New Delhi [India], November 27 : India's automobile industry is expected to witness double-digit year-on-year growth in November 2025 across two-wheelers (2W), commercial vehicles (CV) and passenger vehicles (PV), according to a report by Nuvama.
"Sales volumes are likely to be driven by continued positive customer sentiment spurred by better affordability (courtesy GST cuts), strong rural demand, interest rate cuts and adequate finance availability," the report said.
The report noted that November wholesales are likely to remain robust, with two-wheeler makers such as Hero MotoCorp, Eicher Motors' Royal Enfield, and TVS Motor Company expected to outperform peers. Among passenger vehicle players, Mahindra & Mahindra and Tata Motors Passenger Vehicles are seen leading the growth.
Nuvama's analysis suggested that two-wheeler sales could grow around 15 per cent year-on-year in the domestic market, helped by positive rural sentiment and strong cash flows during the marriage season. Exports are also projected to rise in double digits, led by increased demand from Asia, Africa and Latin America. The report estimated Hero MotoCorp's sales to grow 32 per cent year-on-year to 6.05 lakh units, Eicher-RE to 1.05 lakh units (up 28 per cent), TVS Motor to 4.75 lakh units (up 18 per cent), and Bajaj Auto to 4.4 lakh units (up 4 per cent).
In the commercial vehicle segment, the report forecasted double-digit growth of around 15 per cent year-on-year. This increase is attributed to the impact of GST cuts, improved freight movement due to higher consumption demand, and steady financing. Exports, particularly to Asia, are also expected to strengthen. The report estimated Ashok Leyland's volumes at 16,700 units (up 18 per cent), Tata Motors CV at 32,500 units (up 18 per cent), and Eicher Motors' VECV division at 6,500 units (up 17 per cent).
Passenger vehicle volumes are projected to rise 13 per cent year-on-year, supported by GST cuts, financing availability, rural demand and new launches. The report said that discounts have increased slightly compared to the previous month. Mahindra & Mahindra Auto's total volume, including PV, CV and three-wheelers, is expected to grow 18 per cent to 93,000 units, while Tata Motors - PV may rise 18 per cent to 55,500 units. Maruti Suzuki India Ltd (MSIL) could see 16 per cent growth to 2.1 lakh units, and Hyundai may record a 9 per cent rise to 67,000 units.
For tractors, the report projected a high single-digit growth of around 7 per cent year-on-year, backed by healthy crop cash flows and strong farmer sentiment following GST cuts, though input costs remain a concern. Mahindra Farm Equipment and Escorts (including Kubota) are expected to grow 6 per cent each to 35,400 and 9,500 units, respectively.
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