Overview
- Passenger vehicle wholesales rose about 5% in 2025 to exceed 4.5 million units as SUVs increased their share to 55.8%, according to industry estimates.
- Maruti Suzuki posted its highest‑ever annual wholesales at 1,806,514 units, with Q4 volumes up 22%, mini cars nearly doubling in December, network stock around three days, and pending bookings near 175,000.
- GST rationalisation in late September and lower borrowing costs improved affordability and spurred retail demand into year‑end, with pre‑buying ahead of January price hikes adding support.
- Two‑wheelers grew 10% year to date domestically with stronger export traction, three‑wheelers rose 49% year to date and 80% in December, and tractor sales increased 21% year to date.
- Commercial vehicles registered a second consecutive month of strong year‑on‑year gains in December, including M&M up 34.4%, Tata Motors up 25.5% and Ashok Leyland up 27%, signaling an early upturn.