Hero and Honda pull ahead as October two-wheeler retail in India jumps 29%
India's two-wheeler retail market rose almost 29% in October. Hero and Honda accounted for about two-thirds of the extra registrations, according to Moody's.
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what happened
According to Moody's, India's two-wheeler retail market surged nearly 29% in October on festive demand. Hero MotoCorp and Honda Motorcycle & Scooter India accounted for nearly two-thirds of the additional registrations, while five other major manufacturers grew more slowly than the overall market, which raises doubts about how widely the recovery is spreading.
The race for leadership tightened. Hero's year-to-date lead fell to 1,32,575 units at the end of September, and by the end of October Honda trailed Hero by 93,803 units, down from 2,32,416 at the end of June. Hero keeps the overall lead thanks to its larger electric two-wheeler business, though Honda has led monthly registrations since July. TVS Motor's monthly share slipped to 19.75% from 20.35%, and Bajaj Auto's to 9.03% from 9.27%.
why it matters
Analyst Aveek Chattopadhyay expects registrations could moderate in November, with fewer working days after the festive peak. Drought in some regions and constrained rural purchasing power could also restrain growth, so investors will watch whether October's surge proves sustained.
market impact
Indian two-wheeler makers: strong October supports the sector, but a possible November slowdown weighs on expectations
- Hero MotoCorp mixed — strong October sales support the shares, but a possible November slowdown in demand holds them back
- Bajaj Auto pressure down — a lower monthly and cumulative market share weakens the company's position
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sources
- Hero, Honda gain ground as October two-wheeler retail jumps 29% — Moody's, 1 November 2026 at 16:30 UTC
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