loader2
Login Open ICICI 3-in-1 Account

Open ICICI
3-in-1 Account

Manage your Savings, Demat and Trading Account conveniently at one place

+91

BLOG

Auto Volumes: Positive Start to the year, 2W growth continues

ICICIdirect Research 07 Feb 2025 DISCLAIMER

Wholesale volume prints for the month of January 2025 came in healthy.

2-W space outperformed led by healthy recovery in exports volumes across all players. PV space surprised positively with M&M reporting double-digit volume growth. While, CV segment reported a flattish performance amid buses segment outperforming the trucks space.

In 2-W pack, Eicher motors (Royal Enfield franchise) outperformed its peers with healthy growth of 20% at 91.1K units. While TVS Motors reported steady growth of 17.5% YoY at 3.88 lakh units, Bajaj Auto witnessed a volume growth of 6.5% YoY at 3.28 lakh units. Also, the Export volume of 2W players showed a healthy recovery of more than 35% YoY (albeit on a high base).

In PV space, M&M continued with its healthy performance, growing 17.6% YoY at 50.7k units. Maruti Suzuki reported steady prints for the month. Product mix was maintained at Maruti with UV share in total sales volume pegged at ~31%. Tata Motors EV volumes were muted at 5,240 units (down 25% YoY and 6% QoQ). Volume for Hyundai was at 65K units (down 3% YoY).

In CV segment, Tata motors reported muted CV volumes of ~32k units, down 0.3% YoY. Ashok Leyland volumes were up by 8% YoY at ~17.2k units. Within M&HCV space, buses sub-segment continued to perform better than trucks. With expected pick up in government capex, CV volumes are likely to improve going forward.

In tractor space, M&M reported volumes of 27.5k units, up by 15% YoY while Escorts Kubota reported a decline of ~7% YoY at 6.7k units.

Recently announced relief in personal income taxation in Union Budget 2025-26 is likely to spur 2-W and PV demand and makes us positive on this space.  

Download ICICI Direct app

Invest, Track, and Manage your Portfolio Anytime, Anywhere

Download ICICI Direct app

Invest, Track, and Manage your Portfolio Anytime, Anywhere