New Delhi: India’s automobile retail market has kicked off 2026 on a strong note, with fresh data from the Federation of Automobile Dealers Associations (FADA) showing broad-based growth across segments. Powered by healthy rural cash flows, wedding-season spending and supportive policy signals, total vehicle retail reached 27,22,558 units in January, marking a robust 17.61% year-on-year increase.
In simple terms: if dealerships had attendance registers, January would be marked “full house.”
Two-Wheelers Accelerate Ahead
Two-wheelers once again carried the industry’s growth engine, clocking 18,52,870 units, up 20.82% YoY. Rural markets accounted for roughly 56% of sales, supported by harvest income, festive mobility needs during Pongal and Makar Sankranti, and wedding-season travel.
Urban demand also showed a healthy revival, suggesting the market is moving beyond festival-only buying cycles. Dealers reported stronger enquiries, faster digital follow-ups and a noticeable shift toward higher-value motorcycles — proof that commuters may still bargain hard, but they also want a little extra horsepower with their EMI.
Passenger Vehicles Grow Steadily as SUVs Rule Non-Metro India
Passenger vehicle retail stood at 5,13,475 units, up 7.22% YoY. While urban markets still dominate with about 59% share, rural growth surged 14.43%, far ahead of urban expansion.
Demand continues to be driven by SUVs and compact SUVs, improved entry-level availability, and ongoing affordability schemes. Inventory levels softened to around 32–34 days, indicating healthier channel discipline and improved dealer working capital — always welcome news in a segment where parking lots can sometimes resemble mini used-car exhibitions.
Commercial Vehicles Reflect Improving Freight Sentiment
Commercial vehicle retail reached 1,07,486 units, growing 15.07% YoY, supported by improving logistics demand, infrastructure activity and replacement purchases.
Light commercial vehicles recorded 65,505 units (+14.94%), while heavy commercial vehicles registered 34,287 units (+14.61%). Growth remained geographically balanced, with rural markets slightly outperforming urban ones, suggesting that goods movement is picking up not just on highways, but also across India’s expanding regional supply chains.
Three-Wheelers and Tractors Stay Strong; Construction Equipment Slips
Three-wheelers posted 1,27,134 units (+18.80%), while tractor sales surged 22.89% YoY to 1,14,759 units, reinforcing the continued strength of the rural economy.
Construction equipment, however, declined 21.09% YoY to 6,834 units, largely due to a high base effect and segment-specific recalibration.
Dealer Confidence Remains Firmly Positive
According to FADA’s dealer survey:
- 60.53% reported good liquidity
- 64.29% expressed positive sentiment
- 72.56% expect growth in February
- 79.70% foresee expansion over the next three months
The near-term outlook is supported by infrastructure-focused budget measures, stable interest rates, ongoing wedding-season demand, and stronger enquiry pipelines. Dealers, however, continue to watch for supply constraints, competitive discounting, election-related disruptions in select regions and the usual challenge of a shorter February calendar.
Outlook: Momentum Likely to Continue
FADA President C. S. Vigneshwar noted that January delivered a strong start to the year, with growth anchored in rural demand, improving freight activity and expanding non-metro passenger vehicle penetration.
Looking ahead, the industry expects continued broad-based growth driven by affordability gains, sustained rural liquidity, new product launches and financial year-end buying activity. Passenger vehicles may see a strong February–March run before seasonal normalization, while commercial vehicles are likely to benefit from infrastructure spending and Q4 replacement cycles.
