New Delhi:
Who says the auto industry slows down after Diwali? According to the Federation of Automobile Dealers Associations (FADA), November 2025 politely refused to follow tradition and instead delivered a steady 2.14% year-on-year growth, despite the month being stacked against a high base from last year. Think of it as the automotive version of “I’ll keep going even after the party’s over.”
A November That Didn’t Believe in Seasonal Logic
Typically, November takes a breather after festive shopping peaks. But this year, festive registrations shifted to October, thanks to an earlier Diwali. That left November with big shoes to fill — and surprisingly, it did. The industry benefitted from GST 2.0 rate cuts, aggressive OEM-dealer offers, and consumers who simply didn’t want to leave showrooms empty-handed.
Passenger Vehicles stole the spotlight with 19.7% growth, powered by better availability of popular models, a compact SUV wave that refuses to slow down, and irresistible year-end deals. Inventory levels improved significantly to 44–46 days, a healthy sign that cars are moving faster than the showroom aunty offering tea.
Two-wheelers, admittedly, hit a small speed breaker with a 3.1% YoY dip, mostly because customers had already splurged in October. Supply constraints and delayed rural cash flows didn’t help either — though dealers report strong enquiries continuing, especially with marriage season now in full swing (Indian weddings, after all, have a well-known love affair with new bikes).
Commercial Vehicles accelerated with 19.94% growth, powered by infrastructure works, tourism mobility and government tenders. In some markets, however, utilisation was patchy — much like our monsoon forecasting.
Demand Drivers: From GST Boost to Bharat’s Wedding Season
The momentum refused to fade in November. GST cuts continued to lower purchase barriers, while OEMs sweetened the deal with festive-like offers even after the festival lights were taken down. Showrooms reported strong walk-ins, healthy enquiry levels and increased buying linked to the ongoing marriage season. Because in India, “shaadi” season is practically a festival — only with more laddoos and more down payments.
A Rural Revival Begins to Spark
Rural markets are bringing fresh cheers. Rabi sowing has crossed 39.3 million hectares, sharply up from last year, indicating a healthy agricultural season and better income visibility for farmers. FMCG, tractors, and rural two-wheelers are showing early signs of revival. Add to this the IMD’s forecast of a colder-than-normal winter — ideal for tourism, logistics and CV demand — and the near-term picture gets even brighter.
December Outlook: Cautious, Comfortable, and Optimistic
FADA says the industry enters December with “cautious optimism,” a phrase auto retailers seem to love almost as much as they love inventory correction. Strong enquiry pipelines, better stock positions and year-end consumer schemes should help dealers keep their cash registers humming. Some softness may appear in premium urban segments, but overall traction is expected to remain stable.
Next 3 Months: The Run-Up to 2026 Looks Promising
When surveyed, a solid 74% of dealers expect growth in the next three months. Reasons for the confidence include upcoming 2026 model launches, expected price hikes in January (which always nudges undecided buyers), marriage season momentum, and improved farm liquidity.
The government’s big-picture framework — from ‘One Nation, One Tax’ to ‘Viksit Bharat 2047’ — continues to reinforce mobility expansion and affordability across Bharat. A temporary moderation is possible due to model-year change sentiment and the absence of festive triggers, but the broader trajectory remains strong and stable.
Dealers Speak: Mood Index Shows Confidence
FADA’s online member survey highlights a largely healthy sentiment across the network:
- Liquidity: 44% say good, 47% neutral
- Sentiment: 54% positive
- Expectations from December: 64% expect growth
- Expectations for next 3 months: 74% expect growth
In short, the industry is entering 2026 like a well-tuned engine — not revved-up recklessly, but confident, stable and future-ready.
A Market That Refuses to Slow Down
November 2025 proves once again that India’s auto retail ecosystem is maturing — capable of absorbing shifts in seasonality, reacting swiftly to policy changes and tapping into the unstoppable consumer desire to upgrade wheels. With GST-led affordability boosting demand and rural markets showing renewed strength, the industry is poised to roll into 2026 with a steady throttle and a smile.
And if December’s “cautious optimism” turns into “full-blown momentum,” nobody will complain — except perhaps the poor salesperson trying to manage all those year-end delivery selfies.
