New Delhi: The Federation of Automobile Dealers Associations (FADA) today released its vehicle retail data for FY’25 and March ’25, painting a nuanced picture of India’s auto retail landscape—resilient yet riddled with regional contrasts and industry headwinds.
FY’25: Rural Markets Outpace Urban, Overall Growth at 6.46%
Auto retail in FY’25 closed with a modest yet meaningful 6.46% growth. Passenger Vehicles (PV) came in at a steady 4.87%—almost exactly as FADA had projected. Two-Wheelers (2W), while growing 7.71%, missed the mark on the hoped-for double-digit surge. Meanwhile, Commercial Vehicles (CV) stagnated at -0.17%, dragged down by erratic weather, financing hurdles, and muted demand.
Where FY’25 truly stood out was in the performance gap between India’s rural and urban markets.
- 2W sales in rural areas grew 8.39%, ahead of urban growth at 6.77%.
- 3W saw a stark divide, leaping 8.70% in rural India while growing a mere 0.28% in cities.
- PV also followed suit, growing 7.93% in the hinterlands versus just 3.07% in urban centers.
FADA President C S Vigneshwar summed it up:
“FY25 truly showcased how adaptable and resilient India’s auto retail sector can be… A key highlight was the strong performance in rural areas, which consistently outperformed urban demand.”
March ’25: A Tale of Two Halves
March’s retail figures underscored the volatility in auto sales. While YoY sales dipped 0.7%, MoM growth stood at a healthy 12%—a surge attributed to festive buying in the final week (Navratri, Gudi Padwa, Eid) and year-end depreciation benefits.
Segment-wise YoY performance:
- 2W: -1.7%
- 3W: -5.6%
- Tractors: -5.7%
- PV: +6%
- CV: +2.6%
However, the month was not without red flags. Dealers voiced concerns about unrealistic targets set by OEMs and rising PV inventory levels (50–55 days), leading to increased carrying costs. Financing issues, cautious consumer sentiment, and OBD2-related price anxieties further dampened dealer morale.
April Outlook: Festivals vs. Heatwaves
April brings a mix of hope and hesitation. According to FADA’s dealer survey:
- 46.23% expect flat sales,
- 38.70% see growth, and
- 15.07% foresee de-growth.
Yet nearly 60% of dealers report weak booking pipelines, with IMD’s heatwave warnings likely to suppress showroom footfall and delay infrastructure-linked CV demand.
Still, the ongoing festival and marriage season could serve as a counterbalance. Dealers are pinning hopes on events like Akshay Tritiya, Baisakhi, and Vishu to drive short-term demand.
FY’26: Cautious Optimism, Fragile Foundations
Looking ahead, FADA projects:
- Mid to high single-digit growth in 2W
- Low single-digit growth in PV and CV
Key tailwinds include new launches, EV expansion, and improved rural incomes. But persistent challenges remain—chief among them, financing constraints, tightened credit norms, and uncertainty in global trade.
FADA warns that renewed tariff wars and volatile markets may erode disposable incomes via lower SIP returns, affecting high-value auto purchases.
Dealer Pulse: Survey Insights
- Liquidity: Neutral (51.71%), Good (29.79%), Bad (18.49%)
- Sentiment: Neutral (50.34%), Bad (30.14%), Good (19.52%)
- April Outlook: Flat (46.23%), Growth (38.70%), De-growth (15.07%)
- FY’26 Outlook: Growth (58.90%), Flat (33.56%), De-growth (7.53%)
Conclusion: Rural Momentum is Real, but Challenges Persist
As FY’25 draws to a close, the Indian auto retail sector stands at a pivotal crossroads. Rural demand continues to be the engine of growth, but macroeconomic pressures, financing hurdles, and fragile consumer sentiment are real brakes on momentum. FY’26 will test the industry’s adaptability—again.
