Vehicle Sales January 2024: Hero MotoCorp Leads, 22,47,856 Units Registered
Full Vahan registration report for January 2024 — every major manufacturer ranked, with month-on-month and year-on-year change, segment share, fuel mix and the state-wise picture.
How January went
The Indian vehicle market registered 22,47,856 vehicles in January 2024. Volumes rose sharply 15.9% against January 2023, and rose 6.8% on December 2023.
That is 3 consecutive months of year-on-year growth for the segment. Year to date, 22,47,856 units have been registered across 1 month, +15.9% on the same stretch of 2023 (19,39,334).
January carries the new-year registration rush — buyers who took delivery in late December often register in the first week.
Monthly vehicle registrations, 2023–2026
One line per calendar year — the shape of the year, not just its total. The dashed end of the current year is the month so far.
Manufacturer scoreboard
Hero MotoCorp led the segment with 4,20,998 registrations, ahead of Honda 2W (HMSI) on 3,80,545 — a gap of 40,453 units, narrower than the 1,05,131 it held in December.
Bajaj Auto grew fastest among the segment's biggest names at +29.6% year on year (2,26,015 units).
On share rather than volume — the number that decides who is actually winning — Honda 2W (HMSI) has added 1.73pp of the segment in 2024, while Hero MotoCorp has given up 1.29pp.
Top 10 manufacturers, January 2024
Registrations in the month
Ranked by registrations in the month, with month-on-month and year-on-year change. Click a name for its full dashboard.
| # | Manufacturer | Jan 2024 | MoM | YoY | Share |
|---|---|---|---|---|---|
| 1 | Hero MotoCorp | 4,20,998 | −11.4% | +11.4% | 18.73% |
| 2 | Honda 2W (HMSI) | 3,80,545 | +2.9% | +11.9% | 16.93% |
| 3 | TVS Motor | 2,66,575 | +8.6% | +22.7% | 11.86% |
| 4 | Bajaj Auto | 2,26,015 | +0.0% | +29.6% | 10.05% |
| 5 | Maruti Suzuki | 1,88,010 | +45.6% | +14.3% | 8.36% |
| 6 | Suzuki 2W | 79,525 | +12.9% | +26.5% | 3.54% |
| 7 | Royal Enfield | 70,253 | +19.2% | +2.9% | 3.13% |
| 8 | Mahindra | 69,249 | +26.5% | +10.2% | 3.08% |
| 9 | Yamaha India | 59,816 | +19.4% | +21.8% | 2.66% |
| 10 | Hyundai | 55,618 | +31.3% | +12.7% | 2.47% |
| 11 | Tata Motors (PV) | 50,472 | +22.9% | +5.6% | 2.25% |
| 12 | Ola Electric | 33,815 | +6.4% | +74.5% | 1.50% |
| 13 | Tata Motors | 33,326 | +18.6% | −5.6% | 1.48% |
| 14 | Toyota Kirloskar | 22,753 | +40.9% | +87.8% | 1.01% |
| 15 | Kia India | 20,777 | +20.0% | +1.3% | 0.92% |
Share is of every vehicle registered in India that month.
Market share, year to date
Share here is of every vehicle registered in India, across all segments — which is why two-wheeler makers fill the top of the table. Volume is full-year 2024. The comparison is against the whole of 2023.
Exact segment volume per manufacturer over full-year 2024, and the change in share against full-year 2023.