All India Vehicle Retail Data for FY’26 YTD (Apr’25 to Nov’25)
| CATEGORY | YTD FY’26 | YTD FY’25 | Growth % |
| 2W | 1,45,54,592 | 1,32,76,920 | 9.62% |
| 3W | 8,81,695 | 8,26,444 | 6.69% |
| CV | 6,82,977 | 6,38,584 | 6.95% |
| CE | 44,424 | 49,770 | -10.74% |
| PV | 29,10,945 | 26,92,614 | 8.11% |
| TRAC | 6,48,622 | 5,50,558 | 17.81% |
| Total | 1,97,23,255 | 1,80,34,890 | 9.36% |
All India Vehicle Retail Data for Nov’25
| CATEGORY | Nov’25 | Oct’25 | Nov’24 | MoM% | YoY% |
| 2W | 25,46,184 | 31,49,846 | 26,27,617 | -19.16% | -3.10% |
| 3W | 1,33,951 | 1,29,517 | 1,08,317 | 3.42% | 23.67% |
| E-RICKSHAW(P) | 48,839 | 37,117 | 40,369 | 31.58% | 20.98% |
| E-RICKSHAW WITH CART (G) | 8,160 | 6,979 | 5,425 | 16.92% | 50.41% |
| THREE-WHEELER (GOODS) | 13,355 | 15,239 | 10,960 | -12.36% | 21.85% |
| THREE-WHEELER (PASSENGER) | 63,451 | 69,937 | 51,482 | -9.27% | 23.25% |
| THREE-WHEELER (PERSONAL) | 146 | 245 | 81 | -40.41% | 80.25% |
| PV | 3,94,152 | 5,54,228 | 3,29,253 | -28.88% | 19.71% |
| TRAC | 1,26,033 | 73,577 | 80,507 | 71.29% | 56.55% |
| CE | 5,577 | 5,769 | 6,680 | -3.33% | -16.51% |
| CV | 94,935 | 1,10,986 | 79,152 | -14.46% | 19.94% |
| LCV | 58,968 | 75,959 | 49,743 | -22.37% | 18.55% |
| MCV | 7,234 | 7,246 | 4,978 | -0.17% | 45.32% |
| HCV | 28,659 | 27,750 | 24,367 | 3.28% | 17.61% |
| Others | 74 | 31 | 64 | 138.71% | 15.63% |
| Total | 33,00,832 | 40,23,923 | 32,31,526 | -17.97% | 2.14% |
Source: FADA Research
Chart showing Fuel Wise Vehicle Retail Market Share for Nov’25
| Two-Wheeler | Nov’25 | Oct’25 | Nov’24 | Construction Equipment | Nov’25 | Oct’25 | Nov’24 | |
| PETROL/ETHANOL | 95.30% | 95.31% | 94.97% | Diesel | 100% | 99.91% | 99.97% | |
| EV | 4.594% | 4.57% | 4.57% | CNG/LPG | 0.0% | 0.03% | 0.01% | |
| CNG/LPG | 0.11% | 0.12% | 0.46% | PETROL/ETHANOL | 0.0% | 0.05% | 0.01% | |
| Total | 100% | 100% | 100% | Total | 100% | 100% | 100% | |
| Three-Wheeler | Nov’25 | Oct’25 | Nov’24 | Commercial Vehicle | Nov’25 | Oct’25 | Nov’24 | |
| EV | 62.49% | 54.51% | 58.53% | Diesel | 81.92% | 81.44% | 82.63% | |
| CNG/LPG | 24.71% | 30.18% | 28.50% | CNG/LPG | 11.74% | 12.46% | 10.95% | |
| DIESEL | 12.44% | 15.05% | 12.46% | PETROL/ETHANOL | 4.44% | 4.42% | 5.62% | |
| PETROL/ETHANOL | 0.36% | 0.26% | 0.50% | EV | 1.79% | 1.60% | 0.71% | |
| Total | 100% | 100% | 100% | HYBRID | 0.11% | 0.08% | 0.10% | |
| Total | 100% | 100% | 100% | |||||
| Passenger Vehicle | Nov’25 | Oct’25 | Nov’24 | Tractor | Nov’25 | Oct’25 | Nov’24 | |
| PETROL/ETHANOL | 52.99% | 51.51% | 51.59% | Diesel | 99.99% | 99.82% | 99.99% | |
| Diesel | 17.66% | 16.49% | 18.31% | PETROL/ETHANOL | 0.00% | 0.00% | 0.00% | |
| CNG/LPG | 20.98% | 22.18% | 18.76% | EV | 0.01% | 0.18% | 0.01% | |
| HYBRID | 4.61% | 6.57% | 8.55% | Total | 100% | 100% | 100% | |
| EV | 3.77% | 3.26% | 2.79% | |||||
| Total | 100% | 100% | 100% |
Source: FADA Research
All India Vehicle Retail Strength YoY and MOM comparison for Nov’25.
