Four-Wheelers Drive Auto Demand Surge in December; Two-Wheelers Lag

• Overall auto registrations rose 9% year-on-year in December 2025, led by strong performance in four-wheelers.
• Passenger Vehicle (PV) registrations grew 15%, Commercial Vehicle (CV) by 16%, and three-wheelers surged 30%.
• Two-wheeler registrations saw a modest 4% increase, indicating slow rural and mass-market recovery.
• Eicher Motors and TVS Motor outperformed in two-wheelers, while Hero MotoCorp declined and Bajaj Auto remained flat.
• Electric two-wheeler market showed divergence: Ather Energy grew 40%, but Ola Electric declined nearly 50%.

Why It Matters: Strong four-wheeler and CV demand fuels auto growth, but two-wheeler segment shows slow mass-market recovery.