New Delhi: Retail registrations in the Indian automobile market outpaced wholesale dispatches across key segments in June 2025, a new report said on Wednesday.
While two-wheeler (2W) retail demand continued at a slow pace, commercial vehicles (CVs) and passenger vehicles (PVs) saw a jump in retail sales — mainly driven by deep discounts, according to HSBC Global Research.
The report also highlighted strong tractor sales, supported by early and widespread monsoons, and noted a rising adoption of electric vehicles, especially battery electric four-wheelers (e4Ws).
In PVs, despite muted demand, retail sales were better than wholesales, thanks to high discounts. However, overall wholesale volumes remained low as manufacturers preferred inventory rationalisation.
Maruti Suzuki reported a 6 per cent year-on-year (YoY) decline in total volumes, even as exports rose 22 per cent.
Mahindra & Mahindra (M&M), however, bucked the trend with an 18 per cent rise in SUV wholesales, clocking 47,300 units.
The report further noted that the upcoming festive season may provide a boost to PV demand, but discounts are expected to remain elevated until then.
In the 2W segment, the impact of the new ABS rule for entry-level bikes is likely to prompt some advance stocking by manufacturers toward the end of 2025, according to the report.
TVS emerged as the top performer with a 20 per cent jump in overall 2W volumes, including a 10 per cent rise in domestic sales and a 54 per cent spike in exports.
Bajaj Auto saw its domestic volumes dip by around 16 per cent, but its exports grew by about 18 per cent.
Royal Enfield (RE) reported a 16 per cent rise in domestic volumes and nearly 79 per cent jump in exports, said the report.