| Category | MoM% | YoY% | Category | MoM% | YoY% |
| 2W | CV | ||||
| Urban | -19.58% | 5.32% | Urban | -11.83% | 22.95% |
| Rural | -18.90% | -7.78% | Rural | -16.90% | 17.05% |
| Total | -19.16% | -3.10% | Total | -14.46% | 19.94% |
| 3W | CE | ||||
| Urban | -2.28% | 15.23% | Urban | -3.13% | -17.17% |
| Rural | 8.23% | 30.97% | Rural | -3.46% | -16.06% |
| Total | 3.42% | 23.67% | Total | -3.33% | -16.51% |
| PV | TRAC | ||||
| Urban | -28.06% | 17.60% | Urban | 81.35% | 68.01% |
| Rural | -29.64% | 22.85% | Rural | 68.81% | 53.76% |
| Total | -28.88% | 19.71% | Total | 71.29% | 56.55% |
| Total | |||||
| Urban | -19.49% | 8.96% | |||
| Rural | -16.88% | -2.11% | |||
| Total | -17.97% | 2.14% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 03.12.25 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,401 out of 1,459 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)
- 3-Wheeler is sub-divided in the following manner
- E-Rickshaw – Passenger
- E-Rickshaw – Goods
- 3-Wheeler – Goods
- 3-Wheeler – Passenger
- 3-Wheeler – Personal
Nov’25 category-wise OEM market share can be found in Annexure 1, Page No. 09
Annexure 1
OEM wise Market Share Data for Nov’25 (YoY comparison)
| Two-Wheeler OEM | Nov’25 | Market Share (%) Nov’25 | Nov’24 | Market Share (%) Nov’24 |
| HERO MOTOCORP LTD | 8,86,002 | 34.80% | 9,17,174 | 34.91% |
| HONDA MOTORCYCLE AND SCOOTER INDIA (P) LTD | 6,06,284 | 23.81% | 6,57,115 | 25.01% |
| TVS MOTOR COMPANY LTD | 4,45,617 | 17.50% | 4,23,078 | 16.10% |
| BAJAJ AUTO LTD | 2,58,585 | 10.16% | 3,05,253 | 11.62% |
| ROYAL-ENFIELD (UNIT OF EICHER LTD) | 1,15,353 | 4.53% | 96,302 | 3.66% |
| SUZUKI MOTORCYCLE INDIA PVT LTD | 1,04,638 | 4.11% | 92,548 | 3.52% |
| INDIA YAMAHA MOTOR PVT LTD | 70,929 | 2.79% | 68,574 | 2.61% |
| ATHER ENERGY LTD | 20,349 | 0.80% | 12,963 | 0.49% |
| OLA ELECTRIC TECHNOLOGIES PVT LTD | 8,402 | 0.33% | 29,322 | 1.12% |
| GREAVES ELECTRIC MOBILITY PVT LTD | 5,764 | 0.23% | 4,471 | 0.17% |
| CLASSIC LEGENDS PVT LTD | 5,756 | 0.23% | 4,277 | 0.16% |
| PIAGGIO VEHICLES PVT LTD | 3,348 | 0.13% | 3,187 | 0.12% |
| BGAUSS AUTO PRIVATE LIMITED | 2,566 | 0.10% | 1,881 | 0.07% |
| Others Including EV | 12,591 | 0.49% | 11,472 | 0.44% |
| Total | 25,46,184 | 100% | 26,27,617 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 03.12.25 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,401 out of 1,459 RTOs.
- Others include OEMs accounting less than 0.1% Market Share.
