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India’s passenger vehicle market opened calendar year 2026 on a solid footing, with January wholesales climbing 12.7 percent year-on-year to 452,589 units, compared to 401,538 units in January 2025. On a month-on-month basis too, volumes were up 12 percent over December 2025’s 404,231 units which is a reassuring start after the festive year end hangover.
But scratch beneath the surface and January was more about market share realignment, with challengers gaining ground while the long-time leader ceded territory.
Maruti Suzuki India Limited still leads, but loses share
Maruti Suzuki retained pole position with 174,529 units, marginally up just 0.5 percent YoY. However, compared to December, dispatches slipped 2.3 percent and more tellingly, market share fell sharply from 43.2 percent last year to 38.6 percent that is a 4.7 percentage point erosion.
For a brand accustomed to commanding north of 40 percent, this is a significant giveback, underscoring intensifying competition in the segments Maruti once dominated.
Tata Motors and Mahindra & Mahindra power ahead
Tata Motors delivered one of the strongest performances of the month, wholesaling 70,222 units, a hefty 46.1 percent YoY jump and a massive 40.3 percent MoM rise. Market share climbed from 12.0 percent to 15.5 percent, making Tata January’s biggest gainer in absolute share terms.
Mahindra followed closely, posting 63,510 units, up 25.4 percent YoY and 24.7 percent MoM, with market share improving from 12.6 percent to 14.0 percent. Between them, Tata and Mahindra accounted for nearly 30 percent of the market, reflecting India’s continued, unabated appetite for SUVs.
Hyundai Motor India rebounds sequentially; Toyota Kirloskar Motor softens MoM
Hyundai recorded 59,107 units, growing 9.5 percent YoY and a strong 39.4 percent over December, yet its market share edged down slightly to 13.1 percent from 13.4 percent a year ago.
Toyota sold 30,630 units, registering 17 percent YoY growth, but saw a 10.3 percent MoM decline versus December. Market share inched up to 6.8 percent, indicating steady structural progress despite the monthly dip.
Kia India accelerates; Honda Cars India stays flat
Kia continued its upward trajectory with 27,603 units, up 10.3 percent YoY and a striking 47.9 percent MoM, although market share remained broadly flat at 6.1 percent.
Honda Cars India posted 6,193 units, managing just 1.5 percent YoY growth and a modest 6.6 percent MoM increase, with share slipping slightly to 1.4 percent which is hardly the comeback story the brand needs.
Škoda Auto India shines; JSW MG Motor India stumbles
Škoda emerged as a quiet star, delivering 5,739 units, up 38.9 percent YoY, while nudging market share up to 1.3 percent.
MG Motor India, however, slipped to 4,843 units, growing 8.7 percent YoY but plunging 25.5 percent MoM, as momentum from late 2025 cooled. Market share stayed static at 1.1 percent.
Smaller players: mixed fortunes
Renault India wholesaled 3,715 units, up 33.6 percent YoY but down 3.4 percent MoM.
Volkswagen Passenger Cars India continued to struggle with 2,710 units, down 19 percent YoY and 36.3 percent sequentially.
Nissan Motor India posted 2,502 units, a mild 4.1 percent YoY rise but a healthy 31.5 percent MoM jump.
Citroën India more than doubled volumes to 1,058 units, albeit from a very small base, while Jeep India slipped to just 228 units, down 26.5 percent YoY.
Market outlook
January’s 452,589-unit performance confirms that demand remains structurally strong, helped by stable interest rates, continued SUV preference and improving supply-side consistency. However, the month also exposed a clear redistribution of market power, with Tata and Mahindra steadily eating into Maruti Suzuki’s long-held dominance.
If this trajectory holds, 2026 could well be remembered as the year when India’s passenger vehicle market finally became multi-polar, rather than a one-brand show with supporting acts.
This is an updated story. Figures may be revised as manufacturers release final dispatch numbers.
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