India’s passenger vehicle (PV) market opened calendar year 2026 on a strong footing, with January wholesales estimated at around 4.5 lakh units, marking the highest-ever January performance and the second-highest monthly tally on record. The month’s sales data underline the structural shift toward utility vehicles, with six SUVs featuring among the top 10 selling models.
Leading the charts in January was Tata Nexon, with sales of 23,365 units, reinforcing its position as one of the most consistent performers in the market. It was followed by the Maruti Suzuki’s Dzire (19,629 units) and the Tata Punch (19,257 units).
The rest of the top 10 list included the Hyundai’s Creta (17,921 units), Maruti Suzuki’s Ertiga (17,892 units), Swift (17,806 units), Vitara Brezza (17,486 units), Baleno (16,782 units), and Victoris (15,240 units), and Mahindra’s Scorpio (15,542 units).
Of these ten, Nexon, Punch, Creta, Brezza, Scorpio and Victoris fall squarely into the SUV category, underscoring how SUV-led demand continues to define the mass market, not just the premium segments.
Top 10 SUVs: Tata and Hyundai hold ground
The SUV-only ranking for January mirrored the broader trend. Nexon again led the table, followed by Punch and Creta. Brezza and Scorpio rounded out the top five, while Victoris, Maruti Suzuki’s Fronx, Hyundai’s Venue, Mahindra’s Bolero and Kia’s Sonet completed the top 10.
The list highlights the breadth of SUV demand, from micro and sub-compact SUVs to rugged ladder-frame offerings, suggesting that the SUV preference cuts across price bands and use cases.
January’s performance reflects a continuation of the demand rebound seen after the GST 2.0 reforms, rather than a one-off festive spike. The wholesales closely tracked retail demand, a structurally positive indicator for the industry.
Wholesale growth had already been robust in the October-December period, with dispatches rising 17% in October, 18% in November, and accelerating to 26.8% in December 2025. January has carried that momentum forward, helped by improved affordability, steady financing availability and a strong pipeline of SUV-centric products.
Based on sales announced by OEMs and the historical run rates of those yet to report, total domestic PV wholesale sales for January are estimated at around 4,52,000 units, translating into 12-13% year-on-year growth.
Brand-wise performance
Among manufacturers, Maruti Suzuki India reported its highest-ever January sales at 236,963 units, up 12% from 212,251 units a year earlier. Domestic sales stood at 178,300 units, while exports hit an all-time monthly high of 51,020 units. Utility vehicles remained a key growth driver for Maruti, with 75,609 units sold domestically.
Tata Motors PV posted January wholesales of 70,222 units, up 46.1% year-on-year, supported by sustained demand for Nexon and Punch. Mahindra & Mahindra followed with 63,510 units, up 25.4%, driven largely by SUVs.
Hyundai Motor India dispatched 59,107 units, up 9.5%, while Toyota Kirloskar Motor recorded a 17% rise to 30,630 units. Kia India grew 10.3% to 27,603 units, with several smaller OEMs also posting double-digit growth.
The record January performance suggests that India’s PV demand recovery has moved beyond festival-led buying into a more stable phase. With inventories under control and order pipelines healthy, industry growth in the coming months is likely to be shaped more by new product launches and segment-level demand than by pricing actions alone.