November’25 Retail Performance
· Overall Retail: +2.14% YoY (despite a high-base comparison)
· 2W: –3.1% | PV: +19.7% | CV: +19.94% | 3W: +23.67% | Trac: +56.55% | CE: –16.5%
· PV Inventory: 44–46 days (improved vs 53–55 days)
Context & Demand Drivers
· Post-festive moderation defied as demand sustained beyond seasonal expectations
· Festive deliveries were in October’25, unlike Nov’24 which recorded registrations post-Diwali, creating an elevated comparison base
· GST 2.0 cuts + OEM–Dealer offers continued to pull customers to showrooms
· Price reductions across categories sustained momentum that began in October
· Dealers reported strong walk-ins, healthy enquiry pipelines & marriage season purchase activity
Segment Highlights
· 2W: Marginal decline due to retail shift to Oct & supply constraints; demand supported by GST sentiment, EV traction & rural enquiries
· PV: Strong growth driven by model availability, compact SUV push & year-end deals; inventory sharply corrected
· CV: Supported by infrastructure works, tourism mobility & tenders; utilisation uneven in pockets
Near-Term Outlook
· Positive rural indicators with rabi sowing crossing 39.3 mh (+sharply vs last year) signalling stronger farm-income visibility
· Colder-than-normal winter forecast expected to boost mobility & logistics activity
· Early signs of rural consumption revival across FMCG, tractors & 2W
· GST 2.0 reforms + sustained consumer schemes expected to maintain demand through December
· Industry sentiment for December marked by “cautious optimism”
Next 3 Months Outlook
· 74% of dealers expect growth
· Strong enquiry pipelines, CY 2026 launches, marriage season demand & crop realisation liquidity to support momentum
· Driven by the Government’s ‘One Nation, One Tax’ and ‘Viksit Bharat 2047’ vision enabling affordable mobility expansion
· Temporary moderation possible due to model-year change & absence of festive triggers
· Industry enters 2026 on a foundation of cautious yet robust optimism, moving towards a resilient, inclusive & future-ready auto retail ecosystem
The Federation of Automobile Dealers Associations (FADA) released "Vehicle Retail Data for November 2025".
November’25 Auto Retail
Reflecting on November 2025 Auto Retail performance, FADA President Mr. C S Vigneshwar said: “November’25 defied the conventional post-festive slowdown, delivering a resilient performance despite an unusually high comparative base. Traditionally, auto retail eases in the month following the festival cycle; however, this year, most festive registrations were completed in October’25 itself, unlike November’24, when Deepawali and Dhanteras fell in towards the end of October’24, and vehicle registrations happened in November’24 which lifted volumes significantly. Even with this shift, the industry closed November’25 at a YoY growth of 2.14%, reaffirming customer confidence and the structural strength of India’s auto retail market. GST rate cuts coupled with OEM-Dealer retail offers continued pulling customers to showrooms, enabling sustained footfalls beyond the festive period. Price reductions across categories, which ignited strong buying in October, continued to support conversions in November as well.
Two-Wheelers, while reporting a modest 3.1% YoY decline, must be viewed in context. A significant retail shift occurred due to festive buying in October, combined with delayed crop payments and uneven supply of preferred models. Encouragingly, dealers continue to report strong walk-ins linked to GST sentiment and healthy marriage season demand.
Passenger Vehicles registered 19.7% YoY growth, aided by GST benefits, marriage season demand, better supply of high-waiting models, and sustained push from compact SUVs. Inventory thus reduced sharply to 44-46 days, down from 53-55 days, marking healthier demand-supply discipline.
Commercial Vehicles grew 19.94% YoY, supported by select infrastructure activities, freight movement, tourism mobility, government tender cycles and GST reforms, although fleet utilisation remains uneven in select markets.”
Near-Term Outlook
The near-term outlook is supported by improving rural sentiment and favourable macro indicators as there is a strong start to the rabi season, with sowing crossing 39.3 million hectares, significantly ahead of last year, driven by robust soil moisture conditions, better seed availability, and supportive MSP signals. Wheat, pulses, and oilseeds have recorded sharp acreage expansion, signalling improved farm income prospects. Simultaneously, the IMD’s forecast of a colder-than-normal winter across the northern and central plains is expected to boost mobility needs and logistics activity. There are good signs of volume recovery across FMCG, tractors, and rural two-wheeler markets. These developments, along with GST 2.0 rate cuts and sustained OEM–Dealer offers, are expected to support demand continuity into December.
Dealers highlight confidence driven by improved enquiry pipelines, marriage season purchases, better stock availability, rural crop realisation-linked liquidity, and expected year-end consumer schemes. While some dealers expect softness in urban premium segments, the broader market tone remains measured yet optimistic, with year-end schemes, anticipated January price revisions, and stock liquidation goals expected to support retail traction.
Overall, industry sentiment for December can best be characterised as “cautious optimism” — a phase where the sector consolidates gains from the GST-led affordability shift and two strong months of retail performance, while remaining watchful of calendar-year dynamics and supply alignment. With improving rural fundamentals, supportive liquidity, and robust enquiry flow, the industry is positioned to close the year with stable to positive momentum.
Next 3 Months Outlook
The outlook for India’s auto retail over the next 3 months remains firmly positive, supported by sustained momentum from GST 2.0 tax rationalisation, strong enquiry pipelines, and improving rural economic indicators as 74% of dealers expect growth underscoring broad-based confidence across segments. Expected price increases in January, new model launches for 2026, and marriage season demand are set to drive conversions, while crop realisation liquidity is expected to reinforce retail traction across Bharat. The government’s ‘One Nation, One Tax’ and ‘Viksit Bharat 2047’ mobility vision continue to strengthen affordability and expand vehicle penetration in emerging markets.
While natural moderation may occur due to model-year change sentiment and the absence of festive triggers in Jan–Feb, the sector’s trajectory remains moderate, powered by stable macro fundamentals, improving farm income visibility, and confidence from both OEMs and Dealers. Entering 2026, India’s auto retail ecosystem stands on a foundation of cautious yet robust optimism, poised to consolidate recent gains and accelerate towards a more resilient, inclusive, and future-ready mobility landscape.
Key Findings from our Online Members Survey
Liquidity
Neutral 47.14%
Good 44.29%
Bad 08.57%
Sentiment
Good 54.29%
Neutral 39.29%
Bad 06.43%
Expectation from December’25
Growth 63.93%
Flat 30.36%
De-growth 05.71%
Expectation in next 3 months
Growth 74.29%
Flat 21.79%
De-growth 03.93%
Charts showing Vehicle Retail Data for various period
All India Vehicle Retail Data for FY’26 YTD (Apr’25 to Nov’25)
All India Vehicle Retail Data for Nov’25
Source: FADA Research
Chart showing Fuel Wise Vehicle Retail Market Share for Nov’25
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