Two-Wheeler Registrations Surge 23% as Festive Demand Outpaces Passenger Vehicles

Two-wheeler registrations in India increased 23 per cent year-on-year during the first seven days of the ongoing festive season, significantly outpacing the 7 per cent growth recorded in passenger vehicles, according to a research report by brokerage firm Jefferies.

The report analysed vehicle registrations between October 11 and 17, 2026, against the corresponding festive period of September 22–28, 2025, to account for differences in the festive calendar.

The strong performance of two-wheelers came despite a high comparison base following last year's Goods and Services Tax (GST) cuts, indicating sustained consumer demand during the crucial festive buying period.

Jefferies said registration trends pointed to strong demand momentum across two-wheelers, trucks and tractors. Passenger vehicles also recorded positive growth, although their performance lagged behind two-wheelers.

During the first half of FY27, from April to September, two-wheeler registrations rose 22 per cent, while passenger vehicle registrations increased by 28–29 per cent.

The report also examined longer-term growth trends to assess the impact of last year's comparison base. Compared with the corresponding festive period in 2024, two-wheeler registrations recorded a 17 per cent compound annual growth rate (CAGR) over two years, higher than the 10 per cent recorded by passenger vehicles.

Truck registrations nearly doubled, surging approximately 101 per cent year-on-year during the first seven days of the festive season. However, Jefferies attributed part of this sharp increase to a weak base, as truck registrations had declined 32 per cent during the corresponding period last year.

Tractor registrations grew 28 per cent year-on-year, accelerating from the 18 per cent growth recorded during April–September. However, the brokerage cautioned that tractor demand could face pressure in the second half of FY27 due to a high comparison base and weak monsoon conditions.

The initial figures indicate a positive start to the festive season across major vehicle categories. The sustainability of this momentum will become clearer as the festive period progresses through November 11.