| Three-Wheeler OEM | Nov’25 | Market Share (%) Nov’25 | Nov’24 | Market Share (%) Nov’24 |
| BAJAJ AUTO LTD | 44,309 | 33.08% | 39,062 | 36.06% |
| MAHINDRA & MAHINDRA LIMITED | 11,615 | 8.67% | 7,868 | 7.26% |
| MAHINDRA LAST MILE MOBILITY LTD | 11,423 | 8.53% | 7,820 | 7.22% |
| MAHINDRA & MAHINDRA LIMITED | 192 | 0.14% | 48 | 0.04% |
| PIAGGIO VEHICLES PVT LTD | 9,089 | 6.79% | 8,840 | 8.16% |
| TVS MOTOR COMPANY LTD | 5,324 | 3.97% | 2,139 | 1.97% |
| ATUL AUTO LTD | 3,508 | 2.62% | 2,509 | 2.32% |
| YC ELECTRIC VEHICLE | 3,455 | 2.58% | 3,977 | 3.67% |
| SAERA ELECTRIC AUTO PVT LTD | 2,274 | 1.70% | 2,261 | 2.09% |
| DILLI ELECTRIC AUTO PVT LTD | 2,056 | 1.53% | 2,044 | 1.89% |
| ZENIAK INNOVATION INDIA LTD | 1,711 | 1.28% | 672 | 0.62% |
| J. S. AUTO (P) LTD | 1,401 | 1.05% | 969 | 0.89% |
| MINI METRO EV L.L.P | 1,384 | 1.03% | 1,227 | 1.13% |
| TERRA MOTORS INDIA PVT LTD | 1,340 | 1.00% | 672 | 0.62% |
| Others including EV | 46,485 | 34.70% | 36,077 | 33.31% |
| Total | 1,33,951 | 100% | 1,08,317 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 03.12.25 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,401 out of 1,459 RTOs.
- Others include OEMs accounting less than 1% Market Share.
| Commercial Vehicle OEM | Nov’25 | Market Share (%) Nov’25 | Nov’24 | Market Share (%) Nov’24 |
| TATA MOTORS LTD | 33,294 | 35.07% | 28,428 | 35.92% |
| MAHINDRA & MAHINDRA LIMITED | 28,225 | 29.73% | 23,324 | 29.47% |
| MAHINDRA & MAHINDRA LIMITED | 26,010 | 27.40% | 21,637 | 27.34% |
| MAHINDRA LAST MILE MOBILITY LTD | 2,215 | 2.33% | 1,687 | 2.13% |
| ASHOK LEYLAND LTD | 15,375 | 16.20% | 12,907 | 16.31% |
| ASHOK LEYLAND LTD | 15,251 | 16.06% | 12,875 | 16.27% |
| SWITCH MOBILITY AUTOMOTIVE LTD | 124 | 0.13% | 32 | 0.04% |
| VE COMMERCIAL VEHICLES LTD | 7,115 | 7.49% | 5,648 | 7.14% |
| VE COMMERCIAL VEHICLES LTD | 7,079 | 7.46% | 5,605 | 7.08% |
| VE COMMERCIAL VEHICLES LTD (VOLVO BUSES DIVISION) | 36 | 0.04% | 43 | 0.05% |
| MARUTI SUZUKI INDIA LTD | 4,531 | 4.77% | 3,746 | 4.73% |
| FORCE MOTORS LIMITED | 2,208 | 2.33% | 1,769 | 2.23% |
| DAIMLER INDIA COMMERCIAL VEHICLES PVT. LTD | 1,666 | 1.75% | 1,611 | 2.04% |
| SML ISUZU LTD | 943 | 0.99% | 862 | 1.09% |
| Others | 1,578 | 1.66% | 857 | 1.08% |
| Total | 94,935 | 100.00% | 79,152 | 100.00% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 03.12.25 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,401 out of 1,459 RTOs.
- Others include OEMs accounting less than 1% Market Share.
| Construction Equipment OEM | Nov’25 | Market Share (%) Nov’25 | Nov’24 | Market Share (%) Nov’24 |
| JCB INDIA LIMITED | 3,280 | 58.81% | 3,759 | 56.27% |
| ACTION CONSTRUCTION EQUIPMENT LTD. | 549 | 9.84% | 640 | 9.58% |
| ESCORTS KUBOTA LIMITED (CONSTRUCTION EQUIPMENT) | 296 | 5.31% | 407 | 6.09% |
| AJAX ENGINEERING LTD | 290 | 5.20% | 332 | 4.97% |
| CATERPILLAR INDIA PRIVATE LIMITED | 123 | 2.21% | 148 | 2.22% |
| ALL TERRAIN CRANE | 117 | 2.10% | 43 | 0.64% |
| BULL MACHINES PVT LTD | 112 | 2.01% | 151 | 2.26% |
| CASE NEW HOLLAND CONSTRUCTION EQUIPMENT(I) PVT LTD | 104 | 1.86% | 191 | 2.86% |
| TATA HITACHI CONSTRUCTION MACHINERY COMP. PVT LTD | 101 | 1.81% | 143 | 2.14% |
| Others | 605 | 10.85% | 866 | 12.96% |
| Total | 5,577 | 100.00% | 6,680 | 100.00% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 03.12.25 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,401 out of 1,459 RTOs.
