New Delhi – The Federation of Automobile Dealers Associations (FADA) has released its February 2025 vehicle retail data, revealing a sharp -7% year-on-year (YoY) decline across all major segments. This downturn aligns with FADA’s earlier forecast indicating a “Flat to De-growth” sentiment.
Key Figures from February 2025 Auto Retail Report:
- Two-Wheelers (2W): -6% YoY
- Three-Wheelers (3W): -2% YoY
- Passenger Vehicles (PV): -10% YoY
- Tractors: -14.5% YoY
- Commercial Vehicles (CV): -8.6% YoY
Industry-Wide Inventory Woes
Dealers raised concerns about OEMs pushing excess inventory without consent, putting pressure on showroom space and cash flow. While manufacturers aim to meet wholesale targets, aligning these goals with genuine market demand is crucial for dealer viability.
Segment-Wise Insights
Two-Wheelers: Despite an 8.57% FY YTD growth, February sales fell -6.33% YoY. Urban markets faced a sharper decline (-7.38%) compared to rural areas (-5.5%), where improved agricultural sentiment and marriage-season demand provided some relief. Dealers cited inventory imbalances, aggressive pricing post-OBD-2B, weak consumer sentiment, and limited financing as primary concerns.
Passenger Vehicles: PV sales dropped -10.34% YoY despite modest YTD growth of 4%. Entry-level segments were hit hardest, with delayed conversions and challenging sales targets. Inventory levels remained high, averaging 50-52 days, prompting dealers to urge manufacturers to adjust supply in line with actual demand.
Commercial Vehicles: While YTD performance saw a minor dip (-0.5%), February retail sales dropped -8.6% YoY. Tighter financing norms, subdued bulk orders, and weak transportation sector demand were cited as key challenges. However, improved tipper bookings, spurred by government infrastructure spending, provided some support.
Outlook for March 2025: Cautiously Optimistic
Dealers maintain cautious optimism for March, with 45% predicting growth, 40% expecting flat performance, and 14% foreseeing continued de-growth.
Key Growth Drivers:
- Multiple festivals like Holi, Gudi Padwa, and Navratri, boosting retail sentiment.
- Year-end depreciation benefits encouraging fleet and institutional buyers.
- Positive agricultural output and improved rural demand for two-wheelers.
Challenges:
- Five consecutive months of stock market decline have dampened consumer sentiment and reduced discretionary spending.
- Dealers warn that liquidity challenges could continue to affect buyer sentiment in the CV and entry-level PV segments.
Key Findings from Dealer Sentiment Survey
- Liquidity: Neutral (51.89%), Bad (28.3%), Good (19.81%)
- Overall Sentiment: Neutral (44.03%), Bad (30.82%), Good (25.16%)
- March 2025 Outlook: Growth (45.28%), Flat (40.25%), De-growth (14.47%)
As the industry navigates these mixed signals, dealers emphasize the need for synchronized strategies between OEMs and dealerships to stabilize inventory levels and foster consumer confidence in the months ahead.
Chart showing Vehicle Retail Data for YTD FY’25 and February’25
All India Vehicle Retail Data for YTD FY’25 (April’24 to Feb’25)
| CATEGORY | YTD FY’25 | YTD FY’24 | Growth % |
| 2W | 1,73,62,194 | 1,59,91,622 | 8.57% |
| 3W | 11,21,607 | 10,62,622 | 5.55% |
| CV | 9,13,322 | 9,18,004 | -0.51% |
| PV | 37,91,855 | 36,30,618 | 4.44% |
| TRAC | 8,09,107 | 8,13,921 | -0.59% |
| Total | 2,39,98,085 | 2,24,16,787 | 7.05% |
Source: FADA Research
All India Vehicle Retail Data for February’25
| CATEGORY | Feb’25 | Jan’25 | Feb’24 | MoM% | YoY% |
| 2W | 13,53,280 | 15,25,862 | 14,44,674 | -11.31% | -6.33% |
| 3W | 94,181 | 1,07,033 | 96,020 | -12.01% | -1.92% |
| E-RICKSHAW(P) | 32,361 | 38,830 | 36,548 | -16.66% | -11.46% |
| E-RICKSHAW WITH CART (G) | 6,401 | 5,760 | 4,442 | 11.13% | 44.10% |
| THREE – WHEELER (GOODS) | 10,829 | 12,036 | 11,030 | -10.03% | -1.82% |
| THREE – WHEELER (PASSENGER) | 44,522 | 50,322 | 43,932 | -11.53% | 1.34% |
| THREE – WHEELER (PERSONAL) | 68 | 85 | 68 | -20.00% | 0.00% |
| PV | 3,03,398 | 4,65,920 | 3,38,390 | -34.88% | -10.34% |
| TRAC | 65,574 | 93,381 | 76,693 | -29.78% | -14.50% |
| CV | 82,763 | 99,425 | 90,551 | -16.76% | -8.60% |
| LCV | 45,742 | 56,410 | 49,370 | -18.91% | -7.35% |
| MCV | 6,212 | 6,975 | 6,561 | -10.94% | -5.32% |
| HCV | 26,094 | 30,061 | 29,483 | -13.20% | -11.49% |
| Others | 4,715 | 5,979 | 5,137 | -21.14% | -8.21% |
| Total | 18,99,196 | 22,91,621 | 20,46,328 | -17.12% | -7.19% |
Source: FADA Research
All India Vehicle Retail Strength Index for Feb’25 on basis of Urban & Rural RTOs.
