India’s Three-Wheeler Market Witnesses Strong 29% Growth in February 2026; TVS Shines with 91% YoY Surge

The domestic three-wheeler industry in India showcased robust performance in February 2026, recording a solid double-digit growth. Total domestic dispatches stood at 74,573 units, up from 57,788 units in February 2025, registering a healthy year-on-year (YoY) growth of 29.0%.

While the overall pie expanded significantly, the competitive landscape saw some interesting shifts in market share, with traditional heavyweights maintaining their lead and challengers clocking impressive growth rates.

Here is a detailed breakdown of the OEM-wise domestic dispatch data for February 2026:

OEM Performance Highlights

• Bajaj Auto’s Unshakable Lead: Bajaj Auto continues to be the undisputed king of the three-wheeler segment, dispatching 46,417 units in February 2026 compared to 37,274 units last year. While this translates to a commendable 24.5% YoY growth, the OEM’s overall market share took a slight hit, dropping by 2.26% to settle at 62.24%.

• Piaggio Holds Steady at Number Two: Piaggio retained its second-place position with 9,798 units dispatched, growing by 29.3% YoY. The company managed to keep its market share nearly identical to last year’s, holding firm at 13.14%.

• Mahindra & Mahindra (M&M) Closes the Gap: M&M recorded a strong month with 9,190 units dispatched, trailing Piaggio by just over 600 units. Their impressive 43.7% YoY growth helped them expand their market share by 1.26%, bringing it to 12.32%.

• TVS Motor Company Steals the Show: The standout performer of the month was undoubtedly TVS. With dispatches of 5,569 units, up from just 2,911 units in February 2025, TVS registered a massive 91.3% YoY growth. This surge allowed them to gain the highest market share among all OEMs, jumping from 5.04% to 7.47% (+2.43%).

• Atul Auto Stays the Course: Atul Auto saw consistent growth, dispatching 2,940 units (+24.6% YoY). However, their market share saw a very marginal dip of 0.14%.

• Struggles at the Bottom: It was a challenging month for Baxy Mobility and Montra Electric. Baxy saw a sharp decline of 62.3%, dropping to just 280 units. Similarly, Montra Electric’s dispatches fell by 49.0% to 270 units.

• EKA Mobility made an appearance on the charts with 109 units dispatched in February 2026, capturing a 0.15% share of the market.

Domestic Dispatches Data Table – February 2026

Rank

Three Wheeler OEM

Feb ’26

Feb ’25

Growth (%)

Feb ’26 MS

Feb ’25 MS

MS Diff

1

Bajaj Auto

46,417

37,274

24.5%

62.24%

64.50%

-2.26%

2

Piaggio

9,798

7,576

29.3%

13.14%

13.11%

0.03%

3

M&M

9,190

6,395

43.7%

12.32%

11.07%

1.26%

4

TVS

5,569

2,911

91.3%

7.47%

5.04%

2.43%

5

Atul Auto

2,940

2,360

24.6%

3.94%

4.08%

-0.14%

6

Baxy Mobility

280

743

-62.3%

0.38%

1.29%

-0.91%

7

Montra Electric

270

529

-49.0%

0.36%

0.92%

-0.55%

8

EKA Mobility

109

0

–

0.15%

0.00%

0.15%

Total

Three Wheelers

74,573

57,788

29.0%

100.00%

100.00%

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