India auto retail sees broad-based growth in April; two-wheelers lead surge: Goldman Sachs
New Delhi: India's auto retail market in April saw broad-based strength across key segments, including two-wheelers, passenger vehicles, and commercial vehicles, noted a report by Goldman Sachs.
According to the report, two-wheeler (2W) volumes rose 14 per cent year-on-year in April, outperforming passenger vehicles (cars), which grew 11 per cent during the same period. On a three-month rolling basis, growth remained robust at 23 per cent for 2Ws and 22 per cent for cars, indicating sustained demand momentum.
The report noted that commercial vehicle (CV) volumes also recorded healthy growth of 17 per cent year-on-year, with light commercial vehicles (LCVs) rising 22 per cent and medium and heavy commercial vehicles (MHCVs) increasing 15 per cent.
Three-wheelers emerged as a standout segment, registering a sharp 34 per cent year-on-year growth in April, continuing their strong recovery trend.
In the two-wheeler segment, growth remained strong, supported by rural demand trends and recovery in consumption. Rural markets continued to outpace urban demand in monthly growth terms.
Among passenger vehicle segments of cars and SUVs, growth moderated compared to 2Ws but remained resilient. Market share shifts were visible, with Tata Motors gaining share, while Maruti Suzuki and Mahindra saw slight declines on a year-on-year basis.
Commercial vehicle (CV) expansion continued, reflecting steady economic activity, with light commercial vehicles (LCVs) and medium and heavy commercial vehicles (MHCVs) both contributing to overall growth.
Three-wheelers saw the strongest growth among segments, indicating improving last-mile mobility demand and urban recovery.
The report also highlighted evolving powertrain trends, noting that electric vehicle penetration remains volatile but structurally rising. Electric two-wheelers accounted for 7.3 per cent of total 2W sales in April, while electric cars reached 5.7 per cent penetration.
In contrast, compressed natural gas (CNG) vehicles continued to hold a significant share in the passenger vehicle segment, while internal combustion engine (ICE) vehicles still dominate overall volumes.
The report said the April data reflects "broad-based growth across segments," with two-wheelers leading the recovery cycle, followed by steady gains in cars and commercial vehicles.
According to the report, two-wheeler (2W) volumes rose 14 per cent year-on-year in April, outperforming passenger vehicles (cars), which grew 11 per cent during the same period. On a three-month rolling basis, growth remained robust at 23 per cent for 2Ws and 22 per cent for cars, indicating sustained demand momentum.
The report noted that commercial vehicle (CV) volumes also recorded healthy growth of 17 per cent year-on-year, with light commercial vehicles (LCVs) rising 22 per cent and medium and heavy commercial vehicles (MHCVs) increasing 15 per cent.
Three-wheelers emerged as a standout segment, registering a sharp 34 per cent year-on-year growth in April, continuing their strong recovery trend.
In the two-wheeler segment, growth remained strong, supported by rural demand trends and recovery in consumption. Rural markets continued to outpace urban demand in monthly growth terms.
Among passenger vehicle segments of cars and SUVs, growth moderated compared to 2Ws but remained resilient. Market share shifts were visible, with Tata Motors gaining share, while Maruti Suzuki and Mahindra saw slight declines on a year-on-year basis.
Commercial vehicle (CV) expansion continued, reflecting steady economic activity, with light commercial vehicles (LCVs) and medium and heavy commercial vehicles (MHCVs) both contributing to overall growth.
Three-wheelers saw the strongest growth among segments, indicating improving last-mile mobility demand and urban recovery.
The report also highlighted evolving powertrain trends, noting that electric vehicle penetration remains volatile but structurally rising. Electric two-wheelers accounted for 7.3 per cent of total 2W sales in April, while electric cars reached 5.7 per cent penetration.
In contrast, compressed natural gas (CNG) vehicles continued to hold a significant share in the passenger vehicle segment, while internal combustion engine (ICE) vehicles still dominate overall volumes.
The report said the April data reflects "broad-based growth across segments," with two-wheelers leading the recovery cycle, followed by steady gains in cars and commercial vehicles.
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