All India Vehicle Retail Data for FY’25
| CATEGORY | FY’25 | FY’24 | YoY % |
| 2W | 1,88,77,812 | 1,75,27,115 | 7.71% |
| 3W | 12,20,981 | 11,67,986 | 4.54% |
| E-RICKSHAW(P) | 4,74,635 | 4,90,662 | -3.27% |
| E-RICKSHAW WITH CART (G) | 65,038 | 40,785 | 59.47% |
| THREE-WHEELER (GOODS) | 1,22,624 | 1,22,298 | 0.27% |
| THREE-WHEELER (PASSENGER) | 5,57,693 | 5,13,328 | 8.64% |
| THREE-WHEELER (PERSONAL) | 991 | 913 | 8.54% |
| PV | 41,53,432 | 39,60,602 | 4.87% |
| TRAC | 8,83,095 | 8,92,410 | -1.04% |
| CV | 10,08,623 | 10,10,324 | -0.17% |
| LCV | 5,63,189 | 5,62,026 | 0.21% |
| MCV | 77,568 | 73,142 | 6.05% |
| HCV | 3,12,892 | 3,26,150 | -4.07% |
| Others | 54,974 | 49,006 | 12.18% |
| Total | 2,61,43,943 | 2,45,58,437 | 6.46% |
Source: FADA Research
All India Vehicle Retail Data for March’25
| CATEGORY | Mar’25 | Feb’25 | Mar’24 | MoM% | YoY% |
| 2W | 15,08,232 | 13,53,280 | 15,35,398 | 11.45% | -1.77% |
| 3W | 99,376 | 94,181 | 1,05,352 | 5.52% | -5.67% |
| E-RICKSHAW(P) | 36,097 | 32,361 | 37,359 | 11.54% | -3.38% |
| E-RICKSHAW WITH CART (G) | 7,222 | 6,401 | 5,094 | 12.83% | 41.77% |
| THREE-WHEELER (GOODS) | 11,001 | 10,829 | 14,483 | 1.59% | -24.04% |
| THREE-WHEELER (PASSENGER) | 44,971 | 44,522 | 48,318 | 1.01% | -6.93% |
| THREE-WHEELER (PERSONAL) | 85 | 68 | 98 | 25.00% | -13.27% |
| PV | 3,50,603 | 3,03,398 | 3,29,946 | 15.56% | 6.26% |
| TRAC | 74,013 | 65,574 | 78,495 | 12.87% | -5.71% |
| CV | 94,764 | 82,763 | 92,292 | 14.50% | 2.68% |
| LCV | 52,380 | 45,742 | 49,617 | 14.51% | 5.57% |
| MCV | 7,200 | 6,212 | 6,404 | 15.90% | 12.43% |
| HCV | 29,436 | 26,094 | 30,942 | 12.81% | -4.87% |
| Others | 5,748 | 4,715 | 5,329 | 21.91% | 7.86% |
| Total | 21,26,988 | 18,99,196 | 21,41,483 | 11.99% | -0.68% |
Source: FADA Research
Chart showing Vehicle Retail EV Penetration Data for FY’25 and March’25
All India Vehicle Retail EV Penetration for FY’25.
| EV Penetration | ||
| CATEGORY | FY’25 | FY’24 |
| 2W | 6.1% | 5.4% |
| 3W | 57.3% | 54.2% |
| CV | 0.9% | 0.8% |
| PV | 2.6% | 2.3% |
| Total | 7.8% | 7.1% |
Source: FADA Research
All India Vehicle Retail EV Penetration for Mar’25.
| EV Penetration | |||
| CATEGORY | MAR’25 | FEB’25 | MAR’24 |
| 2W | 8.6% | 5.6% | 9.1% |
| 3W | 59.9% | 56.4% | 57.7% |
| CV | 1.0% | 1.0% | 2.3% |
| PV | 3.5% | 3.0% | 3.0% |
| Total | 9.9% | 7.6% | 10.3% |
Source: FADA Research
All India Vehicle Retail Strength YoY comparison for FY’25
| Category | YoY% | Category | YoY% |
| 2W | CV | ||
| Urban | 6.77% | Urban | 0.55% |
| Rural | 8.39% | Rural | -0.90% |
| 3W | TRAC | ||
| Urban | 0.28% | Urban | -4.98% |
| Rural | 8.70% | Rural | -0.07% |
| PV | Total | ||
| Urban | 3.07% | Urban | 5.14% |
| Rural | 7.93% | Rural | 7.55% |
Source: FADA Research
All India Vehicle Retail Strength YoY and MOM comparison for Mar’25.
| Category | MoM% | YoY% | Category | MoM% | YoY% |
| 2W | CV | ||||
| Urban | 10.78% | -1.69% | Urban | 15.51% | 7.61% |
| Rural | 11.94% | -1.83% | Rural | 13.43% | -2.18% |
| 3W | TRAC | ||||
| Urban | 3.71% | -6.53% | Urban | 12.13% | -9.20% |
| Rural | 7.29% | -4.84% | Rural | 13.04% | -4.86% |
| PV | Total | ||||
| Urban | 16.26% | 6.29% | Urban | 11.84% | 0.07% |
| Rural | 14.43% | 6.22% | Rural | 12.12% | -1.29% |
Source: FADA Research
Motor Vehicle Road Tax Collection (in Rs Crore) for FY’25
| FY’25 | FY’24 | YoY% | |
| Motor Vehicle Road Tax Collection | 88,113 | 79,706 | 10.5% |
Source: FADA Research
Motor Vehicle Road Tax Collection (in Rs Crore) for Mar’25
| Mar’25 | Feb’25 | Mar’24 | MoM% | YoY% | |
| Motor Vehicle Road Tax Collection | 8,458 | 6,340 | 7,654 | 30.8% | 10.5% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 03.04.25 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 FY’25 (YoY comparison)
