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Two-Wheeler Volumes Expected to Grow 5% Year-over-Year: Report Automobile wholesale volumes are expected to be mixed in June, with two-wheeler volumes expected to grow 5 per cent year-over-year (YoY), while passenger vehicle volumes are expected to rise 3 per cent YoY. Commercial vehicles are expected to see flat sales growth, while tractor sales are expected to dip.

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In June, automobile wholesale volumes across segments are expected to be mixed, with growth in two-wheelers and passenger vehicles (PV). Commercial vehicles (CV) are expected to see a flat sales growth, while tractor sales are expected to dip. Nuvama Institutional Equities predicts high single-digit growth in two-wheeler and tractor volumes over FY24-FY26. Top OEMs include Bajaj Auto and Mahindra & Mahindra (M&M).

Passenger Vehicles

The domestic PV industry is projected to see a 3 per cent year-over-year (YoY) increase, driven primarily by a surge in utility vehicles and inventory build-up among dealers. Mahindra & Mahindra (M&M) is expected to shine with a robust 26 per cent growth in its PV segment, outperforming both Maruti Suzuki India and Tata Motors, as per the report.

According to Nuvama Equities via Mint, M&M's Auto division is forecasted to achieve a total volume growth of 13 per cent, reaching 70,500 units. In comparison, Maruti Suzuki is anticipated to see a modest 2 per cent increase, totaling 163,000 units, while Tata Motors' PV segment is expected to remain flat at 47,400 units.

Commercial Vehicle

Commercial vehicle (CV) industry volumes are expected to remain flat YoY, despite a slowdown in the awarding of road construction projects. On the bright side, higher e-way bill generation compared to last year indicates improved freight availability for transporters, according to the brokerage firm.

The firm estimates a total volume growth of 4 per cent for Eicher Motors VECV, 3 per cent for Ashok Leyland, and 1 per cent for Tata Motors. However, M&M is expected to report a 1 per cent decline in CV sales.

Two Wheeler

The two-wheeler industry volumes are anticipated to grow by 5 per cent YoY in the domestic market, despite purchase deferrals caused by extreme heat conditions and strong marriage season demand from last year. Wholesales are expected to outpace retails due to inventory build-up with dealers.

In contrast, the tractor industry volumes are projected to decline marginally by 1 per cent YoY in the domestic market. This decline is attributed to a high base and weak consumer sentiment in southern states as per the report via Mint.

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