New Delhi, Dec 19 Wholesale volumes of domestic two‑wheelers grew by 19 per cent (year‑over‑year) in the month of November, reaching 1.8 million units, a report said on Friday.
The report from ICRA attributed the rise to Goods and Services Tax (GST) cuts and original equipment manufacturer‑dealer offers that sustained showroom footfalls after the festive season, prompting dealers to replenish inventory and support wholesale dispatches.
The ratings firm forecasted two‑wheeler volume growth of 6–9 per cent for FY26, supported by improved replacement demand following GST rate cuts, an expected recovery in urban consumption and healthy rural incomes driven by a normal monsoon.
Retail sales in November, however, eased by 3.1 per cent year‑on‑year, largely due to an early festive season that shifted demand into October’s record‑breaking sales period.
Dealers continue to report steady customer footfall, buoyed by positive GST sentiment and strong demand from the ongoing wedding season, it added.
Electric two‑wheeler retail volumes dipped marginally by 1.4 per cent YoY, with electric two-wheeler retail volumes reaching 1,17,335 units in November. Monthly electric two-wheeler penetration within the overall two‑wheeler segment remained stable at 6–7 per cent through the first eight months of FY26, reflecting gradual adoption, it said.
Export volumes continued to grow in double digits, rising 27.9 per cent year‑on‑year, while industry volumes were up 23.6 per cent during the April-November period, supported by a relatively low base in the corresponding period of FY25.
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 (FADA) data, aided by stronger retail offtake, according to another recent report.
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. Continued supportive policy reforms and improved market sentiments would drive this growth trajectory well into 2026, it noted.
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