New Delhi — Buckle up, data enthusiasts and dealership dwellers—May 2025 has cruised in with a mixed bag of auto retail results, as revealed by the Federation of Automobile Dealers Associations (FADA). And just to shake things up a little, FADA has officially given Construction Equipment (CE) its own sandbox to play in—no more sharing toys with Commercial Vehicles (CV).
Apparently, excavators need their own emotional space too.
May at a Glance:
- Total Vehicle Retail Growth: +5.0% YoY
- Segment Winners:
- 🛵 2-Wheelers: +7.3% YoY — powered by weddings, rabi riches, and pre-monsoon optimism
- 🛺 3-Wheelers: +6.2% — the humble auto is still auto-ing
- 🚜 Tractors: +2.7% — sowing seeds and sales alike
- Segment Sufferers:
- 🚗 Passenger Vehicles: –3.1% YoY — inventory piling up like unread WhatsApp forwards
- 🏗️ Construction Equipment (newly uncoupled): –6.3% — finally out of the CV friend zone, but not in the mood to celebrate
- 🚛 Commercial Vehicles: –3.7% — freight slowdown and liquidity crunch continue their road trip
The CE Breakup Letter
FADA’s decision to list Construction Equipment separately from Commercial Vehicles was long overdue—after all, bulldozers and buses have very different weekend plans. This segmentation promises deeper insights and less confusion, because let’s face it: backhoes don’t carry school kids.
Segment Speed Check:
🛵 2W: Two-Wheelers
May was mostly merry. Despite a small MoM dip (–2.02%), two-wheelers saw strong rural demand—boosted by auspicious marriage days (because nothing says “just married” like a new Splendor), bountiful harvests, and a strategic “buy now before the rain” logic.
But: Financing in the economy segment is still tighter than last year’s jeans.
🚗 PV: Passenger Vehicles
Not the best month for the family car brigade. Sales dropped (–13.6% MoM, –3.1% YoY), inventory reached a high of 53 days (FADA prefers 21), and entry-level models are starting to gather more dust than inquiries.
Border tensions, economic jitters, and the classic “let’s wait till festival season” excuse have led to a serious case of showroom window shopping without commitment.
🚛 CV: Commercial Vehicles
With freight demand still parked in neutral and funding as scarce as honest political ads, CVs took a hit. Bus sales did offer a glimmer of hope—but trucks, passenger carriers, and mining-linked segments stayed in the slow lane.
Still, wholesales were up—likely a last-minute dash before June’s A/C cabin compliance rules kick in. Expect many a trucker soon to enjoy a breeze that isn’t just from rolling down the window.
Forecast: Cautiously Optimistic with a Chance of Repo Rate Cuts
- A 106% monsoon forecast and better farm income = rural demand likely to rise
- RBI may cut repo rate by 25 bps in June—good news for borrowing, bad news for coffee breaks
- Festival vibes (Rath Yatra) + cash in hand = more scooter selfies incoming
- EV component shortages and geopolitical hiccups could keep urban sentiment on a tight leash
FADA’s Member Mood Ring
| Category | Feeling |
|---|---|
| Liquidity | 49.78% Neutral, 31% Bad, 19.21% Good |
| Overall Sentiment | 54.15% Neutral, 28.38% Bad, 17.47% Good |
| June Expectations | 55.46% Flat, 31% Growth, 13.54% De-growth |
Translation: We’re cautiously optimistic…but we’re also keeping the emergency chocolate handy.
June will require OEMs, financiers, and dealers to align production with planet Earth, not PowerPoint. From managing stockpiles to navigating festival-led surges and regulatory shifts, it’s a month to plan smart, spend wisely, and maybe say a quick prayer to the monsoon gods.
Because in India, even auto sales bow to the rain.