| # | Manufacturer | 2024 units | Share | vs full-year 2023 |
|---|---|---|---|---|
| 1 | Hero MotoCorp | 55,97,563 | 20.55% | −1.29pp |
| 2 | Honda 2W (HMSI) | 50,60,024 | 18.58% | +1.73pp |
| 3 | TVS Motor | 33,82,774 | 12.42% | +0.46pp |
| 4 | Bajaj Auto | 27,63,922 | 10.15% | −0.05pp |
| 5 | Maruti Suzuki | 17,51,166 | 6.43% | −0.38pp |
| 6 | Suzuki 2W | 10,06,505 | 3.70% | +0.31pp |
| 7 | Royal Enfield | 8,52,369 | 3.13% | −0.15pp |
| 8 | Mahindra | 7,66,727 | 2.81% | −0.07pp |
| 9 | Yamaha India | 6,82,013 | 2.50% | +0.10pp |
| 10 | Hyundai | 5,84,592 | 2.15% | −0.17pp |
| 11 | Tata Motors (PV) | 4,91,614 | 1.80% | −0.21pp |
| 12 | Ola Electric | 4,29,191 | 1.58% | +0.46pp |
| 13 | Tata Motors | 3,66,821 | 1.35% | −0.19pp |
| 14 | Toyota Kirloskar | 2,74,376 | 1.01% | +0.18pp |
| 15 | Kia India | 2,50,678 | 0.92% | −0.04pp |
Fuel mix
Petrol accounts for 76.0% of the segment's registrations in 2024. Electric is at 7.44%, a move of +1.10pp on 2023 on volume of 20,26,406 units.
Vehicle fuel mix, 2024
Share of segment registrations year to date
The full-year 2024 mix.
| Fuel | 2024 units | Share | vs full-year 2023 |
|---|---|---|---|
| Petrol | 2,07,08,798 | 76.03% | −0.99pp |
| Diesel | 27,52,536 | 10.11% | −0.65pp |
| Electric | 20,26,406 | 7.44% | +1.10pp |
| CNG / LPG | 13,16,664 | 4.83% | +0.60pp |
| Hybrid | 3,57,476 | 1.31% | −0.02pp |
| Other | 75,533 | 0.28% | −0.04pp |
Share is of this report's own scope over full-year 2024, compared with the whole of 2023.
Where the demand is
Uttar Pradesh was the largest market in January 2024 with 2,82,398 registrations, 12.6% of the segment's national total. Maharashtra (2,55,045) and Tamil Nadu (1,96,089) followed. Among the big markets Gujarat grew fastest at +37.5%.
Registrations in the month, by state.
| # | State | Units | Share | YoY |
|---|---|---|---|---|
| 1 | Uttar Pradesh | 2,82,398 | 12.6% | +11.0% |
| 2 | Maharashtra | 2,55,045 | 11.3% | +13.9% |
| 3 | Tamil Nadu | 1,96,089 | 8.7% | +13.5% |
| 4 | Karnataka | 1,68,033 | 7.5% | +20.6% |
| 5 | Gujarat | 1,56,653 | 7.0% | +37.5% |
| 6 | Madhya Pradesh | 1,34,271 | 6.0% | +16.3% |
| 7 | Rajasthan | 1,25,047 | 5.6% | +22.7% |
| 8 | Bihar | 93,629 | 4.2% | +13.8% |
| 9 | Telangana | 91,366 | 4.1% | +10.7% |
| 10 | West Bengal | 88,872 | 4.0% | +34.5% |
| 11 | Haryana | 85,149 | 3.8% | +28.3% |
| 12 | Andhra Pradesh | 70,563 | 3.1% | +0.2% |
Frequently asked questions
How many vehicles were sold in India in January 2024?
Which company sold the most vehicles in January 2024?
What is the vehicle market share in India in 2024?
What share of vehicles sold in India are electric?
Which state registers the most vehicles in India?
Are these wholesale dispatches or retail sales?
Vehicle sales, earlier months
More from the reports desk
Source. Every figure is a vehicle registration, taken daily from the Ministry of Road Transport & Highways' Vahan 4 dashboard (vahan.parivahan.gov.in) — the same source FADA and the industry use for retail data. Registrations are not the wholesale dispatch numbers manufacturers announce each month. "EV" means battery electric (Vahan fuels PURE EV and ELECTRIC(BOV)); hybrids are counted separately. Information only, not investment advice.
Using these numbers? Cite "Flash Finance (Vahan data)" with a link to this page. This report's chart card is free to republish with the same credit.
