Automakers Post Record January Dispatches: SIAM

India’s automobile industry recorded its highest-ever January wholesales across passenger vehicles, two-wheelers and three-wheelers in 2026. All segments posted double-digit growth from a year earlier, data released by the Society of Indian Automobile Manufacturers (SIAM) showed on Friday.

The numbers come at a time when manufacturers are looking for sustained demand after a volatile 2025 and ahead of new production and investment plans announced in the Union Budget 2026. January’s performance extends the momentum seen in the previous quarter, according to the industry body.

Passenger Vehicles Lead With 12.6% Growth

Domestic dispatches of passenger vehicles (PVs) to dealers rose 12.6% year-on-year to 4,49,616 units in January 2026, compared with 3,99,386 units in January 2025, SIAM said in its monthly sales statement.

The January figure marks the highest-ever wholesales for the month. The growth reflects steady demand conditions and inventory replenishment at dealerships at the start of the calendar year.

Two-Wheelers And Three-Wheelers Outperform

Two-wheeler dispatches recorded sharper growth. Total wholesales to dealers climbed 26.2% year-on-year to 19,25,603 units in January 2026, up from 15,26,218 units in January 2025.

Also:

• Three-wheeler sales grew even faster on a percentage basis. Dispatches rose 30.2% to 75,725 units last month, compared with 58,167 units in January 2025.

• The combined domestic wholesales across all vehicle categories stood at 24,50,944 units in January 2026. This was 23.5% higher than 19,83,771 units reported in the same month a year earlier.

Export Growth Adds To Momentum

Export numbers also showed double-digit expansion across segments.

• Passenger vehicle exports rose 33.4% year-on-year to 76,822 units in January, up from 57,585 units in the same month last year.

• Two-wheeler exports increased 20% to 4,56,435 units, compared with 3,80,528 units in January 2025, according to SIAM data.

• Three-wheeler exports posted the sharpest rise. Shipments grew 54.6% to 36,879 units, against 23,859 units a year earlier.

• Total vehicle exports across categories stood at 5,71,066 units in January 2026. It was 23.5% higher than 4,62,500 units that were recorded in January 2025.

The rise in overseas shipments adds to the industry’s domestic gains and provides an additional demand cushion at a time when companies are balancing production schedules and dealer inventories.

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What It Means For The Sector And Investors?

The January numbers show robust demand in 2026. Growth in both domestic dispatches and exports suggests manufacturers are seeing support from multiple markets. For the sector, this reflects steady production schedules. It may also suggest better capacity use in the near term.

For investors, the data signals that volume growth has picked up across segments. It is not just in one category. This may support earnings visibility if the trend continues.

Sources:

The Hindu Business Line

Economic Times