All India Vehicle Retail Strength YoY and MOM comparison for Feb’25.
| Category | MoM% | YoY% | Category | MoM% | YoY% |
| 2W | CV | ||||
| Urban | -14.25% | -7.38% | Urban | -16.13% | -6.73% |
| Rural | -9.04% | -5.54% | Rural | -17.42% | -10.51% |
| 3W | TRAC | ||||
| Urban | -12.33% | -3.91% | Urban | -30.26% | -13.82% |
| Rural | -11.69% | 0.13% | Rural | -29.67% | -14.66% |
| PV | Total | ||||
| Urban | -34.98% | -10.57% | Urban | -20.05% | -7.98% |
| Rural | -34.72% | -9.97% | Rural | -14.53% | -6.53% |
Source: FADA Research
All India Vehicle Retail Strength YoY comparison for YTD FY’25 (April’24 to Feb’25).
| Category | YoY% | Category | YoY% |
| 2W | CV | ||
| Urban | 7.03% | Urban | -0.97% |
| Rural | 9.09% | Rural | -0.97% |
| 3W | TRAC | ||
| Urban | 0.96% | Urban | -5.01% |
| Rural | 10.14% | Rural | 0.47% |
| PV | Total | ||
| Urban | -0.36% | Urban | 4.50% |
| Rural | 6.29% | Rural | 7.99% |
Source: FADA Research
Motor Vehicle Road Tax Collection (in Rs Crore) for Feb’25
| Feb’25 | Jan’25 | Feb’24 | MoM% | YoY% | |
| Motor Vehicle Road Tax Collection | 6,340 | 8,603 | 6,843 | 26.3% | -7.4% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 04.03.25 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,378 out of 1,438 RTOs.
- Commercial Vehicle is subdivided in the following manner
- LCV – Light Commercial Vehicle (incl. Passenger & Goods Vehicle)
- MCV – Medium Commercial Vehicle (incl. Passenger & Goods Vehicle)
- HCV – Heavy Commercial Vehicle (incl. Passenger & Goods Vehicle)
- Others – Construction Equipment Vehicles and others
- 3-Wheeler is sub-divided in the following manner
- E-Rickshaw – Passenger
- E-Rickshaw – Goods
- 3-Wheeler – Goods
- 3-Wheeler – Passenger
- 3-Wheeler – Personal
OEM wise Market Share Data for Feb’25 with YoY comparison
| Two-Wheeler OEM | FEB’25 | Market Share (%) FEB’25 | FEB’24 | Market Share (%) FEB’24 |
| HERO MOTOCORP LTD | 3,85,988 | 28.52% | 4,14,151 | 28.67% |
| HONDA MOTORCYCLE AND SCOOTER INDIA (P) LTD | 3,28,502 | 24.27% | 3,56,245 | 24.66% |
| TVS MOTOR COMPANY LTD | 2,53,499 | 18.73% | 2,48,621 | 17.21% |
| BAJAJ AUTO GROUP | 1,53,631 | 11.35% | 1,71,561 | 11.88% |
| BAJAJ AUTO LTD | 1,53,631 | 11.35% | 1,71,560 | 11.88% |
| CHETAK TECHNOLOGY LIMITED | – | 0.00% | 1 | 0.00% |
| SUZUKI MOTORCYCLE INDIA PVT LTD | 76,673 | 5.67% | 73,514 | 5.09% |
| ROYAL-ENFIELD (UNIT OF EICHER LTD) | 70,130 | 5.18% | 65,953 | 4.57% |
| INDIA YAMAHA MOTOR PVT LTD | 46,095 | 3.41% | 53,269 | 3.69% |
| ATHER ENERGY PVT LTD | 11,807 | 0.87% | 9,096 | 0.63% |
| OLA ELECTRIC TECHNOLOGIES PVT LTD | 8,647 | 0.64% | 34,063 | 2.36% |
| GREAVES ELECTRIC MOBILITY PVT LTD | 3,700 | 0.27% | 2,488 | 0.17% |
| PIAGGIO VEHICLES PVT LTD | 2,302 | 0.17% | 2,929 | 0.20% |
| CLASSIC LEGENDS PVT LTD | 2,287 | 0.17% | 2,621 | 0.18% |
| PUR ENERGY PVT LTD | 1,566 | 0.12% | 498 | 0.03% |
| Others Including EV | 8,453 | 0.62% | 9,665 | 0.67% |
| Total | 13,53,280 | 100% | 14,44,674 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 04.03.25 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,378 out of 1,438 RTOs.
