Overview
- Passenger vehicle wholesales crossed about 4.5 million in 2025, up roughly 5–6% year on year, as SUVs reached about 55–56% market share and the Maruti Dzire finished as the year’s top-selling model.
- A September GST rate cut and easier financing powered a second-half rebound, with Maruti’s mini cars (Alto K10 and S-Presso) up about 92% year on year in December and pending bookings of roughly one to 1.5 months.
- Maruti Suzuki reported record output of about 22.55 lakh vehicles in 2025 and exports of around 3.95 lakh, alongside its highest-ever December retail tally and low dealer inventory at roughly three days’ stock.
- Two- and three-wheelers, commercial vehicles, and tractors posted strong year-on-year gains in December, with analysts noting early upcycle signs in CVs and farm-led support for tractor demand.
- Axis Securities expects industry volumes to grow at a high-single-digit pace in 2026, while highlighting sensitivity to upcoming pricing actions, commodity costs, rural trends, and reservoir-backed crop outlooks.