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Auto Volumes Snapshot: 2W's, Tractors and exports drive growth for June 2025

ICICIdirect Research 04 Jul 2025 DISCLAIMER

OEM wholesale sales volume for June 2025 came in steady with 2W & tractor segment outperforming its peers.

Notably, exports continue to stage a healthy growth on YoY basis for most of the OEMs.

M&M outperformed in PV segment while Royal Enfield (Eicher motors) lead the growth charge in 2W domain. M&M continues to decisively dominate the tractor segment.

In the 2-W pack, TVS motors continued with its healthy growth of ~20% at ~3.8 lakh units. While Eicher Motors (Royal Enfield) outperformed its peers & reported healthy growth of 22% YoY at ~89k units.

In PV space, M&M continued with its healthy performance, growing 18% YoY at 47k units. Maruti Suzuki reported muted prints for the month (down 6.2% YoY) at 1.65 lakh units
In tractor space, M&M reported volumes of 53.4k units, up by ~13% YoY while Escorts Kubota reported 2.2% growth at 11.5k units. Tracking positive monsoon 2025 outlook, tractor outlook is positive.

Our top bets in the OEM space are M&M (Target Price: ₹ 3,750) and Eicher Motors (Target Price: ₹ 6,350

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