| Two-Wheeler OEM | FY’25 | Market Share (%) FY’25 | FY’24 | Market Share (%) FY’24 |
| HERO MOTOCORP LTD | 54,45,251 | 28.84% | 53,97,315 | 30.79% |
| HONDA MOTORCYCLE AND SCOOTER INDIA (P) LTD | 47,89,283 | 25.37% | 40,93,895 | 23.36% |
| TVS MOTOR COMPANY LTD | 33,01,781 | 17.49% | 29,67,164 | 16.93% |
| BAJAJ AUTO GROUP | 21,54,467 | 11.41% | 21,08,808 | 12.03% |
| BAJAJ AUTO LTD | 21,54,467 | 11.41% | 21,08,245 | 12.03% |
| CHETAK TECHNOLOGY LIMITED | – | 0.00% | 563 | 0.00% |
| SUZUKI MOTORCYCLE INDIA PVT LTD | 9,82,007 | 5.20% | 8,47,654 | 4.84% |
| ROYAL-ENFIELD (UNIT OF EICHER LTD) | 8,43,058 | 4.47% | 7,82,897 | 4.47% |
| INDIA YAMAHA MOTOR PVT LTD | 6,49,900 | 3.44% | 6,06,859 | 3.46% |
| OLA ELECTRIC TECHNOLOGIES PVT LTD | 3,44,009 | 1.82% | 3,29,947 | 1.88% |
| ATHER ENERGY PVT LTD | 1,30,944 | 0.69% | 1,09,161 | 0.62% |
| GREAVES ELECTRIC MOBILITY PVT LTD | 40,162 | 0.21% | 31,276 | 0.18% |
| PIAGGIO VEHICLES PVT LTD | 33,375 | 0.18% | 35,888 | 0.20% |
| CLASSIC LEGENDS PVT LTD | 32,343 | 0.17% | 31,016 | 0.18% |
| Others Including EV | 1,31,232 | 0.70% | 1,85,235 | 1.06% |
| Total | 1,88,77,812 | 100% | 1,75,27,115 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 03.04.25 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 | FY’25 | Market Share (%) FY’25 | FY’24 | Market Share (%) FY’24 |
| BAJAJ AUTO LTD | 4,37,637 | 35.84% | 4,20,574 | 36.01% |
| PIAGGIO VEHICLES PVT LTD | 89,368 | 7.32% | 95,123 | 8.14% |
| MAHINDRA & MAHINDRA LIMITED | 77,808 | 6.37% | 70,433 | 6.03% |
| MAHINDRA LAST MILE MOBILITY LTD | 76,894 | 6.30% | 31,567 | 2.70% |
| MAHINDRA & MAHINDRA LIMITED | 868 | 0.07% | 38,119 | 3.26% |
| MAHINDRA ELECTRIC MOBILITY LIMITED | 46 | 0.00% | 747 | 0.06% |
| YC ELECTRIC VEHICLE | 44,634 | 3.66% | 42,753 | 3.66% |
| ATUL AUTO LTD | 28,373 | 2.32% | 22,521 | 1.93% |
| SAERA ELECTRIC AUTO PVT LTD | 28,229 | 2.31% | 30,137 | 2.58% |
| TVS MOTOR COMPANY LTD | 25,878 | 2.12% | 18,541 | 1.59% |
| DILLI ELECTRIC AUTO PVT LTD | 24,213 | 1.98% | 26,175 | 2.24% |
| MINI METRO EV L.L.P | 14,297 | 1.17% | 16,067 | 1.38% |
| ENERGY ELECTRIC VEHICLES | 13,362 | 1.09% | 12,002 | 1.03% |
| UNIQUE INTERNATIONAL | 13,229 | 1.08% | 13,963 | 1.20% |
| Others including EV | 4,23,953 | 34.72% | 3,99,697 | 34.22% |
| Total | 12,20,981 | 100% | 11,67,986 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 03.04.25 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 | FY’25 | Market Share (%) FY’25 | FY’24 | Market Share (%) FY’24 |
| TATA MOTORS LTD | 3,37,439 | 33.46% | 3,60,591 | 35.69% |
| MAHINDRA & MAHINDRA LIMITED | 2,57,447 | 25.52% | 2,41,857 | 23.94% |
| ASHOK LEYLAND LTD | 1,67,465 | 16.60% | 1,68,164 | 16.64% |
| VE COMMERCIAL VEHICLES LTD | 75,986 | 7.53% | 74,451 | 7.37% |
| MARUTI SUZUKI INDIA LTD | 45,470 | 4.51% | 42,667 | 4.22% |
| DAIMLER INDIA COMMERCIAL VEHICLES PVT. LTD | 20,795 | 2.06% | 21,276 | 2.11% |
| FORCE MOTORS LIMITED | 19,689 | 1.95% | 16,857 | 1.67% |
| SML ISUZU LTD | 11,816 | 1.17% | 10,675 | 1.06% |
| Others | 72,516 | 7.19% | 73,786 | 7.30% |
| Total | 10,08,623 | 100.00% | 10,10,324 | 100.00% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 03.04.25 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 | FY’25 | Market Share (%) FY’25 | FY’24 | Market Share (%) FY’24 |
| MARUTI SUZUKI INDIA LTD | 16,71,559 | 40.25% | 16,08,041 | 40.60% |
| HYUNDAI MOTOR INDIA LTD | 5,59,149 | 13.46% | 5,62,865 | 14.21% |
| TATA MOTORS LTD | 5,35,960 | 12.90% | 5,39,567 | 13.62% |
| MAHINDRA & MAHINDRA LIMITED | 5,12,626 | 12.34% | 4,27,390 | 10.79% |
