India’s PV Market Records Highest-Ever Jan Sales in 2026: 4.52 Lakh Units

India’s Passenger Vehicle Market Sees Strong Start to 2026: 12–13% Growth

India’s passenger vehicle market has started 2026 on a very strong note. In January 2026, the industry is estimated to have recorded around 4.5 lakh units in wholesale sales. This is not only the highest-ever performance for any January but also the second-highest for any month in India. Overall, this represents around 12–13% growth compared to January 2025.

Lean Dealer Inventories and Strong Retail Demand: Key Drivers

The strong performance comes as dealers managed their inventories well, keeping them lean. In addition, retail demand remained robust after the GST rate cuts at the end of last year. Perhaps this combination of lean stock and strong buyer interest allowed the market to perform so well.

Industry experts say that lean dealer inventories helped wholesale sales closely follow real customer demand rather than just filling up dealerships with extra stock. This is seen as a positive signal for the overall health of the market.

Growth Trend in Recent Months: 17–27% Increase

The growth in passenger vehicle sales has been steady over the last few months, reflecting strong demand across the industry. In October 2025, total sales reached 460,739 units, registering a 17% year-on-year growth. November 2025 saw sales of 412,405 units, up 18% compared to the same month in 2024. The momentum continued in December 2025, with 399,216 units sold, marking a significant 26.8% growth year-on-year.

These figures indicate that demand for passenger vehicles remained robust even before the start of the new year. This momentum was driven in part by the GST cut and the festive season.

OEM Performance in January 2026: 9.5–46% Growth

Several major carmakers have already shared their January sales numbers:

OEM	Jan 2026	Jan 2025	YoY Growth
Maruti Suzuki (MSIL)	174,240	173,599	0.4%
Tata Motors	70,222	48,075	46.1%
Mahindra & Mahindra	63,510	50,659	25.4%
Hyundai Motor India	59,107	54,003	9.5%
Toyota Kirloskar Motor	30,630	26,178	17.0%
Kia India	27,603	25,025	10.3%
Skoda-Volkswagen	8,449	7,477	13.0%
Honda Cars India	6,193	6,103	1.5%
MG Motor India	4,843	4,455	8.7%
Renault India	3,715	2,780	33.6%
Nissan Motor India	2,502	2,404	4.1%
Citroën India	1,058	470	125.1%
Fiat India	238	310	-23.2%
TOTAL	452,310	401,538	12.6%

In January 2026, Tata Motors led the pack among major carmakers with 70,222 units sold, marking a significant 46.1% growth compared to January 2025. Mahindra & Mahindra followed closely with 63,510 units, reflecting a 25.4% increase. Hyundai Motor India recorded sales of 59,107 units, achieving a 9.5% growth, while Toyota Kirloskar Motor sold 30,630 units, growing 17% year-on-year. Kia India reported 27,603 units sold, showing a 10.3% rise.

Skoda-Volkswagen sold 8,449 units, growing 13%, and Honda Cars India reached 6,193 units with a modest 1.5% increase. MG Motor India posted 4,843 units, up 8.7%, and Renault India recorded 3,715 units, achieving a strong 33.6% growth.

Nissan Motor India sold 2,502 units, up 4.1%, and Citroën India witnessed the highest growth at 125.1% with 1,058 units sold. Fiat India, however, saw a decline of 23.2%, selling 238 units.

Overall, total passenger vehicle sales in January 2026 stood at 452,310 units, up 12.6% from 401,538 units in January 2025.

Positive Outlook for 2026: Steady Demand & Market Momentum

According to Rahul Bharti, Executive Officer for Corporate Affairs at Maruti Suzuki India, the passenger vehicle market continues to enjoy positive demand. Retail momentum remains steady, and the entry-level and compact car segments are back to a “healthy black.” This growth is supported by better affordability, lean inventories, and consistent participation from first-time car buyers.

However, experts note that future growth will depend on new product launches and demand trends in different segments rather than pricing changes alone. With inventories under control and steady orders, the passenger vehicle market has entered 2026 with strong momentum, suggesting a promising year ahead for both manufacturers and buyers.

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