Passenger vehicle and two-wheeler sales showed signs of recovery in September 2025 as the festive season started on September 22. According to Citi Research, demand surged due to pent-up buying from August and price reductions after recent GST cuts.
The report noted that wholesale dispatches were modest for some OEMs because of delayed dealer offtake and logistics issues, though tractor sales were strong. A robust October performance is expected due to positive sentiment and the full impact of GST cuts. Bajaj Auto’s domestic two-wheeler volumes rose 5% year-on-year (YoY) with a 48% month-on-month increase; exports remained steady. Commercial vehicle domestic sales fell 1% YoY, while exports jumped 67%. TVS Motor’s overall two-wheeler sales increased 11%, with a 12% rise domestically and 8% growth in electric vehicles. Hero MotoCorp saw a 5% growth in domestic sales and an 8% overall increase, with exports nearly doubling.
Maruti Suzuki faced logistical challenges affecting wholesale numbers, but retail demand was strong. Hyundai, Mahindra, Tata Motors, Ashok Leyland, and Eicher Motors also reported growth in various segments, highlighting an improving market.