| TOYOTA KIRLOSKAR MOTOR PVT LTD | 2,75,665 | 6.64% | 2,14,174 | 5.41% |
| KIA INDIA PRIVATE LIMITED | 2,41,859 | 5.82% | 2,26,323 | 5.71% |
| SKODA AUTO VOLKSWAGEN GROUP | 84,222 | 2.03% | 88,784 | 2.24% |
| SKODA AUTO VOLKSWAGEN INDIA PVT LTD | 83,672 | 2.01% | 87,647 | 2.21% |
| VOLKSWAGEN AG/INDIA PVT. LTD. | 33 | 0.00% | 25 | 0.00% |
| AUDI AG | 411 | 0.01% | 1,087 | 0.03% |
| SKODA AUTO INDIA/AS PVT LTD | 106 | 0.00% | 25 | 0.00% |
| HONDA CARS INDIA LTD | 64,727 | 1.56% | 79,720 | 2.01% |
| MG MOTOR INDIA PVT LTD | 57,366 | 1.38% | 49,975 | 1.26% |
| RENAULT INDIA PVT LTD | 38,636 | 0.93% | 46,648 | 1.18% |
| NISSAN MOTOR INDIA PVT LTD | 24,904 | 0.60% | 27,384 | 0.69% |
| MERCEDES -BENZ GROUP | 17,715 | 0.43% | 15,743 | 0.40% |
| MERCEDES-BENZ INDIA PVT LTD | 16,084 | 0.39% | 14,390 | 0.36% |
| MERCEDES -BENZ AG | 1,490 | 0.04% | 1,295 | 0.03% |
| DAIMLER AG | 141 | 0.00% | 58 | 0.00% |
| BMW INDIA PVT LTD | 14,966 | 0.36% | 13,680 | 0.35% |
| FORCE MOTORS LIMITED | 8,668 | 0.21% | 7,560 | 0.19% |
| PCA AUTOMOBILES INDIA PVT LTD | 6,245 | 0.15% | 8,346 | 0.21% |
| JAGUAR LAND ROVER INDIA LIMITED | 5,237 | 0.13% | 3,827 | 0.10% |
| FCA INDIA AUTOMOBILES PRIVATE LIMITED | 4,404 | 0.11% | 6,190 | 0.16% |
| BYD INDIA PRIVATE LIMITED | 3,401 | 0.08% | 1,787 | 0.05% |
| VOLVO AUTO INDIA PVT LTD | 1,665 | 0.04% | 2,149 | 0.05% |
| Others | 24,458 | 0.59% | 30,449 | 0.77% |
| Total | 41,53,432 | 100% | 39,60,602 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 03.04.25 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 | FY’25 | Market Share (%) FY’25 | FY’24 | Market Share (%) FY’24 |
| MAHINDRA & MAHINDRA LIMITED (TRACTOR) | 2,08,114 | 23.57% | 2,04,726 | 22.94% |
| MAHINDRA & MAHINDRA LIMITED (SWARAJ DIVISION) | 1,65,562 | 18.75% | 1,59,997 | 17.93% |
| INTERNATIONAL TRACTORS LIMITED | 1,15,198 | 13.04% | 1,14,228 | 12.80% |
| TAFE LIMITED | 99,286 | 11.24% | 1,08,106 | 12.11% |
| ESCORTS KUBOTA LIMITED (AGRI MACHINERY GROUP) | 87,628 | 9.92% | 89,832 | 10.07% |
| JOHN DEERE INDIA PVT LTD (TRACTOR DEVISION) | 67,518 | 7.65% | 63,620 | 7.13% |
| EICHER TRACTORS | 57,213 | 6.48% | 59,538 | 6.67% |
| CNH INDUSTRIAL (INDIA) PVT LTD | 35,763 | 4.05% | 36,236 | 4.06% |
| KUBOTA AGRICULTURAL MACHINERY INDIA PVT.LTD. | 15,033 | 1.70% | 17,691 | 1.98% |
| Others | 31,780 | 3.60% | 38,436 | 4.31% |
| Total | 8,83,095 | 100% | 8,92,410 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 03.04.25 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,378 out of 1,438 RTOs.
Annexure 2
OEM wise EV Market Share Data for FY’25 (YoY comparison)
| Two-Wheeler EV OEM | FY’25 | Market Share (%) FY’25 | FY’24 | Market Share (%) FY’24 |
| OLA ELECTRIC TECHNOLOGIES PVT LTD | 3,44,009 | 29.93% | 3,29,947 | 34.79% |
| TVS MOTOR COMPANY LTD | 2,37,576 | 20.67% | 1,83,189 | 19.31% |
| BAJAJ AUTO LTD | 2,30,806 | 20.08% | 1,07,188 | 11.30% |
| ATHER ENERGY PVT LTD | 1,30,944 | 11.39% | 1,09,161 | 11.51% |
| HERO MOTOCORP LTD | 48,674 | 4.23% | 17,720 | 1.87% |
| GREAVES ELECTRIC MOBILITY PVT LTD | 40,162 | 3.49% | 31,276 | 3.30% |
| BGAUSS AUTO PRIVATE LIMITED | 17,343 | 1.51% | 15,241 | 1.61% |
| REVOLT INTELLICORP PVT LTD | 11,564 | 1.01% | 7,352 | 0.78% |
| WARDWIZARD INNOVATIONS & MOBILITY LIMITED | 9,394 | 0.82% | 9,120 | 0.96% |
| PUR ENERGY PVT LTD | 8,982 | 0.78% | 6,981 | 0.74% |
| KINETIC GREEN ENERGY & POWER SOLUTIONS LTD | 8,452 | 0.74% | 9,713 | 1.02% |
| Others | 61,516 | 5.35% | 1,21,630 | 12.82% |
| Total | 11,49,422 | 100.00% | 9,48,518 | 100.00% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 03.04.25 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,378 out of 1,438 RTOs.
