Festive Season Boosts India’s Two-Wheeler Registrations by 23%: Jefferies

India’s two-wheeler market recorded strong growth during the opening week of the 2026 festive season. According to a Jefferies research report, two-wheeler registrations increased 23% year-on-year between October 11 and October 17, 2026. The segment outperformed passenger vehicles, which recorded 7% growth during the same comparison period.

The increase came despite a high base from the previous year, when GST cuts supported vehicle demand. The latest figures point to strong demand for two-wheelers during the festive buying period.

Trucks and tractors also recorded growth, although the truck segment benefited partly from a weaker comparison base.

Two-Wheeler Registrations Outpace Passenger Vehicles

Two-wheelers emerged as the strongest-performing major vehicle segment during the first seven days of the festive season. Registrations increased 23% year-on-year, even as the market faced a challenging comparison with last year’s GST-led demand boost.

Jefferies compared registrations from October 11–17, 2026, with those from September 22–28, 2025. The brokerage selected these periods to account for differences in the festive calendar.

Passenger vehicle registrations increased 7% during the same comparison. Although the segment also recorded growth, it trailed the two-wheeler market by a significant margin.

The broader trend also shows strong demand during the first half of FY2027. Two-wheeler registrations rose 22% between April and September 2026. Passenger vehicle registrations grew by around 28–29% during the same period.

Two-Wheeler Demand Shows Strong Longer-Term Growth

The latest festive-season figures also highlight the two-wheeler market’s growth over a longer period. Jefferies reported a two-year compound annual growth rate (CAGR) of 17% for two-wheeler registrations compared with the corresponding festive period in 2024.

Passenger vehicles recorded a lower two-year CAGR of 10% over the same comparison. This suggests that two-wheelers have maintained stronger registration momentum across the period.

Festive demand remains an important factor for India’s automobile industry. Buyers often plan purchases around seasonal offers, new launches and household spending during festivals. The coming weeks will show whether two-wheelers can maintain this growth throughout the festive period.

Truck and Tractor Registrations Also Increase

Truck registrations nearly doubled during the first seven days of the festive season, rising around 101% year-on-year. However, Jefferies cautioned that the comparison benefited from a weak base. Truck registrations had declined 32% during the corresponding period last year.

Tractor registrations also increased 28% year-on-year during the opening festive week. This compared with 18% growth during April–September 2026.

However, Jefferies flagged potential pressure on tractor demand in the second half of FY2027. A high comparison base and weak monsoon conditions could affect growth in the coming months.

Festive Season Demand Remains in Focus

The latest registration data points to a positive start to India’s 2026 festive automobile market. Two-wheelers led the major vehicle categories with 23% growth, while passenger vehicles recorded a more moderate increase. Trucks and tractors also posted gains, although their respective comparison bases influenced the results.

The festive period is scheduled to continue through November 11, 2026. Registration trends over the coming weeks will provide a clearer picture of demand across India’s two-wheeler, passenger vehicle, commercial vehicle and tractor markets.

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