India vehicle registrations showed contrasting demand 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 vehicle registrations diverge after strong first half

Passenger vehicle registrations had increased 7% year over year in the first seven days, indicating that demand moderated in the second week. The 14-day decline followed growth of 28%–29% in passenger vehicle registrations and wholesale sales during April–September, the first half of fiscal 2027.

Two-wheeler registrations grew 22% year over year in that six-month period, while wholesale sales rose 17%. Their festive-period gain came despite a high comparison base.

Trucks and tractors also post gains

Truck registrations rose 76% year over year in the first 14 festive days, partly supported by a low base after registrations fell 26% in the corresponding period a year earlier. Compared with 2024, they grew at a compound annual rate of 14% over the first half of the festive period.

Tractor registrations increased 21% in the 14-day period, following an 18% rise in the first half of fiscal 2027. Jefferies identified a high comparison base and weak monsoon conditions as concerns for tractor demand in the second half.

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