| Three-Wheeler EV OEM | FY’25 | Market Share (%) FY’25 | FY’24 | Market Share (%) FY’24 |
| MAHINDRA GROUP | 69,616 | 9.96% | 60,618 | 9.58% |
| MAHINDRA LAST MILE MOBILITY LTD | 68,931 | 9.86% | 27,950 | 4.42% |
| MAHINDRA & MAHINDRA LIMITED | 639 | 0.09% | 31,921 | 5.04% |
| MAHINDRA ELECTRIC MOBILITY LIMITED | 46 | 0.01% | 747 | 0.12% |
| BAJAJ AUTO LTD | 50,823 | 7.27% | 10,890 | 1.72% |
| YC ELECTRIC VEHICLE | 44,632 | 6.38% | 42,753 | 6.76% |
| SAERA ELECTRIC AUTO PVT LTD | 28,229 | 4.04% | 30,137 | 4.76% |
| DILLI ELECTRIC AUTO PVT LTD | 24,213 | 3.46% | 26,175 | 4.14% |
| PIAGGIO VEHICLES PVT LTD | 18,476 | 2.64% | 24,917 | 3.94% |
| MINI METRO EV L.L.P | 14,297 | 2.05% | 16,067 | 2.54% |
| ENERGY ELECTRIC VEHICLES | 13,362 | 1.91% | 12,002 | 1.90% |
| UNIQUE INTERNATIONAL | 13,229 | 1.89% | 13,963 | 2.21% |
| HOTAGE INDIA | 11,521 | 1.65% | 13,892 | 2.20% |
| SAHNIANAND E VEHICLES PVT LTD | 11,168 | 1.60% | 6,902 | 1.09% |
| J. S. AUTO (P) LTD | 11,007 | 1.57% | 11,527 | 1.82% |
| SKS TRADE INDIA PVT LTD | 10,773 | 1.54% | 10,712 | 1.69% |
| Others | 3,77,717 | 54.03% | 3,52,251 | 55.66% |
| Total | 6,99,063 | 100.00% | 6,32,806 | 100.00% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 03.04.25 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 EV OEM | FY’25 | Market Share (%) FY’25 | FY’24 | Market Share (%) FY’24 |
| TATA MOTORS LTD | 4,286 | 48.46% | 5,598 | 65.91% |
| SWITCH MOBILITY AUTOMOTIVE LTD | 981 | 11.09% | 186 | 2.19% |
| MAHINDRA GROUP | 860 | 9.72% | 517 | 6.09% |
| MAHINDRA LAST MILE MOBILITY LTD | 849 | 9.60% | 280 | 3.30% |
| MAHINDRA & MAHINDRA LIMITED | 11 | 0.12% | 220 | 2.59% |
| MAHINDRA ELECTRIC MOBILITY LIMITED | – | 0.00% | 17 | 0.20% |
| OLECTRA GREENTECH LTD | 710 | 8.03% | 437 | 5.14% |
| PMI ELECTRO MOBILITY SOLUTIONS PRIVATE LIMITED | 482 | 5.45% | 382 | 4.50% |
| JBM AUTO LIMITED | 379 | 4.29% | 530 | 6.24% |
| VE COMMERCIAL VEHICLES LTD | 171 | 1.93% | 126 | 1.48% |
| PINNACLE MOBILITY SOLUTIONS PVT LTD | 138 | 1.56% | 74 | 0.87% |
| IPL TECH ELECTRIC PVT LTD | 124 | 1.40% | 40 | 0.47% |
| OMEGA SEIKI PVT LTD | 122 | 1.38% | 104 | 1.22% |
| Others | 591 | 6.68% | 500 | 5.89% |
| Total | 8,844 | 100.00% | 8,494 | 100.00% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 03.04.25 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,378 out of 1,438 RTOs.
| PV EV OEM | FY’25 | Market Share (%) FY’25 | FY’24 | Market Share (%) FY’24 |
| TATA MOTORS PASSENGER VEHICLES LTD | 57,616 | 53.52% | 64,530 | 70.52% |
| MG MOTOR INDIA PVT LTD | 30,162 | 28.02% | 11,683 | 12.77% |
| MAHINDRA & MAHINDRA LIMITED | 8,182 | 7.60% | 6,119 | 6.69% |
| BYD INDIA PRIVATE LIMITED | 3,401 | 3.16% | 1,787 | 1.95% |
| HYUNDAI MOTOR INDIA LTD | 2,410 | 2.24% | 1,842 | 2.01% |
| PCA AUTOMOBILES INDIA PVT LTD | 1,962 | 1.82% | 2,034 | 2.22% |
| BMW INDIA PVT LTD | 1,550 | 1.44% | 1,424 | 1.56% |
| MERCEDES -BENZ AG | 1,133 | 1.05% | 565 | 0.62% |
| KIA INDIA PRIVATE LIMITED | 414 | 0.38% | 432 | 0.47% |
| VOLVO AUTO INDIA PVT LTD | 394 | 0.37% | 606 | 0.66% |
| Others | 421 | 0.39% | 484 | 0.53% |
| Total | 1,07,645 | 100.00% | 91,506 | 100.00% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 03.04.25 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,378 out of 1,438 RTOs.