Charts showing Vehicle Retail Data for various period
All India Vehicle Retail Data for FY’26 YTD (Apr’25 to Jan’26)
| CATEGORY | YTD FY’26 | YTD FY’25 | Growth % |
| 2W | 1,77,50,499 | 1,60,13,199 | 10.85% |
| 3W | 11,36,501 | 10,27,347 | 10.62% |
| CV | 8,56,834 | 7,82,056 | 9.56% |
| CE | 57,313 | 65,607 | -12.64% |
| PV | 38,45,801 | 34,88,523 | 10.24% |
| TRAC | 8,78,389 | 7,43,233 | 18.18% |
| Total | 2,45,25,337 | 2,21,19,965 | 10.87% |
Source: FADA Research
All India Vehicle Retail Data for Jan’26
| CATEGORY | Jan’26 | Dec’25 | Jan’25 | MoM% | YoY% |
| 2W | 18,52,870 | 13,16,891 | 15,33,556 | 40.70% | 20.82% |
| 3W | 1,27,134 | 1,27,772 | 1,07,013 | -0.50% | 18.80% |
| E-RICKSHAW(P) | 44,456 | 57,478 | 38,822 | -22.66% | 14.51% |
| E-RICKSHAW WITH CART (G) | 7,656 | 7,607 | 5,744 | 0.64% | 33.29% |
| THREE-WHEELER (GOODS) | 14,199 | 11,214 | 12,047 | 26.62% | 17.86% |
| THREE-WHEELER (PASSENGER) | 60,701 | 51,363 | 50,313 | 18.18% | 20.65% |
| THREE-WHEELER (PERSONAL) | 122 | 110 | 87 | 10.91% | 40.23% |
| PV | 5,13,475 | 3,79,671 | 4,78,915 | 35.24% | 7.22% |
| TRAC | 1,14,759 | 1,15,001 | 93,386 | -0.21% | 22.89% |
| CE | 6,834 | 5,820 | 8,660 | 17.42% | -21.09% |
| CV | 1,07,486 | 83,666 | 93,410 | 28.47% | 15.07% |
| LCV | 65,505 | 49,251 | 56,991 | 33.00% | 14.94% |
| MCV | 7,648 | 6,411 | 6,434 | 19.29% | 18.87% |
| HCV | 34,287 | 27,941 | 29,915 | 22.71% | 14.61% |
| Others | 46 | 63 | 70 | -26.98% | -34.29% |
| Total | 27,22,558 | 20,28,821 | 23,14,940 | 34.19% | 17.61% |
Source: FADA Research
Chart showing Fuel Wise Vehicle Retail Market Share for Jan’26
| Two-Wheeler | Jan’26 | Dec’25 | Jan’25 | Construction Equipment | Jan’26 | Dec’25 | Jan’25 | |
| PETROL/ETHANOL | 93.27% | 92.49% | 93.21% | Diesel | 100% | 99.97% | 99.50% | |
| EV | 6.63% | 7.40% | 6.42% | CNG/LPG | 0.0% | 0.00% | 0.07% | |
| CNG/LPG | 0.10% | 0.11% | 0.37% | PETROL/ETHANOL | 0.0% | 0.02% | 0.00% | |
| Total | 100% | 100% | 100% | EV | 0.0% | 0.02% | 0.43% | |
| Total | 100% | 100% | 100% | |||||
| Three-Wheeler | Jan’26 | Dec’25 | Jan’25 | Commercial Vehicle | Jan’26 | Dec’25 | Jan’25 | |
| EV | 59.61% | 69.08% | 56.00% | Diesel | 81.97% | 82.48% | 81.77% | |
| CNG/LPG | 27.10% | 20.34% | 31.94% | CNG/LPG | 12.51% | 11.07% | 12.47% | |
| DIESEL | 12.88% | 10.22% | 11.52% | PETROL/ETHANOL | 3.58% | 4.06% | 4.69% | |
| PETROL/ETHANOL | 0.41% | 0.36% | 0.54% | EV | 1.92% | 2.35% | 1.02% | |
| Total | 100% | 100% | 100% | HYBRID | 0.03% | 0.05% | 0.04% | |
| Total | 100% | 100% | 100% | |||||
| Passenger Vehicle | Jan’26 | Dec’25 | Jan’25 | Tractor | Jan’26 | Dec’25 | Jan’25 | |
| PETROL/ETHANOL | 47.49% | 50.39% | 49.82% | Diesel | 99.99% | 99.99% | 99.98% | |
| Diesel | 17.07% | 16.09% | 16.59% | PETROL/ETHANOL | 0.01% | 0.00% | 0.01% | |
| CNG/LPG | 22.91% | 21.03% | 22.39% | EV | 0.00% | 0.00% | 0.00% | |
| HYBRID | 8.94% | 8.55% | 8.72% | Total | 100% | 100% | 100% | |
| EV | 3.60% | 3.94% | 2.49% | |||||
| Total | 100% | 100% | 100% |
Source: FADA Research
All India Vehicle Retail Strength YoY and MOM comparison for Jan’26.
| Category | MoM% | YoY% | Category | MoM% | YoY% |
| 2W | CV | ||||
| Urban | 38.81% | 22.19% | Urban | 30.45% | 13.94% |
| Rural | 42.22% | 19.77% | Rural | 26.50% | 16.25% |
| Total | 40.70% | 20.82% | Total | 28.47% | 15.07% |
| 3W | CE | ||||
| Urban | 8.29% | 5.69% | Urban | 23.96% | -22.45% |
| Rural | -6.47% | 31.64% | Rural | 12.47% | -19.91% |
| Total | -0.50% | 18.80% | Total | 17.42% | -21.09% |
| PV | TRAC | ||||
| Urban | 35.69% | 2.75% | Urban | 2.33% | 30.19% |
| Rural | 34.59% | 14.43% | Rural | -0.81% | 21.22% |
| Total | 35.24% | 7.22% | Total | -0.21% | 22.89% |
| Total | |||||
| Urban | 35.08% | 15.69% | |||
| Rural | 33.44% | 19.31% | |||
| Total | 34.19% | 17.61% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 07.02.26 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,403 out of 1,462 RTOs.
