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Auto industry volumes rose 17% MoM and 23% YoY in January, reflecting broad-based strength across segments and a recovery in both domestic and export dispatches. 2W volumes rebounded sharply, driven by regulatory-led model updates following the implementation of mandatory ABS, alongside seasonal demand support from the ongoing wedding period. PV dispatches remained strong, consistent with typical January patterns, as OEMs ramped production and channel inventory to align with the new model year, supporting SUV-led growth despite mixed trends in other segments. Tractor volumes continued to outperform, supported by favourable Rabi sowing progress, and healthy reservoir levels, sustaining rural demand momentum. CV volumes improved sequentially, led by steady growth in Trucks and LCVs amid resilient freight activity and last-mile demand, while Bus volumes remained under pressure due to weakness at select OEMs. Exports in the industry saw a 28% YoY and 4% MoM rise in volumes, maintaining a 21% contribution, consistent with the 12M average. Overall, January dispatch trends underscore a seasonally strong start to the year, with segment-specific drivers shaping relative performance.

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