Annexure 3
OEM wise Market Share Data for Mar’25 (YoY comparison)
| Two-Wheeler OEM | MAR’25 | Market Share (%) MAR’25 | MAR’24 | Market Share (%) MAR’24 |
| HERO MOTOCORP LTD | 4,35,828 | 28.90% | 4,52,195 | 29.45% |
| HONDA MOTORCYCLE AND SCOOTER INDIA (P) LTD | 3,56,083 | 23.61% | 3,56,406 | 23.21% |
| TVS MOTOR COMPANY LTD | 2,75,030 | 18.24% | 2,53,067 | 16.48% |
| BAJAJ AUTO GROUP | 1,71,136 | 11.35% | 1,81,542 | 11.82% |
| BAJAJ AUTO LTD | 1,71,136 | 11.35% | 1,81,540 | 11.82% |
| CHETAK TECHNOLOGY LIMITED | – | 0.00% | 2 | 0.00% |
| SUZUKI MOTORCYCLE INDIA PVT LTD | 84,208 | 5.58% | 75,872 | 4.94% |
| ROYAL-ENFIELD (UNIT OF EICHER LTD) | 75,409 | 5.00% | 65,643 | 4.28% |
| INDIA YAMAHA MOTOR PVT LTD | 48,114 | 3.19% | 52,575 | 3.42% |
| OLA ELECTRIC TECHNOLOGIES PVT LTD | 23,435 | 1.55% | 53,646 | 3.49% |
| ATHER ENERGY PVT LTD | 15,467 | 1.03% | 17,429 | 1.14% |
| GREAVES ELECTRIC MOBILITY PVT LTD | 5,642 | 0.37% | 3,010 | 0.20% |
| BGAUSS AUTO PRIVATE LIMITED | 2,591 | 0.17% | 3,114 | 0.20% |
| PIAGGIO VEHICLES PVT LTD | 2,294 | 0.15% | 2,754 | 0.18% |
| CLASSIC LEGENDS PVT LTD | 2,248 | 0.15% | 2,547 | 0.17% |
| PUR ENERGY PVT LTD | 1,805 | 0.12% | 461 | 0.03% |
| Others Including EV | 8,942 | 0.59% | 15,137 | 0.99% |
| Total | 15,08,232 | 100% | 15,35,398 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 03.04.25 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 | MAR’25 | Market Share (%) MAR’25 | MAR’24 | Market Share (%) MAR’24 |
| BAJAJ AUTO LTD | 33,841 | 34.05% | 36,668 | 34.81% |
| MAHINDRA & MAHINDRA LIMITED | 7,362 | 7.41% | 8,324 | 7.90% |
| MAHINDRA LAST MILE MOBILITY LTD | 7,328 | 7.37% | 8,016 | 7.61% |
| MAHINDRA & MAHINDRA LIMITED | 34 | 0.03% | 308 | 0.29% |
| PIAGGIO VEHICLES PVT LTD | 7,067 | 7.11% | 9,456 | 8.98% |
| YC ELECTRIC VEHICLE | 3,451 | 3.47% | 3,319 | 3.15% |
| TVS MOTOR COMPANY LTD | 2,954 | 2.97% | 1,807 | 1.72% |
| ATUL AUTO LTD | 2,446 | 2.46% | 2,183 | 2.07% |
| SAERA ELECTRIC AUTO PVT LTD | 2,231 | 2.25% | 2,189 | 2.08% |
| DILLI ELECTRIC AUTO PVT LTD | 1,734 | 1.74% | 2,197 | 2.09% |
| SAHNIANAND E VEHICLES PVT LTD | 1,160 | 1.17% | 733 | 0.70% |
| J. S. AUTO (P) LTD | 1,108 | 1.11% | 1,024 | 0.97% |
| ENERGY ELECTRIC VEHICLES | 1,091 | 1.10% | 1,015 | 0.96% |
| MINI METRO EV L.L.P | 1,015 | 1.02% | 1,162 | 1.10% |
| Others including EV | 33,916 | 34.13% | 35,275 | 33.48% |
| Total | 99,376 | 100% | 1,05,352 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 03.04.25 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 | MAR’25 | Market Share (%) MAR’25 | MAR’24 | Market Share (%) MAR’24 |
| TATA MOTORS LTD | 30,474 | 32.16% | 33,272 | 36.05% |
| MAHINDRA & MAHINDRA LIMITED | 24,170 | 25.51% | 21,816 | 23.64% |
| ASHOK LEYLAND LTD | 16,365 | 17.27% | 15,452 | 16.74% |
| VE COMMERCIAL VEHICLES LTD | 6,777 | 7.15% | 6,814 | 7.38% |
| MARUTI SUZUKI INDIA LTD | 3,930 | 4.15% | 3,404 | 3.69% |
| FORCE MOTORS LIMITED | 2,692 | 2.84% | 1,559 | 1.69% |
| DAIMLER INDIA COMMERCIAL VEHICLES PVT. LTD | 1,850 | 1.95% | 1,920 | 2.08% |
| SML ISUZU LTD | 1,027 | 1.08% | 908 | 0.98% |
| Others | 7,479 | 7.89% | 7,147 | 7.74% |
| Total | 94,764 | 100.00% | 92,292 | 100.00% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 03.04.25 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 | MAR’25 | Market Share (%) MAR’25 | MAR’24 | Market Share (%) MAR’24 |
| MARUTI SUZUKI INDIA LTD | 1,32,423 | 37.77% | 1,28,465 | 38.94% |
| TATA MOTORS LTD | 48,462 | 13.82% | 46,509 | 14.10% |
| MAHINDRA & MAHINDRA LIMITED | 46,297 | 13.20% | 39,691 | 12.03% |
