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Tata Motors has emerged as the biggest market-share gainer in India’s passenger-vehicle

ICICIdirect Research 02 Sep 2026 DISCLAIMER

News: According to media sources, Tata Motors has emerged as the biggest market-share gainer in India’s passenger-vehicle (PV) market during January–August 2026. Its registrations increased 37.2% YoY to 4.94 lakh vehicles, significantly ahead of the overall PV market's 21.2% growth. As a result, Tata's PV market share rose from 12.6% to 14.3%, taking it to No. 2, ahead of M&M and Hyundai. Importantly, the growth was not driven only by EVs: non-EV registrations rose 30.1%, contributing around 70% of Tata's incremental volumes, while EV registrations grew a much stronger 85.5%, taking Tata's EV market share to 40.7%.

View: Tata's PV turnaround is becoming more broad-based rather than being an EV-only story. The recovery in its conventional portfolio, led by models such as Punch and Nexon, combined with the sharp rebound in EVs, and success of new launches like the Sierra, is allowing it to gain share while the overall PV market is also growing strongly.

Impact: Positive

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