Overview
- Brokerages including Nuvama and Nomura projected double‑digit December growth across two‑wheelers, passenger vehicles, commercial vehicles and tractors, citing GST cuts, lower rates, new launches and ample financing.
- VAHAN registrations show TVS Motor led 2025 electric two‑wheelers with about 24.2% share (~295,000 units) as Ola Electric’s share fell to roughly 16.1% (~197,000), with Bajaj at 21.9%, Ather at 16.2% and Hero at 8.8%.
- Honda Motorcycle & Scooter India recorded the highest December two‑wheeler registrations at 343,000, while Hero MotoCorp fell 15% to 281,000 and Bajaj Auto slipped 4% to 133,000; TVS rose 22% to 260,000 and Royal Enfield jumped 47%.
- Nuvama’s company‑level December wholesale forecasts flagged strong performers such as TVS (~+29% to 415,000), Royal Enfield (~+26% to 100,000), Maruti (~+23% to 220,000) and M&M Auto (~+29% to 90,000).
- Analysts link the EV shake‑up to service quality, dealer reach and supply‑chain resilience, while FY 2024‑25 also marked Royal Enfield’s roughly 1.09 million annual sales milestone.