New Delhi, March 2026 – India’s passenger vehicle (PV) market showed strong growth in February with 413,300 units registered, up 33.8% year-on-year, according to JATO Dynamics’ latest Retail Market Pulse report.
Ravi Bhatia, President of JATO Dynamics India, commented: “Last months results reflect continued consumer demand and healthy retail activity across key segments. We are seeing sustained recovery in the market as manufacturers benefit from improved supply, strong product pipelines, and steady buyer sentiment.”
Compared with January 2026, registrations fell from 520,300 to 415,300 units, marking a natural correction in the market.
Bhatia continued: “This easing is consistent with seasonal trends that typically follow a strong start to the calendar year. Despite the MoM dip, overall retail momentum remains healthy, supported by steady demand across key segments and stable inventory levels.”
Maruti Suzuki again led the market with 164,930 registrations, up 36.95% year-on-year. TATA followed with 60,201 units – a notable 52.37% increase on the registrations in the same month last year and a market share increase of 1.8%.
Mahindra, Hyundai, and Toyota closed out the top five, recording 56,517, 48,671, and 28,012 registrations, respectively. Notable gains were also recorded by KIA (+37.09%) and VW Group (+19.91%) in sixth and seventh place. Across the top 20 most registered brands, declines were recorded by Honda (-4.86%), Nissan (-0.92), and JLR (-1.36).
SUVs and compact hatchbacks continue to perform well, accounting for 55.4% and 25.2% of the market respectively.
TATA took first and second place in the ranking by model with two of its popular SUV offerings – the Punch (18,594 units) and the Nexon (17,106 units). Maruti Suzuki took third place with the Baleno (15,139 units). January’s second most registered model, Maruti Suzuki’s Wagon R, fell out of the top 10 in February being replaced by the Hyundai Venue (11,048 units) in ninth place.
Petrol remains the dominant powertrain, accounting for 54% of all vehicle registrations, followed by diesel at 19%. Electric vehicle (EV) registrations held steady at 4%.
Urban areas saw that most registrations with 249,994 units – up 37.52% year-on-year. This was followed by metro areas with 99,700 units (+22.28%) ahead of rural areas with 65,637 units – a notable 39% increase on February 2025 but short of the 87, 640 units registered in January 2025.
For full rankings and detailed analysis, please contact us.
Bex Barton, +44, 7874 866091, jatoteam@firstlightgroup.io
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