The Indian two-wheeler industry recorded a solid performance in January 2026, supported by higher domestic demand and continued strength in export markets. Major manufacturers including Honda, Hero MotoCorp, TVS Motor Company, Bajaj Auto, Suzuki, and Royal Enfield reported healthy volumes, indicating a positive start to the calendar year.
Growth was visible across both commuter and premium segments, with scooters, entry-level motorcycles, and mid-capacity bikes all contributing to overall momentum.
Export Trends in January 2026
Two-wheeler exports from the leading six manufacturers reached 4,31,027 units during January 2026. This represented a year-on-year increase of 21.60 percent, showing strong overseas demand. On a month-on-month basis, exports dipped slightly by 0.86 percent compared to December 2025.
Bajaj Auto continued to lead exports by a wide margin, followed by TVS Motor Company. Honda and Hero MotoCorp also posted healthy year-on-year growth, while Suzuki and Royal Enfield maintained stable export volumes.
Export volumes by manufacturer:
| Manufacturer | Export Units | YoY Growth | Share |
|---|---|---|---|
| Bajaj Auto | 1,91,568 | 21.93% | 44.44% |
| TVS Motor Company | 1,10,933 | 18.25% | 25.73% |
| Honda | 54,832 | 30.96% | 12.72% |
| Hero MotoCorp | 37,663 | 23.51% | 8.74% |
| Suzuki | Lower volumes | Steady | — |
| Royal Enfield | Limited volumes | Stable | — |
Bajaj’s export leadership highlights its strong global footprint, especially in markets where performance and commuter motorcycles continue to see consistent demand.
Combined Domestic and Export Sales Performance
When domestic dispatches and exports are combined, total two-wheeler sales stood at 22,62,880 units in January 2026. This translated into a year-on-year growth of 25.45 percent and a month-on-month rise of 19.11 percent.
Honda emerged as the overall market leader, narrowly ahead of Hero MotoCorp, while TVS Motor Company secured the third position with strong growth across multiple segments.
Total sales by manufacturer:
| Manufacturer | Total Sales | YoY Growth | Market Position |
|---|---|---|---|
| Honda | 5,74,411 | 29.13% | 1 |
| Hero MotoCorp | 5,57,871 | Strong | 2 |
| TVS Motor Company | 4,94,195 | 27.48% | 3 |
| Bajaj Auto | 4,06,295 | Positive | 4 |
| Suzuki | Stable | Gradual | — |
| Royal Enfield | Consistent | Moderate | — |
Honda’s leadership was supported by strong scooter volumes, while Hero continued to benefit from its wide rural and semi-urban reach. TVS and Bajaj maintained balanced contributions from both domestic sales and exports.
Brand and Segment Contribution Snapshot
Different segments played key roles in driving volumes across manufacturers:
| Brand | Primary Volume Drivers |
|---|---|
| Honda | Scooters and commuter motorcycles |
| Hero MotoCorp | Entry-level and commuter bikes |
| TVS Motor Company | Commuter bikes, scooters, premium models |
| Bajaj Auto | Sports commuters and export-focused bikes |
| Suzuki | Scooters and mid-capacity motorcycles |
| Royal Enfield | Mid-size and premium motorcycles |
Royal Enfield continued to see stable demand, reflecting sustained interest in mid-capacity motorcycles, while Suzuki’s performance remained steady in both scooter and motorcycle categories.
Industry Outlook
January 2026 results indicate improving confidence in the two-wheeler market. Factors such as festive carryover demand, easier financing, expanding rural demand, and stable exports have supported the upward trend.
With multiple new launches planned across petrol, premium, and electric segments, the industry is expected to maintain momentum in the coming months. Manufacturers are also expanding service networks and enhancing product features, which could further strengthen buyer confidence through 2026.