- Commercial Vehicle is subdivided in the following manner
- LCV – Light Commercial Vehicle (incl. Passenger & Goods Vehicle)
- MCV – Medium Commercial Vehicle (incl. Passenger & Goods Vehicle)
- HCV – Heavy Commercial Vehicle (incl. Passenger & Goods Vehicle)
- 3-Wheeler is sub-divided in the following manner
- E-Rickshaw – Passenger
- E-Rickshaw – Goods
- 3-Wheeler – Goods
- 3-Wheeler – Passenger
- 3-Wheeler – Personal
OEM wise Market Share Data for Jan’26 (YoY comparison)
| Two-Wheeler OEM | Jan’26 | Market Share (%) Jan’26 | Jan’25 | Market Share (%) Jan’25 |
| HERO MOTOCORP LTD | 4,92,167 | 26.56% | 4,11,529 | 26.83% |
| HONDA MOTORCYCLE AND SCOOTER INDIA (P) LTD | 4,72,938 | 25.52% | 3,74,474 | 24.42% |
| TVS MOTOR COMPANY LTD | 3,64,241 | 19.66% | 2,88,742 | 18.83% |
| BAJAJ AUTO GROUP | 1,95,752 | 10.56% | 1,74,414 | 11.37% |
| BAJAJ AUTO LTD | 1,95,752 | 10.56% | 1,74,414 | 11.37% |
| CHETAK TECHNOLOGY LIMITED | – | 0.00% | – | 0.00% |
| ROYAL-ENFIELD (UNIT OF EICHER LTD) | 1,06,398 | 5.74% | 78,730 | 5.13% |
| SUZUKI MOTORCYCLE INDIA PVT LTD | 98,899 | 5.34% | 88,892 | 5.80% |
| INDIA YAMAHA MOTOR PVT LTD | 64,399 | 3.48% | 58,359 | 3.81% |
| ATHER ENERGY LTD | 21,999 | 1.19% | 13,097 | 0.85% |
| OLA ELECTRIC TECHNOLOGIES PVT LTD | 7,516 | 0.41% | 24,413 | 1.59% |
| GREAVES ELECTRIC MOBILITY PVT LTD | 5,337 | 0.29% | 3,613 | 0.24% |
| CLASSIC LEGENDS PVT LTD | 4,940 | 0.27% | 2,839 | 0.19% |
| PIAGGIO VEHICLES PVT LTD | 2,939 | 0.16% | 2,806 | 0.18% |
| RIVER MOBILITY PVT LTD | 2,587 | 0.14% | 611 | 0.04% |
| BGAUSS AUTO PRIVATE LIMITED | 2,477 | 0.13% | 1,451 | 0.09% |
| Others Including EV | 10,281 | 0.55% | 9,586 | 0.63% |
| Total | 18,52,870 | 100% | 15,33,556 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 07.02.26 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,403 out of 1,462 RTOs.
- Others include OEMs accounting less than 0.1% Market Share.
| Three-Wheeler OEM | Jan’26 | Market Share (%) Jan’26 | Jan’25 | Market Share (%) Jan’25 |
| BAJAJ AUTO LTD | 44,980 | 35.38% | 39,492 | 36.90% |
| PIAGGIO VEHICLES PVT LTD | 8,543 | 6.72% | 7,906 | 7.39% |
| MAHINDRA & MAHINDRA LIMITED | 8,227 | 6.47% | 6,931 | 6.48% |
| MAHINDRA LAST MILE MOBILITY LTD | 8,049 | 6.33% | 6,894 | 6.44% |
| MAHINDRA & MAHINDRA LIMITED | 178 | 0.14% | 37 | 0.03% |
| TVS MOTOR COMPANY LTD | 5,517 | 4.34% | 2,704 | 2.53% |
| ATUL AUTO LTD | 3,278 | 2.58% | 2,748 | 2.57% |
| ZENIAK INNOVATION INDIA LTD | 2,422 | 1.91% | 817 | 0.76% |
| YC ELECTRIC VEHICLE | 2,415 | 1.90% | 3,880 | 3.63% |
| DILLI ELECTRIC AUTO PVT LTD | 1,916 | 1.51% | 1,925 | 1.80% |
| HOOGHLY MOTORS PVT LTD | 1,696 | 1.33% | 379 | 0.35% |
| SAERA ELECTRIC AUTO PVT LTD | 1,614 | 1.27% | 2,271 | 2.12% |
| AAHANA COMMERCE PVT LTD | 1,378 | 1.08% | 391 | 0.37% |
| Others including EV | 45,148 | 35.51% | 37,569 | 35.11% |
| Total | 1,27,134 | 100% | 1,07,013 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 07.02.26 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,403 out of 1,462 RTOs.
