Channel inventory build-up for Diwali drives two-wheeler sales in October
The domestic two-wheelers wholesales (dispatches) saw a healthy growth in October with most of the original equipment manufacturers (OEMs) growing by double digits year-on-year (YoY), led by festive sentiments among the buyers.
Market leader, Hero MotoCorp reported domestic dispatches of 7,05,084 units during the month, which was a growth of 16.5 per cent YoY as compared with 6,04,829 units in October 2025.
The company’s domestic internal combustion engine (ICE) business delivered dispatches of 6,75,017 units in October as compared to 5,90,806 units in the same period last year reflecting a 14 per cent YoY growth with Scooters and the 100cc motorcycles driving its growth performance, it said.
Hero MotoCorp also mentioned that its emerging mobility business unit Vida, continued to maintain its strong growth momentum in October 2026 with dispatches of 30,143 units. Vida’s market share in the electric two-wheeler segment increased to 13.6 per cent in October, up from 11.1 per cent in the corresponding month last year, it added.
Similarly, Scooter major, Honda Motorcycle & Scooter India (HMSI) reported 11 per cent YoY growth in its domestic wholesales to 6,64,831 units during the month as compared with 5,98,952 units in October 2025.
In October 2026, HMSI said it continued to witness steady underlying demand during the festive season and remained focused on serving customers through its product portfolio and dealer network of over 7,000 touchpoints.
Meanwhile, ‘Pulsar’ maker, Bajaj Auto also reported a growth of 10 per cent YoY to 2,92,885 units in October, as compared with 2,66,470 units in the corresponding month last year.
Royal Enfield reported 4 per cent YoY growth in its domestic dispatches to 1,21,527 units last month as against 1,16,844 units in October 2025.
According to analysts, October wholesale volumes were particularly encouraging, with most major OEMs reporting double-digit growth due to channel inventory build-up ahead of Diwali.
“Two-wheelers remained the strongest segment, supported by healthy domestic demand and exports. The demand was especially visible in the electric two-wheeler segment, where demand beat previous all-time-highs set in October 2024,” Vinay Jain, Head of Research and Fund Manager, Karma Capital, said.