India Two-Wheeler Sales: Hero Leads September as TVS Closes in on Q3 Lead

India’s two-wheeler market grew across domestic sales and exports in September 2026, but the quarterly ranking is getting tighter at the top. Hero finished the month and July–September period with the highest combined volume. TVS, however, grew faster over the quarter and ended just 27,722 units behind Hero. Bajaj had the strongest export position, while its domestic sales remained the one annual decline among the six manufacturers tracked.

The wider industry recorded 3,007,900 domestic sales and exports in September, up 15.70% from 2,599,662 a year earlier. Domestic volumes reached 2,463,103, a 13.50% increase, while exports rose 26.83% to 544,797. The six manufacturers—Hero, Honda, TVS, Bajaj, Royal Enfield and Suzuki—accounted for 2,837,799 units, 15.45% above the year-earlier total. Their combined September volume also increased 16.27% from August, with domestic sales providing the main lift.

Hero leads at home, Honda posts the strongest annual rise

Hero sold 739,108 units domestically, retaining first place with 14.13% year-on-year growth. Its 36.29% increase over August was the largest month-on-month gain among the six. Honda ranked second at 636,768 units. Its 25.92% annual increase was the group’s strongest, adding 131,075 units compared with September 2025; sales were also up 23.09% from August.

TVS placed third with 482,073 domestic units, up 16.65% year on year and 11.13% month on month. Bajaj recorded 239,771 units. That was 12.23% below September last year, although the company recovered 18.76% from August. Bajaj was the only one of the six with a domestic annual decline.

Royal Enfield sold 121,326 units domestically, growing 6.83% annually and 6.24% from August. Suzuki’s 108,806 units represented a 2.76% annual increase, but a 4.50% monthly drop. Across the six brands, domestic sales totalled 2,327,852, up 13.05% year on year and 21.02% month on month. That monthly rebound puts September’s home-market result in sharper focus than the export movement, which was softer against August.

Bajaj and TVS carry the export volume

Bajaj led September exports with 211,723 units, 34.29% above the same month last year. Shipments were down 12.46% from August, so its annual growth came alongside a sequential decline. TVS exported 163,882 units, up 48.12% year on year and 3.96% month on month. Together, Bajaj and TVS made up nearly three-quarters of the six brands’ export volume.

Honda shipped 69,498 units, rising 11.25% annually and 12.40% from August. Suzuki’s 24,882 exports were up 40.86% year on year. Royal Enfield exported 12,632 units, a 17.45% increase. Hero recorded 27,330 units: its exports fell 31.05% against September 2025, despite improving 4.74% from August. The six-brand export total reached 509,947, up 27.86% annually but down 1.40% month on month.

September’s combined ranking reflects different strengths

Adding domestic sales and exports, Hero led September with 766,438 units, growing 11.53% year on year. Honda followed at 706,266, up 24.31%, and TVS stood at 645,955, up 23.29%. The order keeps Hero in front, though Honda’s and TVS’s faster annual growth shows how much the gap can shift as monthly results accumulate.

Bajaj’s exports outweighed its domestic fall, bringing its combined total to 451,494 units, up 4.79%. Royal Enfield recorded 133,958 units, 7.75% more than a year earlier, edging Suzuki’s 133,688. Suzuki’s combined sales rose 8.21%. The two were separated by just 270 units in September.

TVS narrows the quarterly gap

For July through September, industry volume reached 8,075,631 units, up 17.44% year on year. Domestic sales grew 15.05% to 6,421,284, and exports rose 27.70% to 1,654,347. The six manufacturers together recorded 7,607,876 units, an increase of 16.68%.

Hero remained the quarterly leader at 1,868,252 units, up 10.50%. TVS delivered the strongest growth among the six, rising 26.63% to 1,840,530. Honda was close behind at 1,828,362, up 12.97%. Just 39,890 units separated all three: TVS was 27,722 behind Hero and 12,168 ahead of Honda. That narrow spread makes the next quarterly comparison especially relevant for tracking whether TVS can sustain its faster pace.

Bajaj ranked fourth with 1,283,961 units, growing 20.11%. Suzuki recorded 408,102, up 12.56%, while Royal Enfield reached 378,669, up 16.02%. Their positions highlight the scale difference between the leading three and the rest of this six-brand group, even as each manufacturer posted quarterly growth.

Domestic sales and exports tell different stories

Hero topped Q3 domestic sales with 1,782,816 units, ahead of Honda at 1,630,533 and TVS at 1,353,263. TVS grew domestic volume by 24.05%, the strongest rate among the six. Bajaj recorded 607,416 units, followed by Suzuki at 345,958 and Royal Enfield at 340,847.

The export ranking was led by Bajaj, whose 676,545 units were up 43.21% year on year. TVS followed with 487,267, growing 34.37%. Honda exported 197,829 units, Hero 85,436, Suzuki 62,144 and Royal Enfield 37,822. Hero was the only manufacturer in the group with a quarterly export decline.

September’s totals show why one monthly ranking can obscure the broader picture: domestic momentum favoured Hero and Honda, while exports strongly supported Bajaj and TVS. For the quarter, TVS’s growth has brought it within striking distance of Hero, with Honda almost alongside. The next set of monthly results will show whether that close three-way contest holds.