- Others include OEMs accounting less than 1% Market Share.
.
| Commercial Vehicle OEM | Jan’26 | Market Share (%) Jan’26 | Jan’25 | Market Share (%) Jan’25 |
| TATA MOTORS LTD | 36,571 | 34.02% | 31,609 | 33.84% |
| MAHINDRA & MAHINDRA LIMITED | 31,884 | 29.66% | 27,550 | 29.49% |
| MAHINDRA & MAHINDRA LIMITED | 29,753 | 27.68% | 25,731 | 27.55% |
| MAHINDRA LAST MILE MOBILITY LTD | 2,131 | 1.98% | 1,819 | 1.95% |
| ASHOK LEYLAND LTD | 19,205 | 17.87% | 16,017 | 17.15% |
| ASHOK LEYLAND LTD | 19,013 | 17.69% | 15,849 | 16.97% |
| SWITCH MOBILITY AUTOMOTIVE LTD | 192 | 0.18% | 168 | 0.18% |
| VE COMMERCIAL VEHICLES LTD | 8,078 | 7.52% | 7,364 | 7.88% |
| VE COMMERCIAL VEHICLES LTD | 8,019 | 7.46% | 7,316 | 7.83% |
| VE COMMERCIAL VEHICLES LTD (VOLVO BUSES DIVISION) | 59 | 0.05% | 48 | 0.05% |
| MARUTI SUZUKI INDIA LTD | 5,456 | 5.08% | 5,238 | 5.61% |
| DAIMLER INDIA COMMERCIAL VEHICLES PVT. LTD | 2,444 | 2.27% | 2,193 | 2.35% |
| FORCE MOTORS LIMITED | 1,692 | 1.57% | 1,844 | 1.97% |
| SML ISUZU LTD | 919 | 0.85% | 907 | 0.97% |
| Others | 1,237 | 1.15% | 688 | 0.74% |
| Total | 1,07,486 | 100.00% | 93,410 | 100.00% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 07.02.26 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,403 out of 1,462 RTOs.
- Others include OEMs accounting less than 1% Market Share.
| Construction Equipment OEM | Jan’26 | Market Share (%) Jan’26 | Jan’25 | Market Share (%) Jan’25 |
| JCB INDIA LIMITED | 3,685 | 53.92% | 4,006 | 46.26% |
| ACTION CONSTRUCTION EQUIPMENT LTD. | 652 | 9.54% | 1,049 | 12.11% |
| ESCORTS KUBOTA LIMITED (CONSTRUCTION EQUIPMENT) | 526 | 7.70% | 665 | 7.68% |
| AJAX ENGINEERING LTD | 455 | 6.66% | 536 | 6.19% |
| BULL MACHINES PVT LTD | 178 | 2.60% | 207 | 2.39% |
| CASE NEW HOLLAND CONSTRUCTION EQUIPMENT(I) PVT LTD | 149 | 2.18% | 228 | 2.63% |
| TATA HITACHI CONSTRUCTION MACHINERY COMP. PVT LTD | 133 | 1.95% | 185 | 2.14% |
| ALL TERRAIN CRANE | 119 | 1.74% | 219 | 2.53% |
| CATERPILLAR INDIA PRIVATE LIMITED | 112 | 1.64% | 264 | 3.05% |
| M/S SCHWING STETTER (INDIA) PRIVATE LIMITED | 80 | 1.17% | 106 | 1.22% |
| LIUGONG INDIA PVT. LTD | 78 | 1.14% | 102 | 1.18% |
| MAHINDRA & MAHINDRA LIMITED | 73 | 1.07% | 135 | 1.56% |
| Others | 594 | 8.69% | 958 | 11.06% |
| Total | 6,834 | 100.00% | 8,660 | 100.00% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 07.02.26 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,403 out of 1,462 RTOs.
