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This is the first time in the current fiscal year that the maker of the XUV700 and Thar Roxx SUVs has secured the second position in monthly sales in the PV market.“>
New Delhi: Automobile dispatches to dealers were mixed in February this year.
In the passenger vehicle (PV) segment, market leader Maruti Suzuki maintained its No. 1 position, reporting a marginal year-on-year growth. However, mini car sales (Alto, S-Presso) declined to 10,226 units in February this year, down from 14,782 units in the same month last year.
On the other hand, sales of compact cars like the Baleno, Celerio, Dzire, Ignis, Swift, WagonR, and utility vehicles including the Brezza, Ertiga, Fronx, Grand Vitara, Invicto, Jimny, and XL6 saw a year-on-year increase.
Last month, ETAuto reported how January car dispatches showed modest growth as demand remained muted.
Meanwhile, Mahindra & Mahindra, which had been trailing Tata Motors at the third spot, has surpassed Hyundai Motor India during February 2025 to secure the No. 2 spot.
“In February, we clocked SUV sales of 50,420, a growth of 19% and 83,702 total vehicles, a growth of 15%. This strong performance is a result of a continued positive momentum for our SUV portfolio,” Veejay Nakra, President, Automotive Division, M&M said.
This is the first time in the current fiscal year that the maker of the XUV700 and Thar Roxx SUVs has secured the second position in monthly sales in the PV market.
Meanwhile, for the full fiscal year FY2025, Hyundai is expected to hold its second spot, while there is intense competition between the Mumbai-based carmakers Mahindra and Tata for the third position.
It is worth noting that Mahindra, which was absent from the top 3 list until a few years ago, has swiftly climbed up the ranks. Meanwhile, Tata, which had been aiming for the second spot, is gradually losing momentum and facing declining demand.
Earlier, ETAuto reported about the race between Hyundai and Tata for the No. 2 spot among carmakers.
Hyundai reported a 5% drop in dispatches during the month. The company’s Chief Operating Officer, Tarun Garg, stated, “Despite geopolitical challenges, we remain optimistic that the proposed tax reforms in the Union Budget 2025 and improved liquidity will provide the much-needed demand boost to the market.”
Tata Motors, which slipped to the fourth position, saw a 9% decline in domestic dispatches (including EVs). Amid growing competition, its total EV sales, including domestic and exports, also fell significantly by 23%, reaching 5,343 units in February this year, compared to 6,923 units in the same month last year.
JSW MG reported that its EV lineup made up 78% of total sales during the month, according to the company’s retail figures.
“Production at Halol facility temporarily reduced due to necessary facility modifications undertaken for the introduction of new products and Windsor production stabilisation,” the automaker added.
Two-wheelers
Hero MotoCorp reported a 20% decline in dispatches for February this year. However the company expects momentum to pick up in the coming months, driven by the upcoming marriage season and new product launches.
Honda Motorcycle and Scooter India (HMSI) and Bajaj Auto have yet to release their sales figures for the month.
With growing demand for premium motorcycles, Royal Enfield reported a 19% YoY growth, while Suzuki Motorcycles saw a 12% drop in dispatches.
B Govindarajan, Managing Director of Eicher Motors and CEO of Royal Enfield, attributed the growth to their strong product portfolio, which has played a key role in delivering authentic motorcycling experiences to riding enthusiasts worldwide.
Although the domestic sales witnessed a temporary slowdown, our focus remains on continuously improving the overall ownership experience for Suzuki two-wheeler riders, Devashish Handa, Executive Vice President- Sales, Marketing and After Sales at the company said.
Outlook
ICRA’s latest outlook projects a 0-2% growth for the passenger vehicle (PV) industry in FY2025, with demand drivers like disposable incomes, new model launches, and cost of ownership remaining neutral or favorable.
In FY24, industry volumes hit a record 4.2 million units. In YTD FY2025, wholesale volumes have remained stable, with modest growth of about 2%, due to waning replacement demand and high inventory levels.
“Healthy retails have helped moderate dealer inventory holding in the past few months; nonetheless the inventory continues to be moderately high,” it noted.
ICRA expects moderate 4-7% growth in PV industry volumes for FY2026, despite a high base.
The two-wheeler industry, recovering from the downturn of FY2020-FY2022, has seen strong growth of around 10% YoY in YTD FY2025.
The industry’s outlook has been supported by improved rural demand following a strong monsoon season. Rural demand is expected to remain robust, with healthy rabi sowing. Additionally, a reduction in income tax after changes in tax slabs in the Union Budget is likely to boost disposable incomes and support demand.
After an estimated 11-14% growth in FY2025, ICRA forecasts the two-wheeler industry to grow at a healthy 6-9% in FY2026.
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Maruti Suzuki retained its top spot in February, with compact cars and utility vehicles growing, while mini car sales declined.
Read by: 100 Industry Professionals
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This is the first time in the current fiscal year that the maker of the XUV700 and Thar Roxx SUVs has secured the second position in monthly sales in the PV market.“>
New Delhi: Automobile dispatches to dealers were mixed in February this year.
In the passenger vehicle (PV) segment, market leader Maruti Suzuki maintained its No. 1 position, reporting a marginal year-on-year growth. However, mini car sales (Alto, S-Presso) declined to 10,226 units in February this year, down from 14,782 units in the same month last year.