- Others include OEMs accounting less than 0.1% Market Share.
| Three-Wheeler OEM | FEB’25 | Market Share(%) FEB’25 | FEB’24 | Market Share(%) FEB’24 |
| BAJAJ AUTO LTD | 34,644 | 36.78% | 35,434 | 36.90% |
| PIAGGIO VEHICLES PVT LTD | 6,651 | 7.06% | 8,266 | 8.61% |
| MAHINDRA & MAHINDRA LIMITED | 6,501 | 6.90% | 5,841 | 6.08% |
| MAHINDRA LAST MILE MOBILITY LTD | 6,482 | 6.88% | 5,459 | 5.69% |
| MAHINDRA & MAHINDRA LIMITED | 19 | 0.02% | 382 | 0.40% |
| YC ELECTRIC VEHICLE | 3,372 | 3.58% | 3,356 | 3.50% |
| TVS MOTOR COMPANY LTD | 2,431 | 2.58% | 1,939 | 2.02% |
| ATUL AUTO LTD | 2,327 | 2.47% | 1,968 | 2.05% |
| SAERA ELECTRIC AUTO PVT LTD | 2,075 | 2.20% | 2,090 | 2.18% |
| DILLI ELECTRIC AUTO PVT LTD | 1,709 | 1.81% | 1,991 | 2.07% |
| OMEGA SEIKI PVT LTD | 1,106 | 1.17% | 498 | 0.52% |
| Others including EV | 33,365 | 35.43% | 34,637 | 36.07% |
| Total | 94,181 | 100% | 96,020 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 04.03.25 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,378 out of 1,438 RTOs.
- Others include OEMs accounting less than 1% Market Share.
| Commercial Vehicle OEM | FEB’25 | Market Share (%) FEB’25 | FEB’24 | Market Share(%) FEB’24 |
| TATA MOTORS LTD | 26,925 | 32.53% | 32,555 | 35.95% |
| MAHINDRA & MAHINDRA LIMITED | 21,149 | 25.55% | 21,275 | 23.50% |
| ASHOK LEYLAND LTD | 14,393 | 17.39% | 15,408 | 17.02% |
| VE COMMERCIAL VEHICLES LTD | 6,268 | 7.57% | 6,127 | 6.77% |
| MARUTI SUZUKI INDIA LTD | 3,669 | 4.43% | 3,347 | 3.70% |
| FORCE MOTORS LIMITED | 1,762 | 2.13% | 2,060 | 2.27% |
| DAIMLER INDIA COMMERCIAL VEHICLES PVT. LTD | 1,699 | 2.05% | 1,860 | 2.05% |
| SML ISUZU LTD | 812 | 0.98% | 774 | 0.85% |
| Others | 6,086 | 7.35% | 7,145 | 7.89% |
| Total | 82,763 | 100.00% | 90,551 | 100.00% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 04.03.25 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,378 out of 1,438 RTOs.