- Others include OEMs accounting less than 1% Market Share.
| PV OEM | Jan’26 | Market Share (%) Jan’26 | Jan’25 | Market Share (%) Jan’25 |
| MARUTI SUZUKI INDIA LTD | 2,16,043 | 42.07% | 2,14,494 | 44.79% |
| HYUNDAI MOTOR INDIA LTD | 65,914 | 12.84% | 61,497 | 12.84% |
| TATA MOTORS LTD | 63,558 | 12.38% | 54,885 | 11.46% |
| MAHINDRA & MAHINDRA LIMITED | 63,366 | 12.34% | 54,916 | 11.47% |
| TOYOTA KIRLOSKAR MOTOR PVT LTD | 35,053 | 6.83% | 30,900 | 6.45% |
| KIA INDIA PRIVATE LIMITED | 29,954 | 5.83% | 22,909 | 4.78% |
| SKODA AUTO VOLKSWAGEN GROUP | 9,794 | 1.91% | 9,562 | 2.00% |
| SKODA AUTO VOLKSWAGEN INDIA PVT LTD | 9,698 | 1.89% | 9,509 | 1.99% |
| VOLKSWAGEN AG/INDIA PVT. LTD. | 62 | 0.01% | – | 0.00% |
| AUDI AG | 24 | 0.00% | 44 | 0.01% |
| SKODA AUTO INDIA/AS PVT LTD | 10 | 0.00% | 9 | 0.00% |
| JSW MG MOTOR INDIA PVT LTD | 5,926 | 1.15% | 6,762 | 1.41% |
| HONDA CARS INDIA LTD | 5,848 | 1.14% | 7,968 | 1.66% |
| RENAULT INDIA PVT LTD | 4,839 | 0.94% | 3,966 | 0.83% |
| NISSAN MOTOR INDIA PVT LTD | 2,387 | 0.46% | 2,602 | 0.54% |
| BMW INDIA PVT LTD | 1,962 | 0.38% | 1,828 | 0.38% |
| MERCEDES -BENZ GROUP | 1,806 | 0.35% | 1,862 | 0.39% |
| MERCEDES-BENZ INDIA PVT LTD | 1,710 | 0.33% | 1,715 | 0.36% |
| MERCEDES -BENZ AG | 95 | 0.02% | 145 | 0.03% |
| DAIMLER AG | – | 0.00% | 2 | 0.00% |
| MERCEDES BENZ | 1 | 0.00% | – | 0.00% |
| STELLANTIS GROUP | 1,532 | 0.30% | 1,170 | 0.24% |
| STELLANTIS AUTOMOBILES INDIA PVT LTD | 1,212 | 0.24% | 725 | 0.15% |
| STELLANTIS INDIA PVT LTD | 320 | 0.06% | 445 | 0.09% |
| FORCE MOTORS LIMITED | 1,152 | 0.22% | 643 | 0.13% |
| VINFAST AUTO INDIA PVT LTD | 435 | 0.08% | – | 0.00% |
| JAGUAR LAND ROVER INDIA LIMITED | 442 | 0.09% | 512 | 0.11% |
| BYD INDIA PRIVATE LIMITED | 231 | 0.04% | 338 | 0.07% |
| Others | 3,233 | 0.63% | 2,101 | 0.44% |
| Total | 5,13,475 | 100.0% | 4,78,915 | 100.0% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 07.02.26 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,403 out of 1,462 RTOs.
| Tractor OEM | Jan’26 | Market Share (%) Jan’26 | Jan’25 | Market Share (%) Jan’25 |
| MAHINDRA & MAHINDRA LIMITED (TRACTOR) | 26,006 | 22.66% | 22,073 | 23.64% |
| MAHINDRA & MAHINDRA LIMITED (SWARAJ DIVISION) | 21,920 | 19.10% | 17,341 | 18.57% |
| INTERNATIONAL TRACTORS LIMITED | 15,379 | 13.40% | 12,296 | 13.17% |
| TAFE LIMITED | 13,459 | 11.73% | 10,843 | 11.61% |
| ESCORTS KUBOTA LIMITED (AGRI MACHINERY GROUP) | 12,313 | 10.73% | 9,133 | 9.78% |
| JOHN DEERE INDIA PVT LTD (TRACTOR DEVISION) | 8,082 | 7.04% | 6,614 | 7.08% |
| EICHER TRACTORS | 7,815 | 6.81% | 5,957 | 6.38% |
| CNH INDUSTRIAL (INDIA) PVT LTD | 5,387 | 4.69% | 4,009 | 4.29% |
| Others | 4,398 | 3.83% | 5,120 | 5.48% |
| Total | 1,14,759 | 100% | 93,386 | 100% |
Source: FADA Research
Disclaimer:
Others include OEMs accounting less than 1% Market Share.
The above numbers do not have figures from TS.
Vehicle Retail Data has been collated as on 07.02.26 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,403 out of 1,462 RTOs.
