Retail vehicle registrations across India outperformed wholesale dispatches in June 2025, according to a report by HSBC Global Research. Despite subdued demand in the two-wheeler (2W) segment, retail sales in commercial vehicles (CVs), passenger vehicles (PVs), and tractors showed notable gains, bolstered by seasonal trends and attractive discounts.
Two-wheeler demand remained underwhelming, but the segment still recorded mixed performances. TVS led with a 20 per cent growth in overall 2W volumes, driven by a 10 per cent increase in domestic sales and a significant 54 per cent surge in exports. Bajaj Auto’s domestic figures fell by 16 per cent, while exports rose by 18 per cent. Royal Enfield (RE) posted robust growth, with domestic sales up 16 per cent and exports nearly doubling with a 79 per cent jump.
PVs Benefit From Discount-Led Buying
The passenger vehicle segment showed improved retail activity, even as wholesale volumes remained weak. “Retail sales outperformed wholesale dispatches on the back of aggressive discounting, although overall demand continued to remain tepid,” the report said.
Inventory control remained a priority for manufacturers. Maruti Suzuki recorded a 6 per cent year-on-year decline in total volumes, despite a 22 per cent rise in exports. In contrast, Mahindra & Mahindra (M&M) reported an 18 per cent growth in SUV wholesales, reaching 47,300 units in June.
Looking ahead, HSBC noted that upcoming festive seasons may provide a demand push, though promotional offers are expected to continue in the near term.
CVs And Tractors Register Strong Growth
Commercial vehicles witnessed strong retail momentum, supported by demand recovery in infrastructure and logistics. Meanwhile, tractor sales surged, backed by early and widespread monsoon coverage, an important factor in rural purchase cycles.
Electric Vehicle Adoption
The report also highlighted a gradual yet promising increase in electric vehicle (EV) adoption, particularly battery electric four-wheelers (e4Ws), reflecting growing consumer acceptance and improved availability.
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