- Others include OEMs accounting less than 1% Market Share.
| PV OEM | Nov’25 | Market Share (%) Nov’25 | Nov’24 | Market Share (%) Nov’24 |
| MARUTI SUZUKI INDIA LTD | 1,55,321 | 39.41% | 1,30,145 | 39.53% |
| MAHINDRA & MAHINDRA LIMITED | 53,997 | 13.70% | 44,588 | 13.54% |
| TATA MOTORS LTD | 52,044 | 13.20% | 42,386 | 12.87% |
| HYUNDAI MOTOR INDIA LTD | 49,567 | 12.58% | 45,194 | 13.73% |
| TOYOTA KIRLOSKAR MOTOR PVT LTD | 27,320 | 6.93% | 21,150 | 6.42% |
| KIA INDIA PRIVATE LIMITED | 23,805 | 6.04% | 19,125 | 5.81% |
| SKODA AUTO VOLKSWAGEN GROUP | 9,316 | 2.36% | 5,993 | 1.82% |
| SKODA AUTO VOLKSWAGEN INDIA PVT LTD | 9,238 | 2.34% | 5,922 | 1.80% |
| VOLKSWAGEN AG/INDIA PVT. LTD. | 42 | 0.01% | 1 | 0.00% |
| AUDI AG | 20 | 0.01% | 25 | 0.01% |
| SKODA AUTO INDIA/AS PVT LTD | 16 | 0.00% | 45 | 0.01% |
| HONDA CARS INDIA LTD | 5,264 | 1.34% | 4,648 | 1.41% |
| JSW MG MOTOR INDIA PVT LTD | 4,400 | 1.12% | 5,235 | 1.59% |
| RENAULT INDIA PVT LTD | 3,397 | 0.86% | 2,996 | 0.91% |
| NISSAN MOTOR INDIA PVT LTD | 1,938 | 0.49% | 2,408 | 0.73% |
| MERCEDES -BENZ GROUP | 1,542 | 0.39% | 1,453 | 0.44% |
| MERCEDES-BENZ INDIA PVT LTD | 1,433 | 0.36% | 1,324 | 0.40% |
| MERCEDES -BENZ AG | 107 | 0.03% | 129 | 0.04% |
| DAIMLER AG | 1 | 0.00% | – | 0.00% |
| MERCEDES BENZ | 1 | 0.00% | – | 0.00% |
| BMW INDIA PVT LTD | 1,366 | 0.35% | 1,063 | 0.32% |
| STELLANTIS GROUP | 1,257 | 0.32% | 851 | 0.26% |
| STELLANTIS AUTOMOBILES INDIA PVT LTD | 977 | 0.25% | 479 | 0.15% |
| STELLANTIS INDIA PVT LTD | 280 | 0.07% | 372 | 0.11% |
| BYD INDIA PRIVATE LIMITED | 425 | 0.11% | 367 | 0.11% |
| JAGUAR LAND ROVER INDIA LIMITED | 399 | 0.10% | 335 | 0.10% |
| Others | 2,794 | 0.71% | 1,316 | 0.40% |
| Total | 3,94,152 | 100.0% | 3,29,253 | 100.0% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 03.12.25 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,401 out of 1,459 RTOs.
| Tractor OEM | Nov’25 | Market Share (%) Nov’25 | Nov’24 | Market Share (%) Nov’24 |
| MAHINDRA & MAHINDRA LIMITED (TRACTOR) | 31,938 | 25.34% | 19,521 | 24.25% |
| MAHINDRA & MAHINDRA LIMITED (SWARAJ DIVISION) | 23,220 | 18.42% | 14,703 | 18.26% |
| INTERNATIONAL TRACTORS LIMITED | 15,742 | 12.49% | 10,856 | 13.48% |
| ESCORTS KUBOTA LIMITED (AGRI MACHINERY GROUP) | 14,521 | 11.52% | 7,399 | 9.19% |
| TAFE LIMITED | 13,559 | 10.76% | 9,387 | 11.66% |
| JOHN DEERE INDIA PVT LTD (TRACTOR DEVISION) | 9,584 | 7.60% | 5,959 | 7.40% |
| EICHER TRACTORS | 7,027 | 5.58% | 5,560 | 6.91% |
| CNH INDUSTRIAL (INDIA) PVT LTD | 5,784 | 4.59% | 3,104 | 3.86% |
| Others | 4,658 | 3.70% | 4,018 | 4.99% |
| Total | 1,26,033 | 100% | 80,507 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 03.12.25 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,401 out of 1,459 RTOs.
- Others include OEMs accounting less than 1% Market Share.
