The headline glosses over a steadier 4.69% rise over August and a 17% run‑rate for the first half of FY2027, a more realistic barometer of the market.
Two‑wheelers grew 33.08% YoY, 4.41% over August, and are now 15.3% above the 2018 peak. Honda leads with 26.19% share, followed by Hero at 24.26% and TVS at 20.37%. EV sales, the fastest growing segment, accounted for 11.58% of the two‑wheeler market; Ather surged from 19,620 to 30,533 units, while Ola dipped slightly from 13,862 to 13,451.
Passenger vehicle sales hit 4.27 lakh units, up 32.10% YoY and 6.17% over August. Maruti Suzuki dominates with a 39.59% share, but Mahindra and Tata are neck‑and‑neck at ~57,300 units each, and Hyundai trails at 50,201. Fuel‑type split is nearly even: petrol holds 41.27%, while CNG, hybrid and EV together hold 41% of the market, with EV share reaching a new high of 8.45%.
Dealer inventory has ballooned to 43‑45 days of projected sales, double the 21‑day benchmark, and 60% of passenger‑vehicle dealers are piling up stock ahead of the festival season. This surplus, coupled with a 75.57% dealer optimism for October, signals a cautious but hopeful market.
The 31.82% spike is partly a carry‑over from the GST 2.0 shift on September 22, when buyers delayed purchases. Expect deliveries to swell from mid‑October, once Navratri kicks in on the 11th, and watch for price adjustments as dealers brace for the coming month.