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In November, the automotive market experienced mixed performances across various segments. The PV segment saw a 7% YoY increase but faced an 11% MoM decline, largely due to post-festive slowdowns and reduced dispatches. Tata Motors and M&M showed resilience, while Maruti Suzuki saw notable growth, especially in its Mid-Size segment. The CV segment struggled, with minimal YoY growth, though tractor and bus segment performed well. On the 2W front, while overall growth was modest at 2% YoY, export markets saw significant success. Hero Motocorp faced challenges, but its EV push and new partnerships could drive future growth. TVS and Bajaj performed better, with strong YoY growth, particularly in exports and e2Ws. The 3W segment declined 3% YoY and 18% MoM, with Bajaj Auto and TVS Motors facing YoY drops, while M&M saw strong growth of 23% YoY despite a MoM decline.

PV Segment

Despite a 7% YoY increase in PV demand, a sharp 11% MoM decline was observed, likely due to the typical post-festive slowdown and reduced dealership dispatches after high pre-festive inventories. Tata Motors showed resilience with a modest 2% MoM drop. Meanwhile, M&M, though experiencing its first sequential decline in four months, still reported a solid 16% YoY growth with a volume of 46k units. Maruti Suzuki, too, saw YoY growth, driven not just by its SUV range but also by a remarkable 115% surge in its Mid-Size segment. Looking ahead, positive sentiment remains, with the wedding season expected to further boost PV sales.

CV Segment

The CV segment saw the weakest performance this month, with just 235 additional units sold compared to last year, growing by less than 1%. In contrast, Escorts tractors stood out with a solid 9% YoY growth, driven by the completion of the Kharif harvest and favourable monsoon conditions, which improved farmers' financial conditions and boosted tractor sales. Mahindra also saw a 2% YoY growth in domestic tractor sales. Buses, however, were the strongest performers, with Tata Motors and Ashok Leyland seeing impressive 42% and 33% YoY growth in the domestic markets, respectively. Meanwhile, the truck segment remains sluggish across all companies, reflecting continued delays in the CV sales recovery.

2W Segment

The 2W segment saw 2% YoY growth but a 22% MoM decline. On the export front, 2W companies performed better than last year. Hero Motocorp, the market leader, experienced a 6%/32% decline YoY/MoM. However, its focus on EVs, plans to enter the European and UK markets by late 2025, and a partnership with Zero Motorcycles for premium bikes could help boost volumes in the coming months. TVS outperformed with a 12% YoY growth, driven by strong Scooter sales and the new Apache range. Bajaj Auto, despite domestic struggles, achieved a two-year high in exports, with over 1.6 lakh units dispatched, contributing to a 5% YoY growth. In the e2W segment, volumes dispatched by TVS/Bajaj/Hero were 26,921/26,163/7,309 units, giving them market shares of 23%/22%/6%.

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