| HYUNDAI MOTOR INDIA LTD | 42,511 | 12.13% | 44,537 | 13.50% |
| TOYOTA KIRLOSKAR MOTOR PVT LTD | 23,328 | 6.65% | 19,732 | 5.98% |
| KIA INDIA PRIVATE LIMITED | 21,997 | 6.27% | 20,093 | 6.09% |
| SKODA AUTO VOLKSWAGEN GROUP | 9,064 | 2.59% | 5,872 | 1.78% |
| SKODA AUTO VOLKSWAGEN INDIA PVT LTD | 9,020 | 2.57% | 5,820 | 1.76% |
| VOLKSWAGEN AG/INDIA PVT. LTD. | 23 | 0.01% | 2 | 0.00% |
| AUDI AG | 19 | 0.01% | 47 | 0.01% |
| SKODA AUTO INDIA/AS PVT LTD | 2 | 0.00% | 3 | 0.00% |
| MG MOTOR INDIA PVT LTD | 5,167 | 1.47% | 3,793 | 1.15% |
| HONDA CARS INDIA LTD | 4,928 | 1.41% | 6,486 | 1.97% |
| RENAULT INDIA PVT LTD | 2,633 | 0.75% | 3,717 | 1.13% |
| NISSAN MOTOR INDIA PVT LTD | 1,756 | 0.50% | 2,130 | 0.65% |
| MERCEDES -BENZ GROUP | 1,541 | 0.44% | 1,616 | 0.49% |
| MERCEDES-BENZ INDIA PVT LTD | 1,396 | 0.40% | 1,495 | 0.45% |
| MERCEDES -BENZ AG | 140 | 0.04% | 119 | 0.04% |
| DAIMLER AG | 5 | 0.00% | 2 | 0.00% |
| BMW INDIA PVT LTD | 1,263 | 0.36% | 1,138 | 0.34% |
| FORCE MOTORS LIMITED | 853 | 0.24% | 903 | 0.27% |
| JAGUAR LAND ROVER INDIA LIMITED | 495 | 0.14% | 338 | 0.10% |
| BYD INDIA PRIVATE LIMITED | 396 | 0.11% | 144 | 0.04% |
| PCA AUTOMOBILES INDIA PVT LTD | 331 | 0.09% | 558 | 0.17% |
| FCA INDIA AUTOMOBILES PRIVATE LIMITED | 304 | 0.09% | 338 | 0.10% |
| VOLVO AUTO INDIA PVT LTD | 147 | 0.04% | 163 | 0.05% |
| Others | 6,707 | 1.91% | 3,723 | 1.13% |
| Total | 3,50,603 | 100% | 3,29,946 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 03.04.25 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 | MAR’25 | Market Share (%) MAR’25 | MAR’24 | Market Share (%) MAR’24 |
| MAHINDRA & MAHINDRA LIMITED (TRACTOR) | 17,583 | 23.76% | 17,945 | 22.86% |
| MAHINDRA & MAHINDRA LIMITED (SWARAJ DIVISION) | 14,345 | 19.38% | 14,487 | 18.46% |
| INTERNATIONAL TRACTORS LIMITED | 9,262 | 12.51% | 10,354 | 13.19% |
| ESCORTS KUBOTA LIMITED (AGRI MACHINERY GROUP) | 7,685 | 10.38% | 7,560 | 9.63% |
| TAFE LIMITED | 7,059 | 9.54% | 9,062 | 11.54% |
| JOHN DEERE INDIA PVT LTD(TRACTOR DEVISION) | 5,931 | 8.01% | 5,624 | 7.16% |
| EICHER TRACTORS | 4,547 | 6.14% | 5,279 | 6.73% |
| CNH INDUSTRIAL (INDIA) PVT LTD | 3,026 | 4.09% | 3,358 | 4.28% |
| KUBOTA AGRICULTURAL MACHINERY INDIA PVT.LTD. | 1,118 | 1.51% | 1,592 | 2.03% |
| Others | 3,457 | 4.67% | 3,234 | 4.12% |
| Total | 74,013 | 100% | 78,495 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 03.04.25 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,378 out of 1,438 RTOs.
Annexure 4
OEM wise EV Market Share Data for Mar’25 (YoY comparison)
| Two-Wheeler EV OEM | MAR’25 | Market Share (%) MAR’25 | MAR’24 | Market Share (%) MAR’24 |
| BAJAJ AUTO LTD | 34,907 | 26.77% | 18,088 | 12.89% |
| TVS MOTOR COMPANY LTD | 30,477 | 23.38% | 26,644 | 18.98% |
| OLA ELECTRIC TECHNOLOGIES PVT LTD | 23,435 | 17.98% | 53,646 | 38.22% |
| ATHER ENERGY PVT LTD | 15,467 | 11.86% | 17,429 | 12.42% |
| HERO MOTOCORP LTD | 7,982 | 6.12% | 4,085 | 2.91% |
| GREAVES ELECTRIC MOBILITY PVT LTD | 5,642 | 4.33% | 3,010 | 2.14% |
| BGAUSS AUTO PRIVATE LIMITED | 2,591 | 1.99% | 3,114 | 2.22% |
| PUR ENERGY PVT LTD | 1,805 | 1.38% | 461 | 0.33% |
| REVOLT INTELLICORP PVT LTD | 1,395 | 1.07% | 595 | 0.42% |
| KINETIC GREEN ENERGY & POWER SOLUTIONS LTD | 842 | 0.65% | 3,969 | 2.83% |
| RIVER MOBILITY PVT LTD | 794 | 0.61% | 167 | 0.12% |
| Others | 5,038 | 3.86% | 9,136 | 6.51% |
| Total | 1,30,375 | 100.00% | 1,40,344 | 100.00% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 03.04.25 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,378 out of 1,438 RTOs.