| PV OEM | FEB’25 | Market Share (%) FEB’25 | FEB’24 | Market Share (%) FEB’24 |
| MARUTI SUZUKI INDIA LTD | 1,18,149 | 38.94% | 1,33,135 | 39.34% |
| MAHINDRA & MAHINDRA LIMITED | 39,889 | 13.15% | 39,725 | 11.74% |
| TATA MOTORS LTD | 38,696 | 12.75% | 45,710 | 13.51% |
| HYUNDAI MOTOR INDIA LTD | 38,156 | 12.58% | 47,540 | 14.05% |
| TOYOTA KIRLOSKAR MOTOR PVT LTD | 21,561 | 7.11% | 20,584 | 6.08% |
| KIA INDIA PRIVATE LIMITED | 18,794 | 6.19% | 20,919 | 6.18% |
| SKODA AUTO VOLKSWAGEN GROUP | 6,462 | 2.13% | 5,965 | 1.76% |
| SKODA AUTO VOLKSWAGEN INDIA PVT LTD | 6,438 | 2.12% | 5,899 | 1.74% |
| VOLKSWAGEN AG/INDIA PVT. LTD. | 2 | 0.00% | 2 | 0.00% |
| AUDI AG | 20 | 0.01% | 61 | 0.02% |
| SKODA AUTO INDIA/AS PVT LTD | 2 | 0.00% | 3 | 0.00% |
| HONDA CARS INDIA LTD | 5,166 | 1.70% | 6,779 | 2.00% |
| MG MOTOR INDIA PVT LTD | 4,551 | 1.50% | 3,916 | 1.16% |
| RENAULT INDIA PVT LTD | 2,523 | 0.83% | 3,589 | 1.06% |
| NISSAN MOTOR INDIA PVT LTD | 1,706 | 0.56% | 2,461 | 0.73% |
| MERCEDES -BENZ GROUP | 1,253 | 0.41% | 1,341 | 0.40% |
| MERCEDES-BENZ INDIA PVT LTD | 1,126 | 0.37% | 1,244 | 0.37% |
| MERCEDES -BENZ AG | 115 | 0.04% | 96 | 0.03% |
| DAIMLER AG | 12 | 0.00% | 1 | 0.00% |
| BMW INDIA PVT LTD | 1,138 | 0.38% | 1,129 | 0.33% |
| FORCE MOTORS LIMITED | 787 | 0.26% | 807 | 0.24% |
| JAGUAR LAND ROVER INDIA LIMITED | 435 | 0.14% | 290 | 0.09% |
| PCA AUTOMOBILES INDIA PVT LTD | 407 | 0.13% | 574 | 0.17% |
| FCA INDIA AUTOMOBILES PRIVATE LIMITED | 308 | 0.10% | 426 | 0.13% |
| BYD INDIA PRIVATE LIMITED | 254 | 0.08% | 151 | 0.04% |
| VOLVO AUTO INDIA PVT LTD | 82 | 0.03% | 178 | 0.05% |
| Others | 3,081 | 1.02% | 3,171 | 0.94% |
| Total | 3,03,398 | 100% | 3,38,390 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 04.03.25 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,378 out of 1,438 RTOs.
| Tractor OEM | FEB’25 | Market Share (%) FEB’25 | FEB’24 | Market Share (%) FEB’24 |
| MAHINDRA & MAHINDRA LIMITED (TRACTOR) | 15,510 | 23.65% | 17,495 | 22.81% |
| MAHINDRA & MAHINDRA LIMITED (SWARAJ DIVISION) | 12,737 | 19.42% | 14,124 | 18.42% |
| INTERNATIONAL TRACTORS LIMITED | 8,350 | 12.73% | 9,856 | 12.85% |
| TAFE LIMITED | 6,578 | 10.03% | 8,313 | 10.84% |
| ESCORTS KUBOTA LIMITED (AGRI MACHINERY GROUP) | 6,575 | 10.03% | 7,457 | 9.72% |
| JOHN DEERE INDIA PVT LTD (TRACTOR DEVISION) | 5,093 | 7.77% | 5,893 | 7.68% |
| EICHER TRACTORS | 4,092 | 6.24% | 5,371 | 7.00% |
| CNH INDUSTRIAL (INDIA) PVT LTD | 2,694 | 4.11% | 3,020 | 3.94% |
| KUBOTA AGRICULTURAL MACHINERY INDIA PVT.LTD. | 1,016 | 1.55% | 1,741 | 2.27% |
| Others | 2,929 | 4.47% | 3,423 | 4.46% |
| Total | 65,574 | 100% | 76,693 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 04.03.25 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,378 out of 1,438 RTOs.
