India’s Auto Sector Shifts Gears in November 2025: Broad-Based Growth Across PVs, 2Ws, CVs and Tractors

India’s automobile industry delivered another month of broad-based strength in November 2025, with nearly every segment registering healthy year-on-year growth, signalling continued momentum even after the festive season. The latest data compiled by Asit C. Mehta Investment Interrmediates Ltd shows that underlying demand remains resilient, supported by improving macroeconomic conditions, stronger rural sentiment, and a visible uptick in exports across categories.

PVs Sustain Strong double-digit growth

In the passenger vehicle (PV) space, leaders Maruti Suzuki, Tata Motors and Mahindra & Mahindra reported solid growth. Maruti posted a 26.2% YoY rise in total wholesales, driven by robust demand across segments and a remarkable 60.9% surge in exports. Tata Motors grew 25.6% YoY—its third consecutive month of strong double-digit expansion—supported by firm domestic traction and expanded export volumes. Mahindra’s PV business increased 21.9% YoY, aided by sustained demand for its utility vehicle portfolio and rising acceptance of its electric models.

Two-wheeler makers ride high 

Two-wheelers also sustained momentum. Hero MotoCorp recorded a sharp 31.5% YoY rise, reflecting a strong post-GST rationalisation push and improved rural sentiment. TVS Motor delivered a 26.8% YoY increase supported by robust growth in motorcycles and scooters, as well as a 51.7% jump in exports. Bajaj Auto’s growth remained subdued versus peers at 3.2% YoY, although recovery in export markets cushioned overall performance. Royal Enfield maintained its upward trajectory with a 22.4% YoY expansion on the back of strong demand in the sub-350cc segment.

Also Read: India Auto Sales Accelerate in November 2025 as GST Cut, Festive Demand Boost Carmakers | Republic World

CVs see sharp uptick across categories

The commercial vehicle (CV) segment emerged as one of the strongest performers. Tata Motors’ CV volumes jumped 28.6% YoY, driven by broad-based strength across HCVs, ILMCVs and SCVs, alongside an exceptional 91.7% rise in exports. Eicher Motors (VECV) and Ashok Leyland also registered robust double-digit growth as freight demand improved, and fleet utilization strengthened following GST rate cuts and festive-season-driven consumption.

Tractor segment maintains robust rural-Led momentum

Tractors continued their strong FY26 trend. Mahindra’s tractor business grew 32% YoY, supported by healthy Rabi sowing acreage, higher MSP, and a favourable rural liquidity environment. Escorts Kubota rose 17.9% YoY, buoyed by steady domestic demand and an impressive 87.7% surge in exports.

Overall, November reaffirmed that India’s auto sector is firmly in recovery mode. While sequential moderation followed the festive surge, the industry’s demand foundations—retail traction, rural recovery, and export revival—remain intact, positioning the sector for a strong exit to 2025.