On the other hand, sales of compact cars like the Baleno, Celerio, Dzire, Ignis, Swift, WagonR, and utility vehicles including the Brezza, Ertiga, Fronx, Grand Vitara, Invicto, Jimny, and XL6 saw a year-on-year increase.Last month, ETAuto reported how January car dispatches showed modest growth as demand remained muted.
Meanwhile, Mahindra & Mahindra, which had been trailing Tata Motors at the third spot, has surpassed Hyundai Motor India during February 2025 to secure the No. 2 spot.
“In February, we clocked SUV sales of 50,420, a growth of 19% and 83,702 total vehicles, a growth of 15%. This strong performance is a result of a continued positive momentum for our SUV portfolio,” Veejay Nakra, President, Automotive Division, M&M said.
This is the first time in the current fiscal year that the maker of the XUV700 and Thar Roxx SUVs has secured the second position in monthly sales in the PV market.
Meanwhile, for the full fiscal year FY2025, Hyundai is expected to hold its second spot, while there is intense competition between the Mumbai-based carmakers Mahindra and Tata for the third position.
It is worth noting that Mahindra, which was absent from the top 3 list until a few years ago, has swiftly climbed up the ranks. Meanwhile, Tata, which had been aiming for the second spot, is gradually losing momentum and facing declining demand.
Earlier, ETAuto reported about the race between Hyundai and Tata for the No. 2 spot among carmakers.
| Domestic Dispatches | Feb 2025 | Feb 2024 | % change |
| Maruti Suzuki | 160,791 | 160,271 | 0.3 |
| Mahindra & Mahindra | 50420 | 42401 | 19 |
| Hyundai | 47,727 | 50,201 | -4.9 |
| Tata Motors | 46,435 | 51,267 | -9 |
| JSW MG Motor (Retail Sales) | 4,956 | 4,261 | 16.3 |
Hyundai reported a 5% drop in dispatches during the month. The company’s Chief Operating Officer, Tarun Garg, stated, “Despite geopolitical challenges, we remain optimistic that the proposed tax reforms in the Union Budget 2025 and improved liquidity will provide the much-needed demand boost to the market.”Tata Motors, which slipped to the fourth position, saw a 9% decline in domestic dispatches (including EVs). Amid growing competition, its total EV sales, including domestic and exports, also fell significantly by 23%, reaching 5,343 units in February this year, compared to 6,923 units in the same month last year.
JSW MG reported that its EV lineup made up 78% of total sales during the month, according to the company’s retail figures.
“Production at Halol facility temporarily reduced due to necessary facility modifications undertaken for the introduction of new products and Windsor production stabilisation,” the automaker added.
Two-wheelers
Hero MotoCorp reported a 20% decline in dispatches for February this year. However the company expects momentum to pick up in the coming months, driven by the upcoming marriage season and new product launches.
Honda Motorcycle and Scooter India (HMSI) and Bajaj Auto have yet to release their sales figures for the month.
| Domestic Dispatches | Feb 2025 | Feb 2024 | % change |
| Hero MotoCorp | 3,57,296 | 4,45,257 | -19.7 |
| HMSI | Awaited | ||
| TVS Motor | 2,76,072 | 2,67,502 | 3.2 |
| Bajaj Auto | Awaited | ||
| Royal Enfield | 80,799 | 67,922 | 18.9 |
| Suzuki Motorcycles | 73,455 | 83,304 | -11.8 |
With growing demand for premium motorcycles, Royal Enfield reported a 19% YoY growth, while Suzuki Motorcycles saw a 12% drop in dispatches.
B Govindarajan, Managing Director of Eicher Motors and CEO of Royal Enfield, attributed the growth to their strong product portfolio, which has played a key role in delivering authentic motorcycling experiences to riding enthusiasts worldwide.
Although the domestic sales witnessed a temporary slowdown, our focus remains on continuously improving the overall ownership experience for Suzuki two-wheeler riders, Devashish Handa, Executive Vice President- Sales, Marketing and After Sales at the company said.
Outlook
ICRA’s latest outlook projects a 0-2% growth for the passenger vehicle (PV) industry in FY2025, with demand drivers like disposable incomes, new model launches, and cost of ownership remaining neutral or favorable.
In FY24, industry volumes hit a record 4.2 million units. In YTD FY2025, wholesale volumes have remained stable, with modest growth of about 2%, due to waning replacement demand and high inventory levels.
“Healthy retails have helped moderate dealer inventory holding in the past few months; nonetheless the inventory continues to be moderately high,” it noted.
ICRA expects moderate 4-7% growth in PV industry volumes for FY2026, despite a high base.
The two-wheeler industry, recovering from the downturn of FY2020-FY2022, has seen strong growth of around 10% YoY in YTD FY2025.
The industry’s outlook has been supported by improved rural demand following a strong monsoon season. Rural demand is expected to remain robust, with healthy rabi sowing. Additionally, a reduction in income tax after changes in tax slabs in the Union Budget is likely to boost disposable incomes and support demand.
After an estimated 11-14% growth in FY2025, ICRA forecasts the two-wheeler industry to grow at a healthy 6-9% in FY2026.
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