Chart showing Vehicle Retail Data for May’25
All India Vehicle Retail Data for YTD FY’25 (Apr’25 to May’25)
| CATEGORY | YTD FY’25 | YTD FY’24 | Growth % |
| 2W | 33,46,427 | 31,89,683 | 4.91% |
| 3W | 2,04,232 | 1,78,400 | 14.48% |
| CV | 1,61,265 | 1,64,117 | -1.74% |
| CE | 12,401 | 13,456 | -7.84% |
| PV | 6,63,390 | 6,56,511 | 1.05% |
| TRAC | 1,32,946 | 1,26,692 | 4.94% |
| Total | 45,20,661 | 43,28,859 | 4.43% |
All India Vehicle Retail Data for May’25
| CATEGORY | May’25 | Apr’25 | May’24 | MoM% | YoY% |
| 2W | 16,52,637 | 16,86,774 | 15,40,077 | -2.02% | 7.31% |
| 3W | 1,04,448 | 99,766 | 98,274 | 4.69% | 6.28% |
| E-RICKSHAW(P) | 40,635 | 39,528 | 39,500 | 2.80% | 2.87% |
| E-RICKSHAW WITH CART (G) | 7,972 | 7,463 | 5,533 | 6.82% | 44.08% |
| THREE-WHEELER (GOODS) | 10,272 | 10,312 | 9,933 | -0.39% | 3.41% |
| THREE-WHEELER (PASSENGER) | 45,429 | 42,321 | 43,230 | 7.34% | 5.09% |
| THREE-WHEELER (PERSONAL) | 140 | 142 | 78 | -1.41% | 79.49% |
| PV | 3,02,214 | 3,49,939 | 3,11,908 | -13.64% | -3.11% |
| TRAC | 71,992 | 60,915 | 70,063 | 18.18% | 2.75% |
| CE | 5,903 | 6,405 | 6,301 | -7.84% | -6.32% |
| CV | 75,615 | 85,203 | 78,530 | -11.25% | -3.71% |
| LCV | 44,419 | 46,721 | 45,870 | -4.93% | -3.16% |
| MCV | 6,772 | 7,089 | 6,359 | -4.47% | 6.49% |
| HCV | 24,382 | 31,330 | 26,234 | -22.18% | -7.06% |
| Others | 42 | 63 | 67 | -33.33% | -37.31% |
| Total | 22,12,809 | 22,89,002 | 21,05,153 | -3.33% | 5.11% |
Source: FADA Research
Chart showing Fuel Wise Vehicle Retail Market Share for May’25
| Two-Wheeler | May’25 | APR’25 | May’24 | Three-Wheeler | May’25 | APR’25 | May’24 | ||||||||||
| PETROL/ETHANOL | 93.71% | 94.34% | 94.98% | EV | 63.21% | 62.68% | 55.72% | ||||||||||
| EV | 6.07% | 5.44% | 5.02% | CNG/LPG | 25.57% | 25.92% | 32.31% | ||||||||||
| CNG/LPG | 0.22% | 0.22% | 0.00% | DIESEL | 10.77% | 10.92% | 10.72% | ||||||||||
| Total | 100% | 100% | 100% | PETROL/ETHANOL | 0.45% | 0.48% | 1.25% | ||||||||||
| Total | 100% | 100% | 100% |
| Commercial Vehicle | May’25 | APR’25 | May’24 | Construction Equipment | May’25 | APR’25 | May’24 | ||||||||||
| Diesel | 83.05% | 83.78% | 82.75% | Diesel | 99.98% | 99.97% | 99.84% | ||||||||||
| CNG/LPG | 11.55% | 11.25% | 10.48% | CNG/LPG | 0.0% | 0.03% | 0.00% | ||||||||||
| PETROL/ETHANOL | 3.99% | 3.87% | 6.02% | PETROL/ETHANOL | 0.0% | 0.00% | 0.16% | ||||||||||
| EV | 1.35% | 1.06% | 0.70% | EV | 0.2% | 0.00% | 0.00% | ||||||||||
| HYBRID | 0.05% | 0.05% | 0.04% | Total | 100% | 100% | 100% | ||||||||||
| HYDROGEN | 0.00% | 0.00% | 0.01% | ||||||||||||||
| Total | 100% | 100% | 100% |
| Passenger Vehicle | May’25 | APR’25 | May’24 | Tractor | May’25 | APR’25 | May’24 | ||||||||||
| PETROL/ETHANOL | 48.32% | 49.97% | 52.03% | Diesel | 100% | 99.98% | 99.98% | ||||||||||
| Diesel | 19.14% | 18.47% | 18.29% | PETROL/ETHANOL | 0.00% | 0.01% | 0.02% | ||||||||||
| CNG/LPG | 20.17% | 19.67% | 18.44% | CNG/LPG | 0.00% | 0.00% | 0.00% | ||||||||||
| EV | 4.07% | 3.50% | 2.57% | EV | 0.00% | 0.01% | 0.00% | ||||||||||
| HYBRID | 8.29% | 8.40% | 8.67% | Total | 100% | 100% | 100% | ||||||||||
| Total | 100% | 100% | 100% |
Source: FADA Research
All India Vehicle Retail Strength YoY and MOM comparison for May’25.
