India auto registrations showed a widening gap in the first 14 days of the 2026 festive season: two-wheeler registrations rose 16% from a year earlier, while passenger vehicle registrations fell 6%, Jefferies said.
India auto registrations show passenger vehicle slowdown
Passenger vehicle registrations had risen 7% year over year in the first seven days, indicating that demand moderated in the second week.
The festive-period divergence followed strong growth in the first half of fiscal 2027, from April through September. Two-wheeler registrations rose 22% year over year in that period, while wholesale sales increased 17%. Passenger vehicle registrations and wholesale sales grew 28%–29%, Jefferies said.
Truck and tractor registrations rise
Truck registrations rose 76% year over year in the first 14 days of the festive season, partly reflecting a low comparison base after a 26% decline in the corresponding period a year earlier. Compared with 2024, truck registrations grew at a compound annual rate of 14% over the first half of the festive period.
Tractor registrations increased 21% year over year during the 14 days, following an 18% rise in the first half of fiscal 2027. A high comparison base and weak monsoon conditions remain concerns for tractor demand in the second half of the fiscal year.
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