August Auto Sales: 2Ws Lead, PVs Lag, CVs Hold Steady

India’s auto industry closed August 2025 with a divergent performance across segments, showcasing strength in two-wheelers (2Ws), resilience in commercial vehicles (CVs), and continued sluggishness in passenger vehicles (PVs).

Two-Wheelers: Premium Segment Steals the Show

The standout story for August came from the two-wheeler (2W) segment, where momentum stayed strong:

• TVS Motor (+29.5%) – Strong scooter and commuter bike demand helped TVS lead growth.
  
  
• Eicher Motors (+54.8%) – A stellar performance in premium bikes (Royal Enfield) highlighted the rising appetite for aspirational two-wheelers.
  
  
• Hero MotoCorp (+8.1%) – Posted steady growth, reflecting stable demand in the entry-level commuter space.
  
  
• Bajaj Auto (+2.0%) – Managed only marginal growth, showing softness in its core 2W portfolio despite global presence.
  
  

📌 Takeaway: Premium bikes and scooters are the key drivers of 2W growth, while mass-market models are growing at a slower pace.

Passenger Vehicles: Sluggish Momentum Continues

The PV segment, dominated by cars and SUVs, presented a mixed-to-weak picture:

• Maruti Suzuki (-0.6%) – Flat volumes reflect intense competition in the SUV space.
  
  
• Mahindra & Mahindra (0.0%) – Growth stalled, with utility vehicle demand stabilizing after strong earlier gains.
  
  
• Tata Motors (+2.1%) – Delivered steady performance, though growth remains modest.
  
  

📌 Takeaway: While SUVs remain popular, the PV segment overall is slowing, reflecting saturation and heightened competition.

Commercial Vehicles: Stability with Pockets of Strength

CV sales maintained steady growth, with notable performers:

• Ashok Leyland (+5.4%) – Continued momentum in trucks and buses, supported by infrastructure push.
  
  
• Eicher Motors (+9.5%) – Healthy CV growth, supplementing its stellar 2W performance.
  
  
• Bajaj Auto (+20.9%) – A surprise outperformance, with CV sales driving the best growth among peers.
  
  

📌 Takeaway: Select CV makers are holding their ground, and demand remains supported by infra-led projects and rural transportation needs.

Investor Implications

• 2Ws: Premium-focused players like Eicher and TVS are riding strong demand cycles, making them standouts.
  
  
• PVs: Weakness in mass-market players like Maruti suggests cautious sentiment in this segment.
  
  
• CVs: Niche players like Ashok Leyland, Eicher, and Bajaj CVs offer steady-to-strong prospects.
  
  

Bottom Line

August 2025 auto sales underline a split market:

• Premium 2Ws are thriving,
  
  
• CVs are resilient,
  
  
• PVs remain under pressure.
  
  

For investors and market watchers, the divergence highlights the importance of segment-specific positioning rather than a blanket approach to auto stocks.