India’s passenger vehicle market ended March 2026 on a high note, with Vahan registrations reaching 4.31 lakh units. This translates into a strong 22.8% year-on-year growth, complemented by a healthy 9.4% sequential increase over February.
The top three OEMs—Maruti Suzuki, Tata Motors, and Mahindra—now command close to 70% of the market. This level of concentration underscores a clear shift toward scale-driven competition, where brand strength, distribution depth, and product-market fit are becoming increasingly decisive.
*mentioned figures are excluding Telangana
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With registrations of 1.73 lakh units in March alone, Maruti Suzuki not only grew faster than the industry at 28.2% year-on-year but also expanded its market share to 40.2%.
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Tata Motors and Mahindra continue to act as the primary growth engines of the industry. Tata’s 32% year-on-year growth highlights sustained demand for its SUV lineup as well as its leadership in electric vehicles, which continues to draw new-age buyers. Mahindra, on the other hand, has maintained its momentum with a 23.5% growth, driven by consistently strong demand for its core SUVs.
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Hyundai posted a positive year-on-year growth of 10.6%, the company has seen its market share decline to 11.3%.
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One of the most important developments in March 2026 is Kia moving ahead of Toyota in both registrations and ranking. With nearly 28,000 units registered in March and a growth rate of 22.6%, Kia is moving in line with the industry average and its market share remains unchanged at 6.5%.
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Further down the table, the pressure becomes more visible. Toyota’s relatively modest growth and month-on-month decline indicate short-term softness and loss of share.
March 2026 auto sales remained strong, and was moved by early Navratri demand, steady rural momentum and resilient consumer sentiment. It also signifies that there was also no major impact in March 2026 due to the gas shortage, although production could be impacted in the future if the gas supply shortage continues for a prolonged period.
