India’s passenger vehicle market continued its growth trajectory in February 2026, with wholesales rising 10.5 percent year-on-year to 420,613 units, compared to 380,691 units in February 2025. However, the bigger story lies in the month-on-month slowdown, with volumes dropping 7.1 percent compared to January 2026’s 452,589 units, suggesting that the strong start to the year has settled into a more measured pace after the New Year surge. Beneath the topline growth numbers, February once again highlighted significant market share shifts, particularly among the top three players.
Maruti Suzuki still leads, but the share slide continues
Maruti Suzuki retained its long-standing leadership position with 161,000 units dispatched, essentially flat with a 0.1 percent YoY increase. Sequentially, however, volumes declined 7.8 percent from January, and more importantly, market share dropped sharply to 38.3 percent from 42.2 percent last year — a four percentage point decline. For a manufacturer that has historically commanded over 40 percent of India’s passenger vehicle market, this continued erosion underscores the growing strength of SUV-focused rivals.
Tata Motors and Mahindra & Mahindra keep gaining ground
Tata Motors delivered another strong showing, wholesaling 62,329 units, representing a 34.2 percent YoY increase despite an 11.2 percent sequential dip. Market share climbed significantly from 12.2 percent to 14.8 percent, reinforcing Tata’s steady climb in India’s passenger vehicle hierarchy. Mahindra followed closely with 60,018 units, marking a 19 percent YoY growth, although dispatches slipped 5.5 percent month-on-month. Its market share increased from 13.2 percent to 14.3 percent, placing Mahindra firmly among the market’s fastest-growing mainstream players as India’s appetite for SUVs shows no sign of cooling.
Hyundai softens slightly; Toyota continues steady climb
Hyundai Motor India dispatched 52,407 units, registering a 9.8 percent YoY increase, though volumes fell 11.3 percent compared to January. Market share remained largely stable at 12.5 percent, only marginally lower than the 12.6 percent recorded last year, indicating a broadly steady position in the market. Toyota Kirloskar Motor continued its consistent expansion, wholesaling 30,737 units, up 16.4 percent YoY. Sequential volumes remained virtually flat, and market share ticked up from 6.9 percent to 7.3 percent, reflecting Toyota’s sustained growth momentum in India.
Kia steady; Škoda grows strongly again
Kia India recorded 27,610 units, a 10.3 percent YoY improvement, with volumes essentially unchanged month-on-month. Market share remained stable at 6.6 percent. Škoda Auto India posted 6,361 units, representing a 13.9 percent YoY rise and a healthy 10.8 percent MoM increase, with its market share holding steady at 1.5 percent.
Honda flat; MG and Renault grow from smaller bases
Honda Cars India sold 5,629 units, essentially flat with 0.2 percent YoY growth, while dispatches declined 9.1 percent sequentially. Market share edged down slightly to 1.3 percent. JSW MG Motor India recorded 4,957 units, delivering a 23.9 percent YoY increase and a 2.4 percent MoM improvement, nudging market share to 1.2 percent. Renault India dispatched 3,495 units, up 30.6 percent YoY, though volumes fell 5.9 percent compared to January, with share rising marginally to 0.8 percent.
Volkswagen, Nissan and smaller players struggle for traction
Volkswagen Passenger Cars India recorded 2,639 units, declining 15.1 percent YoY and 2.6 percent month-on-month, with market share slipping to 0.6 percent. Nissan Motor India sold 2,230 units, down 4.2 percent YoY and 10.9 percent sequentially, with share easing slightly to 0.5 percent. Citroën India delivered 950 units, more than tripling volumes YoY with 254.5 percent growth, albeit from a very small base. Jeep India rounded out the table with 251 units, down 14.3 percent YoY, though dispatches improved 10.1 percent month-on-month.
Market outlook
February’s 420,613-unit performance confirms that India’s passenger vehicle demand remains fundamentally strong, supported by SUV-led growth, expanding product portfolios and improving supply chains. However, the bigger narrative continues to be the redistribution of market share. While Maruti Suzuki remains comfortably in the lead, Tata Motors and Mahindra are steadily closing the gap, reshaping the competitive dynamics of India’s automotive landscape. If the trend continues through the year, 2026 could further cement India’s transition from a single dominant player to a far more competitive, multi-brand market.
This is an updated story. Figures may be revised as manufacturers release final dispatch numbers.
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