Several popular auto brands such as Hero, Honda, TVS and Royal Enfield posted double-digit YoY growth in domestic volumes in May 2026
The Indian two-wheeler industry reported strong sales growth in May 2026 due to higher demand in the domestic market. Several leading auto brands such as Hero, Honda, TVS and Royal Enfield posted double-digit YoY growth in domestic volumes, which was led by channel inventory replenishment and rising demand for premium motorcycles. A few other key players like Suzuki and Bajaj registered single-digit YoY growth as according to analysts, the wholesale volumes continued to supersede retail sales with support of inventory replenishment at dealerships.
Arun Agarwal, vice-president, fundamental research, Kotak Securities, said, “Domestic two-wheeler wholesale volumes registered double-digit growth, supported by channel inventory replenishment. Retail sales of internal combustion engine (ICE) two-wheelers grew at a slower pace due to a high base effect from the previous year, while electric two-wheeler retail sales continued to post strong year-on-year growth.”
The export business of most auto brands also showed considerable recovery and it remained as one of the factors behind strong growth in May 2026. Royal Enfield was the only exception as it exports went down from 13,609 units in May 2025 to 9,116 units in May 2026 with a YoY decline of 33 percent. However, due to growing demand in domestic market, the company was able to surpass the overall sales milestone of 1 lakh units.
Hero MotoCorp was the biggest gainer in export business with a YoY surge of 78 percent as the brand shipped 33,284 units in May 2026 from 18,704 units in May 2025. TVS also gained by 48 percent on a YoY basis in the international with a total of 158,546 units dispatched out of India last month. Bajaj Auto, the country’s largest two-wheeler exporter, recorded a 30 percent increase to 183,676 units.
Hero’s domestic sales in May 2026 increased from 488,997 units in May 2025 to 536,784 units in May 2026. The company stated that the key growth drivers were the Deluxe 125cc, premium motorcycle and scooter segments. The brand also confirmed that Vida DIRT.E K3 retail operations have begun in select markets from last month. For those asking, it was launched in Dec 2025 at an introductory price of Rs 69,990 (ex-showroom) in the Indian market.
Honda’s domestic sales stood at 4.59 lakh units, registering a 10 percent YoY growth, over 4.17 Lakh units sold in the corresponding month last year. The company claimed that sales growth was achieved due to steady market demand, diverse product portfolio and extensive network of over 7,000 touchpoints across the country. As for TVS, it sold more than 3.84 lakh units in May 2026 with a YoY growth of 24 percent while 3.09 lakh units were retailed in May 2025 in the local market.