| Three-Wheeler EV OEM | MAR’25 | Market Share (%) MAR’25 | MAR’24 | Market Share (%) MAR’24 |
| MAHINDRA GROUP | 6,676 | 11.21% | 7,485 | 12.31% |
| MAHINDRA LAST MILE MOBILITY LTD | 6,651 | 11.17% | 7,240 | 11.90% |
| MAHINDRA & MAHINDRA LIMITED | 25 | 0.04% | 245 | 0.40% |
| BAJAJ AUTO LTD | 5,293 | 8.89% | 3,356 | 5.52% |
| YC ELECTRIC VEHICLE | 3,451 | 5.79% | 3,319 | 5.46% |
| SAERA ELECTRIC AUTO PVT LTD | 2,231 | 3.75% | 2,189 | 3.60% |
| DILLI ELECTRIC AUTO PVT LTD | 1,734 | 2.91% | 2,197 | 3.61% |
| PIAGGIO VEHICLES PVT LTD | 1,389 | 2.33% | 3,308 | 5.44% |
| SAHNIANAND E VEHICLES PVT LTD | 1,160 | 1.95% | 733 | 1.21% |
| ENERGY ELECTRIC VEHICLES | 1,091 | 1.83% | 1,015 | 1.67% |
| J. S. AUTO (P) LTD | 1,032 | 1.73% | 972 | 1.60% |
| MINI METRO EV L.L.P | 1,015 | 1.70% | 1,162 | 1.91% |
| UNIQUE INTERNATIONAL | 911 | 1.53% | 1,072 | 1.76% |
| SKS TRADE INDIA PVT LTD | 851 | 1.43% | 852 | 1.40% |
| CHAMPION POLY PLAST | 808 | 1.36% | 928 | 1.53% |
| Others | 31,914 | 53.59% | 32,231 | 52.99% |
| Total | 59,556 | 100.00% | 60,819 | 100.00% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 03.04.25 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 EV OEM | MAR’25 | Market Share (%) MAR’25 | MAR’24 | Market Share (%) MAR’24 |
| TATA MOTORS LTD | 324 | 33.71% | 1,659 | 77.20% |
| MAHINDRA GROUP | 174 | 18.11% | 172 | 8.00% |
| MAHINDRA LAST MILE MOBILITY LTD | 172 | 17.90% | 168 | 7.82% |
| MAHINDRA & MAHINDRA LIMITED | 2 | 0.21% | 4 | 0.19% |
| SWITCH MOBILITY AUTOMOTIVE LTD | 166 | 17.27% | 58 | 2.70% |
| OLECTRA GREENTECH LTD | 76 | 7.91% | 1 | 0.05% |
| EULER MOTORS PVT LTD | 29 | 3.02% | – | 0.00% |
| AEROEAGLE AUTOMOBILES PVT LTD | 28 | 2.91% | – | 0.00% |
| PMI ELECTRO MOBILITY SOLUTIONS PRIVATE LIMITED | 25 | 2.60% | 50 | 2.33% |
| IPL TECH ELECTRIC PVT LTD | 12 | 1.25% | – | 0.00% |
| PINNACLE MOBILITY SOLUTIONS PVT LTD | 10 | 1.04% | 22 | 1.02% |
| QUCEV TECHNOLOGIES PVT LTD | 5 | 0.52% | – | 0.00% |
| JBM AUTO LIMITED | 4 | 0.42% | 73 | 3.40% |
| Others | 108 | 11.24% | 114 | 5.30% |
| Total | 961 | 100.00% | 2,149 | 100.00% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 03.04.25 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,378 out of 1,438 RTOs.
| PV EV OEM | MAR’25 | Market Share (%) MAR’25 | MAR’24 | Market Share (%) MAR’24 |
| TATA MOTORS PASSENGER VEHICLES LTD | 4,710 | 38.12% | 7,184 | 73.37% |
| MG MOTOR INDIA PVT LTD | 3,889 | 31.47% | 1,172 | 11.97% |
| MAHINDRA & MAHINDRA LIMITED | 1,944 | 15.73% | 692 | 7.07% |
| HYUNDAI MOTOR INDIA LTD | 849 | 6.87% | 153 | 1.56% |
| BYD INDIA PRIVATE LIMITED | 396 | 3.20% | 144 | 1.47% |
| BMW INDIA PVT LTD | 250 | 2.02% | 74 | 0.76% |
| MERCEDES -BENZ AG | 170 | 1.38% | 53 | 0.54% |
| PCA AUTOMOBILES INDIA PVT LTD | 46 | 0.37% | 178 | 1.82% |
| VOLVO AUTO INDIA PVT LTD | 46 | 0.37% | 51 | 0.52% |
| KIA INDIA PRIVATE LIMITED | 24 | 0.19% | 34 | 0.35% |
| Others | 32 | 0.26% | 57 | 0.58% |
| Total | 12,356 | 100.00% | 9,792 | 100.00% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 03.04.25 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,378 out of 1,438 RTOs.
