May Auto Sales: PVS Flat, CVS STEADY, 2-WHEELERS ACECELERETE

Indian Wholesale Auto Volumes Exhibited A Mixed Trend in May, with the Passenger Vehicle (PV) Segment reporting low Single-Digit Year-On-Yaar (Yoy) Growth, Driven Privan Private BY XPORTS, VHELE Domestic Demand styed mutated. In contrast, two-wheler (2W) domestic demand remand remained Tractor 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.

Maruti Suzuki, The Country’s Larget Carmaker, Reported A 5.6% Yoy Decline in Domestic Sames, with 135,962 Units Sold in May 2025. S-Presso, Fell sharply by 31% yoy.

Entry-Level Cars Priceed Under 5 Lakh – which Once Accounted for Over a Million Units in FY16 – Fell drastically to just 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 Insantics.

Hyundai Motor India, The Second-Larges Player, Posted An Even Steeper Decline of 11%, Selling 43,861 Units Compared to 49,151 Units in May 2024. 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.

Overall, Total Passenger Vehicle Oem Volumes Grew Approximately 2% Yoy. In the 2W segment, domestic volumes grew by 6% yoy, while expenses remained strong with double-digit growth. Royal Enfield Saw Sustained Demand for its premium motorcycles, dispatching 75,820 units to deals in May – a 19.3% yoy Rise.

TVS Motor Reported A 14.1% Yoy Increase in Total Sames to 309,287 Units, Driven by Strong Demand for Its Electric Two-WHO-WHO-WHO-WHEELER (E2W) Segment, with Iqube Volumes Surging 50% to 27,976 UNITS 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.

Auto Sector Outlook: Festive Hope for Pvs, Seasonal Boost for 2ws

Looking ahead, domestic brokege firm jm Financial Expects Domestic PV Wholesles 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-wave segment, while retail finance in the entry-level category remain a concern, the Ongoing Marriage Season (May and June) is expected to provide to provide short-tree support to demand. For the cv segment, the brokerage expects volumes to witness a gradual recoverry, driven by higher government Capex and an uptick in infrastructure activity.

Mahindra & Mahindra Expects the Early Arrival of an Above-Normal Southwest Monsoon to Support Kharif Sowing. Additional, 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 giving in this article are that of individual analysts. These do not represent the views of Mint. We Advise Investors to Check With Certified Experts Before Taking Any Investments Decisions.