November Auto Sales in India Reach 3.301 Lakh Units; Demand Remains Stable Post Festive Season

India's automobile sector demonstrated resilience in November 2025, posting a modest 2.14% year-on-year (YoY) growth to reach 33.01 lakh units in total sales, even as the post-festive slowdown loomed. According to data from the Society of Indian Automobile Manufacturers (SIAM), passenger vehicles (PVs) emerged as the primary growth engine, buoyed by surging demand for compact SUVs and improved model availability, while two-wheelers faced a seasonal dip. The overall market's stability signals cautious optimism amid stabilising rural sentiment, robust rabi sowing, and the lingering boost from GST 2.0 reforms, which prompted price cuts and enhanced consumer confidence. With inventory levels for PVs improving to 44-46 days from 53-55 days in October, manufacturers are better positioned to capitalise on the upcoming marriage season and cooler winter mobility needs.

Passenger vehicles led the charge, with compact SUVs driving the segment's expansion, as urban and semi-urban buyers favoured affordable, feature-rich models amid festive spillover demand. Maruti Suzuki dominated with a commanding 39.4% market share, followed by Mahindra at 13.7% and Tata Motors at 13.2%, reflecting strong performances from their SUV lineups. Inquiry calls rose notably, and better stock availability addressed earlier supply bottlenecks, contributing to the segment's YoY uptick. However, urban premium segments showed signs of softness, with analysts attributing this to selective spending post-Diwali. The PV category's growth underscores a broader trend of premiumisation within the mass market, where buyers prioritise fuel efficiency and safety features in a recovering economy.

In contrast, the two-wheeler segment encountered headwinds, registering a 3.10% YoY decline to 25.46 lakh units and a sharper 19.16% month-on-month (MoM) drop, largely due to the front-loading of festive purchases into October. Delayed crop payments in rural areas and uneven model supply further dampened momentum, though entry-level commuter bikes held steady. Three-wheelers bucked the trend with a robust 23.67% YoY surge to 1.33 lakh units and 31.58% MoM growth, propelled by electric variants like e-rickshaws and e-carts, which benefited from government incentives and urban last-mile delivery demands. This segment's performance highlights the accelerating shift toward electrification in commercial mobility.

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Commercial vehicles (CVs) posted an impressive 19.94% YoY increase to 94,935 units, fuelled by infrastructure projects, enhanced freight movement, tourism recovery, and government tenders. Heavy CVs rose 3.28% MoM, supported by GST reforms easing logistics costs, while light and medium CVs saw marginal declines due to high base effects from last year. Tractors also spearheaded growth, aligning with positive agricultural indicators like strong rabi crop prospects, though specific figures were not detailed. These segments' vigour points to a broader economic rebound, with macro indicators like rising GST collections and rural income stabilisation playing pivotal roles.

Analysts from SIAM and industry trackers like Nomura Research express measured positivity, noting that while November's numbers reflect a natural post-festive lull, underlying demand remains robust with inquiry levels up 10-15% in key markets. Price adjustments following GST 2.0 have made vehicles more accessible, and the marriage season from December onwards is expected to inject further volume. Challenges persist in two-wheelers, where supply chain tweaks are needed to counter the October shift, but the PV and CV upticks suggest sustained momentum into Q4. Inventory normalisation across OEMs reduces discounting pressures, fostering healthier margins.

Looking ahead, the sector anticipates 5-7% overall growth for FY26, driven by EV adoption, export expansions, and policy tailwinds like the scrappage policy. For November, the data reaffirms compact SUVs as the undisputed stars, with Maruti's Brezza and Tata's Nexon leading sales charts. As winter sets in, cooler weather could spur discretionary buys, but sustained rural revival will be key to avoiding a prolonged slowdown. The month's figures, while not blockbuster, validate the industry's pivot toward sustainable, demand-led expansion beyond seasonal peaks.

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