The report from ICRA said that retail sales grew 22 per cent year‑on‑year in November but eased 29 per cent from October’s festive peak.
The wholesale volumes rose 19 per cent YoY to 4.1 lakh units as original equipment manufacturers (OEMs) maintained production to meet demand.
The ratings agency forecasted FY26 wholesale volume growth of 1–4 per cent, supported by steady demand, GST cuts, new model launches, and sustained momentum.
For the eight months of FY2026, wholesale growth stood at a modest 3.6 per cent YoY versus 6.1 per cent for retail, the report said.
Inventory levels improved to 44–46 days by November 2025 from 60 days at the end of September, according to the Federation of Automobile Dealers Association data, aided by stronger retail offtake.
Utility vehicles held a 67 per cent share of passenger vehicle volumes in November, down from 69 per cent in October, while mini, compact and super‑compact segments revived after GST cuts.
A recent report said that during November, three-wheeler sales in India grew 21.3 per cent to 71,999 units, and two-wheeler sales jumped 21.2 per cent to 19,44,475 units.
The report said continued supportive policy reforms and improved market sentiments would drive this growth trajectory well into 2026.
Scooter sales grew a robust 29.4 per cent to 7,35,753 units, reflecting strong urban demand. Motorcycle sales increased 17.5 per cent to 11,63,751 units, supported by steady rural and semi-urban buying. Sales of three-wheelers grew 24.6 per cent to 59,446 units in November, largely driven by passenger carriers.
Goods carriers grew 10.9 per cent, reaching 10,874 units, as per the data. Meanwhile, passenger vehicle exports from India were driven by strong global demand, especially from markets in the Middle East and Latin America.
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