across scooters, motorcycles and electric two-wheelers.

OEM-wise Two-Wheeler Retail Sales: May 2026 vs May 2025

OEM	May 2026 Sales	May 2025 Sales	YoY Growth	Market Share May 2026	Market Share May 2025
Hero MotoCorp	5,17,951	5,07,323	2.1%	28.07%	29.57%
Honda Motorcycle & Scooter India	4,52,420	4,13,597	9.4%	24.52%	24.11%
TVS Motor Company	3,56,352	3,19,518	11.5%	19.32%	18.62%
Bajaj Auto Group	1,97,738	1,93,944	2.0%	10.72%	11.30%
Suzuki Motorcycle India	97,885	93,114	5.1%	5.31%	5.43%
Royal Enfield	84,480	81,672	3.4%	4.58%	4.76%
India Yamaha Motor	60,625	52,041	16.5%	3.29%	3.03%
Ather Energy	28,240	14,101	100.3%	1.53%	0.82%
Ola Electric	15,141	18,967	-20.2%	0.82%	1.11%
Greaves Electric Mobility	7,695	4,325	77.9%	0.42%	0.25%
Classic Legends	4,447	2,190	103.1%	0.24%	0.13%
River Mobility	3,720	1,078	245.1%	0.20%	0.06%
Bgauss Auto	3,297	1,082	204.7%	0.18%	0.06%
Piaggio Vehicles	3,056	2,564	19.2%	0.17%	0.15%
Others Including EV	11,900	10,065	18.2%	0.65%	0.59%
Total	18,44,947	17,15,581	7.5%	100%	100%

• Hero MotoCorp retained its leadership position in May 2026 with 5,17,951 units, up from 5,07,323 units in May 2025. The company grew by 2.1% YoY, adding around 10,628 units. However, Hero’s market share declined from 29.57% in May 2025 to 28.07% in May 2026, a drop of 150 basis points. This suggests that while Hero’s volumes improved, the overall two-wheeler market grew faster than the brand.

• Honda Motorcycle & Scooter India recorded retail sales of 4,52,420 units in May 2026, compared to 4,13,597 units a year earlier. This marks a 9.4% YoY growth, adding 38,823 units. Honda’s market share improved from 24.11% to 24.52%, gaining 41 basis points YoY.

• TVS Motor Company was one of the strongest performers among the top two-wheeler OEMs. The company retailed 3,56,352 units in May 2026, up from 3,19,518 units in May 2025.

• Bajaj Auto Group recorded retail sales of 1,97,738 units in May 2026, compared to 1,93,944 units in May 2025. The company posted a modest 2.0% YoY growth.

• Suzuki Motorcycle India retailed 97,885 units in May 2026, up from 93,114 units last year. The company grew by 5.1% YoY, though its market share marginally declined from 5.43% to 5.31%.

• Royal Enfield recorded 84,480 units, compared to 81,672 units in May 2025, registering 3.4% YoY growth. Its market share slipped slightly from 4.76% to 4.58%.

• India Yamaha Motor delivered a stronger performance with 60,625 units, up from 52,041 units last year. Yamaha grew by 16.5% YoY, and its market share improved from 3.03% to 3.29%.

• The electric two-wheeler space showed mixed trends. Ather Energy emerged as a major gainer, retailing 28,240 units in May 2026 compared to 14,101 units in May 2025. This represents a sharp 100.3% YoY growth, effectively doubling its volumes. Ather’s market share also improved from 0.82% to 1.53%, a gain of 71 basis points.

• In contrast, Ola Electric retailed 15,141 units, down from 18,967 units in May 2025. This reflects a 20.2% YoY decline, with market share falling from 1.11% to 0.82%.

• Greaves Electric Mobility sold 7,695 units, up 77.9% YoY from 4,325 units. Its market share improved from 0.25% to 0.42%.

• Classic Legends grew from 2,190 units to 4,447 units, recording 103% YoY growth.

• River Mobility saw one of the sharpest increases, rising from 1,078 units to 3,720 units, a growth of 245% YoY.

• Bgauss Auto also posted strong growth, moving from 1,082 units to 3,297 units, up 204.7% YoY.

India’s two-wheeler retail sales grew 7.5% YoY in May 2026 to 18.45 lakh units, with Hero MotoCorp leading the market.

Key takeaways

The Indian two-wheeler retail market remained positive in May 2026, growing 7.5% YoY. The top three OEMs — Hero, Honda and TVS — together accounted for nearly 72% of the total market.

Hero continued to lead, but its share declined. Honda and TVS strengthened their positions, with TVS gaining the most share among the top mainstream two-wheeler OEMs. Yamaha also delivered a notable growth performance.

The EV segment was more dynamic. Ather doubled its volumes and gained significant market share, while Ola Electric saw a YoY decline. Smaller EV players such as River Mobility, Bgauss and Greaves Electric Mobility also showed strong growth, indicating increasing fragmentation and competition in the electric two-wheeler space. Overall, May 2026 was a growth month for the two-wheeler industry, but the market share movement suggests that competition is intensifying across both ICE and EV segments.