| Category | MoM% | YoY% | Category | MoM% | YoY% |
| 2W | CV | ||||
| Urban | -4.35% | 3.60% | Urban | -13.50% | -1.14% |
| Rural | -0.46% | 9.85% | Rural | -8.78% | -6.25% |
| Total | -2.02% | 7.31% | Total | -11.25% | -3.71% |
| 3W | CE | ||||
| Urban | 3.77% | 1.10% | Urban | -12.24% | -4.14% |
| Rural | 5.48% | 11.05% | Rural | -4.00% | -7.98% |
| Total | 4.69% | 6.28% | Total | -7.84% | -6.32% |
| PV | TRAC | ||||
| Urban | -14.61% | -5.32% | Urban | 5.58% | -0.94% |
| Rural | -12.09% | 0.53% | Rural | 21.29% | 3.58% |
| Total | -13.64% | -3.11% | Total | 18.18% | 2.75% |
| Total | |||||
| Urban | -6.50% | 1.30% | |||
| Rural | -0.88% | 8.08% | |||
| Total | -3.33% | 5.11% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 04.06.25 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,385 out of 1,445 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 May’25 (YoY comparison)
| Two-Wheeler OEM | May’25 | Market Share (%) May’25 | May’24 | Market Share (%) May’24 |
| HERO MOTOCORP LTD | 4,99,036 | 30.20% | 4,46,404 | 28.99% |
| HONDA MOTORCYCLE AND SCOOTER INDIA (P) LTD | 3,93,383 | 23.80% | 3,92,030 | 25.46% |
| TVS MOTOR COMPANY LTD | 3,09,285 | 18.71% | 2,63,977 | 17.14% |
| BAJAJ AUTO GROUP | 1,84,831 | 11.18% | 1,75,535 | 11.40% |
| BAJAJ AUTO LTD | 1,84,831 | 11.18% | 1,75,535 | 11.40% |
| CHETAK TECHNOLOGY LIMITED | – | 0.00% | – | 0.00% |
| SUZUKI MOTORCYCLE INDIA PVT LTD | 87,519 | 5.30% | 82,292 | 5.34% |
| ROYAL-ENFIELD (UNIT OF EICHER LTD) | 76,608 | 4.64% | 64,577 | 4.19% |
| INDIA YAMAHA MOTOR PVT LTD | 50,388 | 3.05% | 54,679 | 3.55% |
| OLA ELECTRIC TECHNOLOGIES PVT LTD | 18,501 | 1.12% | 37,389 | 2.43% |
| ATHER ENERGY LTD | 12,856 | 0.78% | 6,154 | 0.40% |
| GREAVES ELECTRIC MOBILITY PVT LTD | 4,178 | 0.25% | 1,958 | 0.13% |
| PIAGGIO VEHICLES PVT LTD | 2,355 | 0.14% | 3,087 | 0.20% |
| CLASSIC LEGENDS PVT LTD | 1,965 | 0.12% | 2,506 | 0.16% |
| Others Including EV | 11,732 | 0.71% | 9,489 | 0.62% |
| Total | 16,52,637 | 100% | 15,40,077 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 04.06.25 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,385 out of 1,445 RTOs.
- Others include OEMs accounting less than 0.1% Market Share.
| Three-Wheeler OEM | May’25 | Market Share (%) May’25 | May’24 | Market Share (%) May’24 |
| BAJAJ AUTO LTD | 34,597 | 33.12% | 35,529 | 36.15% |
| MAHINDRA & MAHINDRA LIMITED | 7,203 | 6.90% | 5,287 | 5.38% |
| MAHINDRA LAST MILE MOBILITY LTD | 7,176 | 6.87% | 5,151 | 5.24% |
| MAHINDRA & MAHINDRA LIMITED | 27 | 0.03% | 136 | 0.14% |
| PIAGGIO VEHICLES PVT LTD | 6,218 | 5.95% | 7,017 | 7.14% |
| YC ELECTRIC VEHICLE | 3,684 | 3.53% | 3,779 | 3.85% |
| TVS MOTOR COMPANY LTD | 3,451 | 3.30% | 1,717 | 1.75% |
| ATUL AUTO LTD | 2,045 | 1.96% | 2,450 | 2.49% |
| SAERA ELECTRIC AUTO PVT LTD | 2,004 | 1.92% | 2,473 | 2.52% |
| DILLI ELECTRIC AUTO PVT LTD | 1,734 | 1.66% | 2,206 | 2.24% |
| MINI METRO EV L.L.P | 1,190 | 1.14% | 1,318 | 1.34% |
| UNIQUE INTERNATIONAL | 1,143 | 1.09% | 1,324 | 1.35% |
| ENERGY ELECTRIC VEHICLES | 1,142 | 1.09% | 1,068 | 1.09% |
| SAHNIANAND E VEHICLES PVT LTD | 1,114 | 1.07% | 805 | 0.82% |
| Others including EV | 38,923 | 37.27% | 33,301 | 33.89% |
| Total | 1,04,448 | 100% | 98,274 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 04.06.25 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,385 out of 1,445 RTOs.
