Overview
- Passenger vehicle wholesales topped 4.5 million in 2025, up about 5% year on year, as SUVs’ market share rose to 55.8%.
- Maruti Suzuki posted its highest-ever annual wholesales at 1,806,514 units, logged record December retail of 286,000, and reported roughly 175,000 pending bookings.
- Post-GST recovery was most visible in small cars, with Maruti’s Alto K10 and S-Presso up 92% year on year in December and the company’s Q4 wholesales up 22%.
- Brokerage reports highlight broad-based momentum: two-wheelers up about 10% YTD, three-wheelers up roughly 49% YTD, tractors up about 21% year on year, and commercial vehicles showing an early-cycle upturn.
- ACMIIL and Axis Securities attribute the rebound to GST rationalisation, improved financing and rural demand, while cautioning that pricing actions and commodity costs bear watching.