Hero, Honda gain ground as October two-wheeler retail jumps 29%

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Nearly two-thirds of incremental volumes came from Hero MotoCorp and Honda Motorcycle & Scooter India. TVS, Bajaj and Yamaha grew slower than the market

By Amit Vijay Mohile

Updated - November 01, 2026 at 09:48 PM.

India’s two-wheeler retail market surged nearly 29 per cent in October, but the festive boom concealed an uneven recovery. Hero MotoCorp and Honda Motorcycle & Scooter India accounted for nearly two-thirds of additional registrations. At the same time, five other major manufacturers grew more slowly than the overall market, raising questions about how broadly the demand recovery is spreading.

The surge also sharpened the contest for retail leadership. Honda narrowed Hero’s calendar-year advantage to 93,803 units at October-end from 2,32,416 units at June-end, a nearly 60 per cent reduction. Yet Hero remains the overall leader, supported by its larger electric two-wheeler business, even as Honda has led monthly registrations since July.

The question now is whether October’s gains signal a sustained recovery or purchases concentrated around the festive season, particularly as rural demand remains uneven.

Festive demand may moderate.

Automobile industry analyst Aveek Chattopadhyay said the strong festive performance reflected pent-up demand, but registrations could moderate in November because of fewer working days following the festive peak. Drought conditions in certain regions and challenges to rural purchasing power could further constrain growth.

According to businessline‘s calculations based on manufacturer-wise Vahan registration data, total two-wheeler registrations rose 28.7 per cent month-on-month to 23,20,139 units in October. Hero and Honda contributed 63.5 per cent of incremental registrations, lifting their combined monthly market share to 53.26 per cent from 50.33 per cent in September.

Hero–Honda leadership contest

Hero registered 49,71,392 two-wheelers in January–October 2026, compared with Honda’s 48,77,589. Hero’s lead narrowed from 1,32,575 units at September end.

Honda’s October registrations increased 35.2 per cent to 6,37,295 units from 4,71,322 in September, while Hero’s rose 37.3 per cent to 5,98,523 from 4,35,850.

Hero’s cumulative advantage rests on its stronger electric business. Excluding electric registrations, Honda recorded 48,71,118 vehicles during January–October, ahead of Hero’s 47,68,707 by 1,02,411 units. Hero’s 2,02,685 electric registrations against Honda’s 6,471 more than offset that advantage.

Rivals grow, but trail market

Third-placed TVS Motor Company registered 4,58,266 two-wheelers in October, up 24.9 per cent from September. Its monthly share slipped to 19.75 per cent from 20.35 per cent, although its cumulative share improved to 19.79 per cent during January–October from 19.46 per cent during January–June.

Bajaj Auto’s registrations increased 25.3 per cent to 2,09,441 units, but its monthly share declined to 9.03 per cent from 9.27 per cent. Its cumulative share also slipped to 10.14 per cent from 10.68 per cent during January–June.

Yamaha registered 78,938 vehicles, up 21.9 per cent, while Royal Enfield’s registrations increased 17.6 per cent to 1,23,555 and Suzuki’s rose 17.5 per cent to 1,20,728. Royal Enfield outsold Suzuki for a second consecutive month.

November demand test

From January to October, Hero held a 26.01 per cent market share, just ahead of Honda’s 25.52 per cent. With the festive peak behind the industry, November and December will test whether October’s retail surge translates into sustained growth or gives way to moderation amid uneven rural recovery.

Published on November 1, 2026

Companies to follow

• Hero MotoCorp Ltd

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