- Others include OEMs accounting less than 1% Market Share.
| Commercial Vehicle OEM | May’25 | Market Share (%) May’25 | May’24 | Market Share (%) May’24 |
| TATA MOTORS LTD | 26,100 | 34.52% | 29,512 | 37.58% |
| MAHINDRA & MAHINDRA LIMITED | 19,816 | 26.21% | 19,826 | 25.25% |
| MAHINDRA & MAHINDRA LIMITED | 18,343 | 24.26% | 18,454 | 23.50% |
| MAHINDRA LAST MILE MOBILITY LTD | 1,473 | 1.95% | 1,372 | 1.75% |
| ASHOK LEYLAND LTD | 13,763 | 18.20% | 13,635 | 17.36% |
| ASHOK LEYLAND LTD | 13,638 | 18.04% | 13,607 | 17.33% |
| SWITCH MOBILITY AUTOMOTIVE LTD | 125 | 0.17% | 28 | 0.04% |
| VE COMMERCIAL VEHICLES LTD | 6,734 | 8.91% | 6,597 | 8.40% |
| MARUTI SUZUKI INDIA LTD | 3,122 | 4.13% | 3,357 | 4.27% |
| FORCE MOTORS LIMITED | 2,088 | 2.76% | 1,643 | 2.09% |
| DAIMLER INDIA COMMERCIAL VEHICLES PVT. LTD | 1,825 | 2.41% | 1,840 | 2.34% |
| SML ISUZU LTD | 1,509 | 2.00% | 1,467 | 1.87% |
| Others | 658 | 0.87% | 653 | 0.83% |
| Total | 75,615 | 100.00% | 78,530 | 100.00% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 04.06.25 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,385 out of 1,445 RTOs.
- Others include OEMs accounting less than 1% Market Share.
| Construction Equipment OEM | May’25 | Market Share (%) May’25 | May’24 | Market Share (%) May’24 |
| JCB INDIA LIMITED | 2,395 | 40.57% | 2,890 | 45.87% |
| ACTION CONSTRUCTION EQUIPMENT LTD. | 685 | 11.60% | 751 | 11.92% |
| AJAX ENGINEERING LTD | 461 | 7.81% | 438 | 6.95% |
| ESCORTS KUBOTA LIMITED (CONSTRUCTION EQUIPMENT) | 372 | 6.30% | 503 | 7.98% |
| CASE NEW HOLLAND CONSTRUCTION EQUIPMENT(I) PVT LTD | 178 | 3.02% | 147 | 2.33% |
| TATA HITACHI CONSTRUCTION MACHINERY COMP. PVT LTD | 164 | 2.78% | 98 | 1.56% |
| CATERPILLAR INDIA PRIVATE LIMITED | 159 | 2.69% | 153 | 2.43% |
| LIUGONG INDIA PVT. LTD | 141 | 2.39% | 89 | 1.41% |
| BULL MACHINES PVT LTD | 131 | 2.22% | 107 | 1.70% |
| MAHINDRA & MAHINDRA LIMITED | 129 | 2.19% | 106 | 1.68% |
| M/S SCHWING STETTER (INDIA) PRIVATE LIMITED | 109 | 1.85% | 113 | 1.79% |
| ALL TERRAIN CRANE | 103 | 1.74% | 72 | 1.14% |
| INDO FARM EQUIPMENT LIMITED | 93 | 1.58% | 69 | 1.10% |
| DOOSAN BOBCAT INDIA PVT LTD | 62 | 1.05% | 52 | 0.83% |
| VOLVO CE INDIA PRIVATE LIMITED | 62 | 1.05% | 43 | 0.68% |
| Others | 659 | 11.16% | 670 | 10.63% |
| Total | 5,903 | 100.00% | 6,301 | 100.00% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 04.06.25 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,385 out of 1,445 RTOs.
