Two-Wheeler Retail Sales Fall 28.35% To 23.21 Lakh Units In October 2026

The decline comes against an unusually high festive-season base from last year, when Navratri, Diwali and the initial impact of GST 2.0 boosted registrations

Two-wheeler retail sales in India stood at 23,21,419 units in October 2026, registering a 28.35% decline compared to the 32,39,949 units recorded in October last year. However, the month-on-month picture was considerably better, with registrations increasing 29.67% over September’s 17,90,188 units, according to the latest data released by the Federation of Automobile Dealers Associations (FADA).

FADA has described October 2026 as the second-best October on record for the two-wheeler industry. The sharp annual decline is largely linked to the festive calendar. Last year, both Navratri and Diwali fell in October, while the GST 2.0 rate cuts that came into effect on September 22, 2025, had also encouraged buyers to bring forward their purchases. This year, Navratri fell in October, but Dhanteras and Diwali shifted to November.

Two-wheelers accounted for nearly 73% of all vehicle registrations during October, underlining their importance to the overall retail market. The slowdown was more pronounced in rural markets, where two-wheeler registrations fell 33.97% year-on-year. Urban markets recorded a relatively smaller decline of 20.77%. Rural buyers continued to account for the larger share of the market at 52.9%.

A comparison of the Navratri sales period offers a more balanced picture. Two-wheeler registrations during Navratri 2026 stood at 8,40,696 units, down just 2.02% from the 8,58,027 units recorded during the same festival period last year. For the April-October period of FY2027, cumulative retail sales have grown 7.81% to 1,33,79,362 units.

Honda Motorcycle and Scooter India emerged as the largest two-wheeler manufacturer in October, with 6,37,630 registrations and a 27.47% market share. Hero MotoCorp followed with 5,98,433 units and a 25.78% share. Hero’s registrations fell 40.56% year-on-year, compared to Honda’s 25.06% decline.

ManufacturerOctober 2026 retailYoY changeHonda6,37,630-25.06%Hero MotoCorp5,98,433-40.56%TVS Motor4,58,303-19.92%Bajaj Auto2,09,634-37.46%Royal Enfield1,23,982-19.8%Suzuki1,20,931-14.9%Yamaha79,001-16.6%

TVS Motor retained the third position, while Bajaj Auto recorded a sharper decline of 37.46%. Royal Enfield and Suzuki were relatively less affected, with declines of around 20% and 15%, respectively.

Electric two-wheelers accounted for 9.65% of total registrations in October, compared to 4.66% in October 2025. However, their share was lower than September’s 11.58%, as petrol-powered two-wheeler registrations recovered more strongly during the month. Among the electric-focused manufacturers, Ather Energy registered 31,833 units, while Ola Electric recorded 12,098 units.

November is expected to provide a clearer indication of festive demand, with Dhanteras and Diwali falling in the month this year. Dealers remain cautiously optimistic, although rural cash flows, financing costs and the possibility of a post-festive slowdown remain areas of concern.