SIAM 2026: India Sells 23.8 Lakh Vehicles, Led by a 26% Two-Wheeler Surge

All three major vehicle segments posted their highest-ever January sales figures, according to data released today by the Society of Indian Automobile Manufacturers (SIAM). Combined domestic sales across passenger vehicles, three-wheelers, and two-wheelers reached 23,80,722 units in January 2026, up 23% from 19,35,696 units in January 2025.

Segment-wise, passenger vehicles came in at 4,49,616 units (up 12.6%), three-wheelers at 75,725 units (up 30.2%), and two-wheelers at 19,25,603 units (up 26.2%). For the April–January 2025-26 period, cumulative domestic sales across all segments grew by 7.6% year to date.

"The new year has begun on a positive note, extending the strong momentum seen in the previous quarter, supported by sustained demand following the GST rate reduction. The initiatives announced in the Union Budget 2026 to strengthen India's manufacturing base, along with existing policy tailwinds, are expected to deliver long-term benefits for the sector and support growth in the medium term," said Rajesh Menon, Director General, SIAM.

Passenger Vehicles: Maruti, Mahindra, Hyundai Hold the Podium

Passenger vehicle sales added 50,230 units over the same month last year. Although the total includes Tata Motors' volumes, the company's monthly breakup is not published by SIAM. Stripped of Tata Motors, the comparable industry figure stands at 3,79,394 units in January 2026 against 3,51,310 units in January 2025, a nearly 8% rise, and is the benchmark against which individual manufacturer shares in the table below should be read.

Maruti Suzuki moved 1,74,529 units, holding a 38.8% share of the total market. Mahindra & Mahindra posted 63,510 units, a near 25% jump over its January 2025 tally, for a 14.1% share, reflecting continued demand for its SUV-heavy portfolio. Hyundai Motor India came in third at 59,107 units and a 13.2% share.

On exports, Maruti shipped 50,716 units in January alone, nearly double what it exported in the same month a year ago, underlining India's expanding role as a global small-car manufacturing base.

Market share calculated on total PV sales of 4,49,616 units (includes Tata Motors). Tata Motors' monthly breakup is not available.

Three-Wheelers: Bajaj Holds Six in Ten

At 30.2%, three-wheelers recorded the steepest year-on-year growth rate of the month, rising from 58,167 units in January 2025. Within the segment, goods carriers led in growth rate at 33.4%, reaching 13,374 units, while passenger carriers expanded 30.4% to 60,881 units. E-rickshaws were the only sub-segment to contract, down 7.9% to 925 units. E-carts moved in the opposite direction, up 18.5% to 545 units.

Bajaj Auto's position in this segment is structural: its 47,248 units in January represent 62.4% of total three-wheeler sales — a concentration of market share that has few equivalents across any major auto category in India. Mahindra held second at 9,566 units (12.6% share) and Piaggio third at 8,912 units (11.8%).

TVS Motor Company, while a smaller domestic player in the category, is an increasingly significant export force — its 11,410 units shipped in January represent a near-60% jump over the 7,244 it exported in January 2025.

Market share calculated on the total three-wheeler sales of 75,725 units.

Two-Wheelers: Hero and Honda Separated by 629 Units

Two-wheeler sales recorded 3,99,385 units more than the year-ago month, which works out to roughly 12,883 additional units sold every single day compared to January 2025. Scooters were the fastest-growing sub-category, up 36.9% to 7,50,580 units. Motorcycles rose 20.3% to 11,26,416 units, and mopeds added 16.1% to reach 48,607 units.

At the top, Hero MotoCorp and Honda Motorcycle & Scooter India are in a statistical deadlock — Hero at 5,20,208 units (27.0% share) and Honda at 5,19,579 units (27.0%), separated by just 629 units in January. TVS Motor Company, third at 3,83,262 units and a 19.9% share, grew over 30% year on year and continues to narrow the gap to the top two.

Within the segment, Ather Energy's trajectory merits attention: the electric two-wheeler maker sold 25,765 units in January 2026 against 17,494 units in January 2025 — a 47.3% jump that makes it the fastest-growing company in the segment by growth rate among those with available data, even as it sits outside the top three by volume.

Two-wheelers also drive the bulk of India's automotive export volumes. Bajaj Auto led with 1,91,568 units shipped in January, followed by TVS at 1,10,933 units and Honda at 54,832 units.

Market share calculated on the total two-wheeler sales of 19,25,603 units.

Production and Exports

Total vehicle production across all categories in January 2026 stood at 29,27,394 units, up from 25,46,643 units in January 2025. Cumulative April–January 2025-26 production has crossed 2.74 crore units. On exports, the industry shipped 5,71,066 units in January — a 23.5% increase over January 2025 — with the April–January cumulative crossing 53.95 lakh units against 43.35 lakh in the year-ago period.

Data sourced from SIAM's monthly press release, and data from BMW, Mercedes-Benz, Jaguar Land Rover, and Volvo Auto are not included in the figures above.