- Others include OEMs accounting less than 1% Market Share.
| PV OEM | May’25 | Market Share (%) May’25 | May’24 | Market Share (%) May’24 |
| MARUTI SUZUKI INDIA LTD | 1,16,899 | 38.68% | 1,23,295 | 39.53% |
| MAHINDRA & MAHINDRA LIMITED | 43,560 | 14.41% | 34,517 | 11.07% |
| HYUNDAI MOTOR INDIA LTD | 38,189 | 12.64% | 45,503 | 14.59% |
| TATA MOTORS LTD | 36,669 | 12.13% | 42,332 | 13.57% |
| TOYOTA KIRLOSKAR MOTOR PVT LTD | 22,031 | 7.29% | 19,344 | 6.20% |
| KIA INDIA PRIVATE LIMITED | 16,810 | 5.56% | 19,394 | 6.22% |
| SKODA AUTO VOLKSWAGEN GROUP | 8,359 | 2.77% | 6,577 | 2.11% |
| SKODA AUTO VOLKSWAGEN INDIA PVT LTD | 8,328 | 2.76% | 6,527 | 2.09% |
| VOLKSWAGEN AG/INDIA PVT. LTD. | 13 | 0.00% | 2 | 0.00% |
| AUDI AG | 18 | 0.01% | 43 | 0.01% |
| SKODA AUTO INDIA/AS PVT LTD | – | 0.00% | 5 | 0.00% |
| JSW MG MOTOR INDIA PVT LTD | 4,982 | 1.65% | 4,474 | 1.43% |
| HONDA CARS INDIA LTD | 4,076 | 1.35% | 4,908 | 1.57% |
| RENAULT INDIA PVT LTD | 2,434 | 0.81% | 3,667 | 1.18% |
| NISSAN MOTOR INDIA PVT LTD | 1,529 | 0.51% | 2,079 | 0.67% |
| MERCEDES -BENZ GROUP | 1,335 | 0.44% | 1,256 | 0.40% |
| MERCEDES-BENZ INDIA PVT LTD | 1,244 | 0.41% | 1,142 | 0.37% |
| MERCEDES -BENZ AG | 80 | 0.03% | 109 | 0.03% |
| DAIMLER AG | 11 | 0.00% | 5 | 0.00% |
| BMW INDIA PVT LTD | 1,045 | 0.35% | 1,029 | 0.33% |
| FORCE MOTORS LIMITED | 602 | 0.20% | 735 | 0.24% |
| BYD INDIA PRIVATE LIMITED | 494 | 0.16% | 177 | 0.06% |
| PCA AUTOMOBILES INDIA PVT LTD | 398 | 0.13% | 448 | 0.14% |
| JAGUAR LAND ROVER INDIA LIMITED | 373 | 0.12% | 362 | 0.12% |
| FCA INDIA AUTOMOBILES PRIVATE LIMITED | 270 | 0.09% | 368 | 0.12% |
| Others | 2,159 | 0.71% | 1,443 | 0.46% |
| Total | 3,02,214 | 100% | 3,11,908 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 04.06.25 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,385 out of 1,445 RTOs.
| Tractor OEM | May’25 | Market Share (%) May’25 | May’24 | Market Share (%) May’24 |
| MAHINDRA & MAHINDRA LIMITED (TRACTOR) | 16,511 | 22.93% | 15,921 | 22.72% |
| MAHINDRA & MAHINDRA LIMITED (SWARAJ DIVISION) | 13,643 | 18.95% | 13,101 | 18.70% |
| INTERNATIONAL TRACTORS LIMITED | 9,620 | 13.36% | 9,228 | 13.17% |
| ESCORTS KUBOTA LIMITED (AGRI MACHINERY GROUP) | 8,161 | 11.34% | 7,656 | 10.93% |
| TAFE LIMITED | 7,502 | 10.42% | 8,516 | 12.15% |
| JOHN DEERE INDIA PVT LTD (TRACTOR DEVISION) | 5,924 | 8.23% | 5,130 | 7.32% |
| EICHER TRACTORS | 4,311 | 5.99% | 4,465 | 6.37% |
| CNH INDUSTRIAL (INDIA) PVT LTD | 3,051 | 4.24% | 2,897 | 4.13% |
| KUBOTA AGRICULTURAL MACHINERY INDIA PVT.LTD. | 797 | 1.11% | 1,157 | 1.65% |
| Others | 2,472 | 3.43% | 1,992 | 2.84% |
| Total | 71,992 | 100% | 70,063 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 04.06.25 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,385 out of 1,445 RTOs.
- Others include OEMs accounting less than 1% Market Share.
