India's Two-Wheeler Market in 2026: Honda Closes on Hero, TVS' Electric Surge and the 350cc Boom

India's Two-Wheeler Market Just Had Its Strongest September Ever India registered 17,90,188 two-wheelers in September 2026, up 33.1% year on year and 3.7% over August, making it the strongest September on record. The headline growth is striking, but the more interesting story is underneath it: the pecking order is shifting, electric is scaling fast, and the premium end is behaving very differently from the commuter end.

Manufacturer September 2026 (Vahan) Year-on-year Honda 2W (HMSI) 4,68,866 +38.1% Hero MotoCorp 4,34,676 +31.4% TVS Motor 3,72,574 +42.5% Bajaj Auto 2,12,793 +13.4% Royal Enfield 1,02,231 +22.5% Suzuki 2W 1,01,930 +23.6% Honda Is Closing In on Hero For years, Hero MotoCorp has been India's largest two-wheeler maker, a position built on the commuter motorcycle. That lead is narrowing. In September, Honda Motorcycle and Scooter India led the month with 4,68,866 registrations, ahead of Hero's 4,34,676, a gap of 34,190 units that widened slightly from August. On a year-to-date basis Hero still holds 26.04% of the market against Honda's 25.28%, but Hero has given up 2.13 percentage points of share in 2026, while Honda has edged up. Honda's September surge was powered by a 26% rise in domestic sales and a scooter line-up that keeps gaining, and its dispatches to dealers rose sharply too.

Hero's own numbers are not weak. Its total dispatches rose 12% to 7,66,348 units, and its scooter volumes crossed one lakh for the first time, up 64.51% year on year. But in a market growing at 33%, holding share requires growing faster than that, and on that measure Hero is losing ground to Honda and TVS.

Image not available TVS and the Electric Two-Wheeler Surge TVS Motor was the standout of the month, with registrations up 42.5% to 3,72,574 units and year-to-date share up 1.14 percentage points to 19.75%. Its edge is electric. Electric two-wheeler registrations surged 85% year on year in September to 2,03,411 units, crossing the two lakh mark again and taking 11.4% of all two-wheeler registrations. TVS led the electric pack with 53,989 registrations, a 26.5% share, followed by Bajaj with 48,383 units. Hero, via its Vida brand, recorded the strongest month-on-month jump among the top players, up 83% year on year to 24,305 units. Together, TVS, Bajaj and Hero accounted for 62% of electric two-wheeler registrations, and first-half FY27 volumes passed the one million mark.

The lesson is that electric two-wheelers have moved from a startup-led novelty to a business dominated by the established majors. Ather Energy, once the benchmark for premium electric scooters, now holds 16.2% share, while Ola Electric has slipped, a reversal that says as much about execution and distribution as about product.

Image not available Royal Enfield's Record and the Two-Speed Premium Market Royal Enfield posted its highest-ever monthly sales in September, at 1,33,958 motorcycles, up 8% year on year, with domestic sales of 1,21,326 and exports up 17%. But the composition of that growth is a warning sign for the premium end. Motorcycles up to 350cc, plus EVs, grew 13% and accounted for about 91% of Royal Enfield's volume, while models above 350cc fell 26%. In other words, even at Royal Enfield, the growth is in accessible, smaller-capacity bikes, not the big twins. The newly launched Himalayan 440 is fully booked for six months, and the upcoming Himalayan 750, spied this week ahead of an expected EICMA debut, is the company's next attempt to lift the premium ceiling.

What This Means for Buyers The market's strength is good news for buyers: competition is intense, and that shows up as aggressive pricing, festive offers and rapid feature upgrades. If you are shopping a commuter, the battle between Hero and Honda for market leadership means scooters and 125cc bikes are loaded with features at keen prices, and Honda's momentum makes it worth a serious look alongside the traditional Hero favourites. If you are considering electric, the entry of TVS, Bajaj and Hero at scale has widened choice and put pressure on prices, while Ather remains the premium pick on refinement. And if you want a big-bore machine, the 350cc-plus segment is competitive enough that you should compare thoroughly before committing, because the deals are on the volume models, not the flagships. Weigh your shortlist on AUTOINDIA's Compare page and follow our launch coverage for the Himalayan 750 and other upcoming models.

(Sources: Vahan September 2026 registrations via Flash Finance and Indian Stock Alerts, Autocar Professional, Financial Express, Times of India Auto, company sales releases)