India PV sales hit record 4.37 lakh units in April; 2W up 28.4%, 3W up 32.8%
SIAM data shows passenger vehicle dispatches rose 25.5% YoY to an all-time high of 4.37 lakh units in April 2026, capping FY26 PV sales at 47 lakh (+8%). Two-wheelers surged 28.4% to 18.73 lakh units and three-wheelers jumped 32.8%. Small cars rebounded with 16,066 units even as mid-size sedans kept sliding.
What happened
India's passenger vehicle sales hit a record 4.37 lakh units in April 2026, up 25.5% YoY, per SIAM. Two-wheelers grew 28.4% and three-wheelers 32.8%. Small cars
Key facts
- 4.37 lakh PV units April 2026
- 25.5% YoY PV growth
- 47 lakh FY26 PV sales
- 8% FY26 growth
- 18.73 lakh 2W units
- 28.4% 2W growth
- 0.66 lakh 3W units
- 32.8% 3W growth
- 16,066 small car units
Why this matters
The small-car rebound alongside record PV volumes opens a window to revisit M&A and JV theses in entry-level mobility, EV-adjacent two/three-wheeler platforms, and dealer-network roll-ups before multiples re-rate on the FY26 +8% base.