Key Points

The report expects Dhanteras and Deepawali to deliver peak festive sales for both PVs and 2Ws.

The report highlighted that retail demand in the PV segment across dealerships grew between 15-22 per cent YoY, led by major automakers including Maruti Suzuki India (MSIL), Tata Motors (TTMT), Honda Motor India (HMI), and Mahindra & Mahindra (M&M).

It stated "overall tone from dealers suggests that retail growth during Navratri stood in the range of approx. 15-35 per cent YoY across PV and 2W. Dhanteras & Deepawali are expected to deliver peak festive sales".

The 2W segment recorded higher growth of 25-35 per cent YoY across Honda, Hero, TVS, and Royal Enfield, although Bajaj sales remained muted during the period.

In the PV segment, the festive sentiment has resulted in a sharp 35-40 per cent surge in dealership footfalls. This boost was supported by recent price corrections, including GST rate cuts, and a notable increase in first-time buyers.

The strong retail conversion was also attributed to sustained traction from recent launches.

The report noted that demand remains skewed toward top-end variants, reflecting a clear premiumization trend across markets. However, momentum in electric PVs has moderated as aggressive pricing in internal combustion engine (ICE) models narrows the gap.

For two-wheelers, premium and 125cc+ offerings continued to outperform, with TVS and Royal Enfield leading the growth trajectory.

The first 20 days of September were impacted due to purchase deferrals amid GST-cut implementations, but momentum picked up in the latter half of the month and continued into early October.

Overall, the PV segment delivered a firm festive recovery, with sequential improvements in both footfalls and retail conversions, underscoring the strong revival in consumer demand during the Navratri period.

- ANI