New Delhi [India], October 5 (ANI): India’s automobile sector recorded a robust recovery in September 2025, with wholesale volumes across all major vehicle categories surpassing expectations, according to a report by ICICI Securities. The rebound was driven by festive demand and the Goods and Services Tax (GST) rate reduction announced on September 22, which boosted both retail and wholesale activity.
In the two-wheeler segment, Hero MotoCorp posted an eight per cent year-on-year rise, selling approximately 6.87 lakh units, led by strong scooter demand. TVS Motor recorded a 12 per cent increase to 5.41 lakh units, including over 31,000 iQube electric scooters, underscoring growth in the electric vehicle (EV) segment. Bajaj Auto saw a nine per cent gain to 5.11 lakh units, driven by a 15 per cent increase in three-wheeler exports. Royal Enfield, owned by Eicher Motors, delivered a striking 43 per cent jump to 1.24 lakh units, surpassing expectations.
Passenger vehicles also posted healthy growth despite some supply chain constraints. Maruti Suzuki reported a three per cent annual increase to 1.9 lakh units, with exports rising 52 per cent. Mahindra & Mahindra’s PV volumes grew 10 per cent, while Tata Motors recorded a 47 per cent surge to 61,000 units, supported by nearly doubling its EV sales. Hyundai Motor India saw a 10 per cent overall increase, aided by a 44 per cent rise in exports.
Commercial vehicles continued their recovery trend. Tata Motors’ CV volumes rose 19 per cent to 36,000 units, supported by higher heavy and light truck sales. Ashok Leyland reported a nine per cent rise in total CV volumes, while Mahindra & Mahindra’s light commercial vehicles jumped 18 per cent.
The tractor segment led the growth, with volumes up 49 per cent year-on-year. Mahindra & Mahindra sold around 66,000 units, followed by Escorts with 18,000 units — both well above forecasts.
ICICI Securities noted, “The strong performance across segments reflects a healthy demand revival driven by festive buying and the GST rate cut.”
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