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News for India > Business > May auto sales: PVs flat, CVs steady, 2-wheelers accelerate | Stock Market News
Business

May auto sales: PVs flat, CVs steady, 2-wheelers accelerate | Stock Market News

Last updated: June 3, 2025 5:04 pm
2 months ago
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Indian wholesale auto volumes exhibited a mixed trend in May, with the passenger vehicle (PV) segment reporting low single-digit year-on-year (YoY) growth, driven primarily by exports, while domestic demand stayed muted. In contrast, two-wheeler (2W) domestic demand remained healthy, with exports recording strong double-digit growth. Tractors saw high single-digit YoY growth, whereas commercial vehicle (CV) volumes remained largely flat.

Three of India’s top four passenger vehicle manufacturers reported weak sales to dealers in May, reflecting a subdued urban demand, particularly in the small car segment.

Also Read | Maruti, Hero get export earnings boost as domestic market remains shaky

Maruti Suzuki, the country’s largest carmaker, reported a 5.6% YoY decline in domestic sales, with 135,962 units sold in May 2025. Sales of its mini-segment cars, including the Alto and S-Presso, fell sharply by 31% YoY.

Entry-level cars priced under ₹5 lakh — which once accounted for over a million units in FY16 — fell drastically to just 25,402 units in FY25. These now make up less than 30% of the company’s portfolio. To spur small car sales in the country, Maruti Suzuki India on Monday called for incentives.

Hyundai Motor India, the second-largest player, posted an even steeper decline of 11%, selling 43,861 units compared to 49,151 units in May 2024. Tata Motors also reported an 11% YoY drop in domestic PV sales to 41,557 units. However, Mahindra & Mahindra bucked the trend, benefiting from strong utility vehicle demand, with a 21% YoY increase in UV sales to 52,431 units.

Also Read | Maruti Suzuki is concerned that Indians aren’t buying small cars

Overall, total passenger vehicle OEM volumes grew approximately 2% YoY. In the 2W segment, domestic volumes grew by 6% YoY, while exports remained strong with double-digit growth. Royal Enfield saw sustained demand for its premium motorcycles, dispatching 75,820 units to dealers in May — a 19.3% YoY rise.

TVS Motor reported a 14.1% YoY increase in total sales to 309,287 units, driven by strong demand for its electric two-wheeler (E2W) segment, with iQube volumes surging 50% to 27,976 units in May. Hero MotoCorp and Bajaj Auto also posted modest YoY growth of 2% and 1.6%, respectively.

In the commercial vehicle (CV) segment, volumes remained largely steady. Tractor volumes grew by approximately 5% YoY.

Also Read | Rain-soaked summer slows sales surge for AC makers

Auto sector outlook: Festive hope for PVs, seasonal boost for 2Ws

Looking ahead, domestic brokerage firm JM Financial expects domestic PV wholesales to remain weak in the near term. It does not anticipate any meaningful improvement in passenger vehicle demand until the festive season.

In the two-wheeler segment, while retail financing in the entry-level category remains a concern, the ongoing marriage season (May and June) is expected to provide short-term support to demand. For the CV segment, the brokerage expects volumes to witness a gradual recovery, driven by higher government capex and an uptick in infrastructure activity.

Also Read | While budget buyers hold back, India’s rich drive luxury car sales to new highs

Mahindra & Mahindra expects the early arrival of an above-normal southwest monsoon to support kharif sowing. Additionally, the recent hike in MSP for paddy and other kharif crops, along with better reservoir levels and supportive government schemes, is expected to aid near-term growth in tractor demand.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.



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