Overview

• CareEdge Ratings forecasts industry volumes to expand 8–9% in FY26, closing in on the FY19 peak.
• Export shipments are projected to grow 12–14%, while domestic sales rise 6–8% supported by stabilizing overseas markets and rural demand.
• Electric two-wheeler sales surged 29% in FY24 and 19% in FY25, reaching 1.20 million units in FY25.
• Rural registrations climbed to 58.30% of total retail sales in FY25, up from 57.9% a year earlier.
• Implementation of OBD-II Phase-B emission norms has had minimal impact on industry growth, highlighting market resilience.