India's two-wheeler dealers sold 17,90,188 vehicles in September, the best September the industry has recorded, and the brand pecking order shifted a little beneath the headline.
Retail registrations were up 33.08% over September 2025 and about 4.4% above August, according to dealer-association data compiled on October 6 and 7. The year-on-year jump is flattered by a weak base, since many buyers delayed purchases last year ahead of GST changes, a point the Federation of Automobile Dealers Associations (FADA) made when it released the overall numbers.
The Top Three
Honda Motorcycle & Scooter India stayed on top. Three companies together held more than 70% of the market:
- Honda: about 4.69 lakh units, 26.19% share, up 38.1% year-on-year
- Hero MotoCorp: about 4.34 lakh units, 24.26% share, up 31.4%
- TVS Motor: about 3.65 lakh units, 20.37% share, up 42.4%
TVS posted the strongest percentage growth among the three. Hero grew, but more slowly than the market, so its share fell compared with last year.
The Rest of the Field
- Bajaj Auto: about 1.66 lakh units, 9.28% share
- Royal Enfield: about 1.02 lakh units, 5.71% share
- Suzuki: about 1.02 lakh units
- Yamaha: about 64,300 units
The reported unit counts differ by a thousand or so between data compilers, because registrations are updated after the first release. We have used the figures that match the published shares.
Electric Two-Wheelers
Electric models accounted for 11.58% of two-wheeler retail, with petrol at 88.35%. Ather Energy registered about 30,500 units, up roughly 55.6% on last year. Bounce Electric rose 242.9% and River Mobility 193.2%, both from small bases. Ola Electric registered 13,451 units, a 0.75% share of the entire two-wheeler market, and its volume fell about 3% year-on-year. We covered the electric-only ranking separately.
What To Watch
The festive season begins with Navratri on October 11, and dealer stock levels across vehicle categories are high. If supply and demand hold, October could extend the run. If price increases and the high base slow buying, the numbers could look weaker than September's.
The Honda-Hero gap is about 34,000 units. TVS is closing in on Hero's second place in the retail table, though it is still around 70,000 units behind.
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