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Strong double-digit year on year growth in February 2024 is likely for two-wheeler wholesale volumes due to good demand with retails up 10 per cent and a favourable base, Anand Rathi Research said in a note.

Passenger vehicle volumes are likely to have grown at a healthy pace led by positive retail trends with retails up 4 per cent and inventory build. Commercial vehicles, though, are likely to have slid in single digits due to weak LCV volumes and a high base.

Tractors are likely to have declined by low double digits due to the festival timing and challenges in west/south. In the near term, the high base would lead to muted CV and tractor growth, the report said.

Two-wheeler volume growth is expected to be up by 22 per cent year on year, Bajaj’s 2W volumes are likely to be up 35 per cent, TVS 16 per cent, Hero MotoCorp 7 per cent and Royal Enfield 4 per cent, the report said.

Passenger vehicle volume growth is estimated at 7 per cent year on year. M&M’s PV volumes would be up 25 per cent, Tata 10 per cent and Maruti 1 per cent. Blended discounts have risen notably m/m on higher dealer stocks, the report said