Hero, Honda lead March two-wheeler sales; TVS posts strong EV-led growth

The two-wheeler industry ended March 2026 on a strong note, capping FY2026 with broad-based growth across major manufacturers, supported by GST 2.0 cuts, rural recovery, premiumisation, and rising traction in EV purchases.

GST 2.0 and Rural Recovery

Hero MotoCorp led the market in March with domestic dispatches of 0.55 million units, up from 0.51 million units a year earlier. Motorcycle volumes stood at 0.53 million units versus 0.51 million units last year, with the 100–125cc segment continuing to anchor demand. Scooter volumes rose to 0.07 million units from 0.04 million units, reflecting strong urban traction. For FY2026, Hero reported total dispatches of 6.47 million units, up about 10% year-on-year, with motorcycles at 5.84 million units and scooters at 0.63 million units. The company also saw strong EV traction, with VIDA registrations at 0.02 million units in March and FY26 EV volumes rising 154%.

Honda Motorcycle & Scooter India (HMSI) followed with domestic sales of 0.51 million units in March, contributing to total monthly sales of 0.55 million units, up 29% year-on-year. For FY2026, Honda reported total sales of 6.37 million units, up 9%, including 5.75 million units in the domestic market.

TVS Motor Company recorded total monthly sales of 0.52 million units in March 2026, up 25% from 0.41 million units a year ago. Total two-wheeler sales rose 25% to 0.50 million units from 0.40 million units. Domestic two-wheeler sales grew 25% to 0.37 million units from 0.30 million units. Motorcycle sales increased 18% to 0.23 million units, while scooter sales rose 31% to 0.22 million units. EV sales, led by iQube, grew 44% to 0.04 million units from 0.03 million units. During the financial year 2025-26, the company registered a growth of 24% with total sales increasing from 4.74 million units in FY 2024-25 to 5.89 million units.

Royal Enfield reported March sales of 0.11 million units, up 11% year-on-year, reflecting sustained demand in the mid-size motorcycle segment. The company closed FY2026 with record volumes of 1.24 million units, up 23%.

Suzuki Motorcycle India reported domestic retail sales of 0.11 million units in March, up 11% year-on-year, with total sales at 0.13 million units. For FY2026, the company posted its highest-ever annual sales of 1.44 million units, with domestic sales at 1.17 million units, up 12%.

According to two-wheeler expert Sanjay Tripathi, the March close and FY2026 confirm the industry’s return to a broad-based growth phase. Rural demand, premiumisation and EV adoption are emerging as three key growth engines. While Hero MotoCorp and Honda continue to anchor volumes, TVS and Royal Enfield are gaining from EV and mid-size segments. Going ahead, growth will depend on how OEMs balance volumes with premium and electric transitions.

Electric Transition

Overall, FY2026 reflected a combination of rural recovery, premium demand, and EV adoption, setting the stage for continued growth across segments.