FADA Nov 2025 Auto Retail Analysis: Passenger Vehicles Surge While Rural Demand Signals a Comeback
The Federation of Automobile Dealers Associations (FADA) has released its vehicle retail data for November 2025, revealing a resilient industry performance. Despite the traditional post-festive slowdown and a high base from last year, the overall auto retail sector registered a 2.14% Year-on-Year (YoY) growth.
This month’s data highlights significant divergences between segments, with Passenger Vehicles (PV) and Tractors driving growth, while Two-Wheelers (2W) faced a slight statistical correction. Below is a detailed breakdown of the big shifts in the 2-wheeler, 4-wheeler, and EV landscapes.
| Vehicle Segment | Growth (YoY) | Trend | Key Driver |
| Tractors | + 56.55% | Major Surge | Strong rural recovery & Rabi crop sowing |
| 3-Wheelers | + 23.67% | Strong Growth | High demand for passenger transport |
| Commercial Vehicles | + 19.94% | Growth | Infrastructure projects & tourism |
| Passenger Vehicles | + 19.70% | Growth | Wedding season & GST 2.0 cuts |
| 2-Wheelers | – 3.10% | Decline | High base effect from last year’s Diwali |
| Overall Industry | + 2.14% | Stable | Resilient demand despite post-festive lull |
1. Passenger Vehicles (PV): Double-Digit Growth and Inventory Correction
The Passenger Vehicle segment was the star performer in November 2025, defying expectations of a post-festive slump.
- Robust Growth: The segment recorded a massive 19.7% YoY growth. This surge was driven by improved model availability, the ongoing demand for compact SUVs, and aggressive year-end deals.
- Inventory Correction (The Big Shift): One of the most positive indicators for the industry was the sharp correction in dealer inventory. Stock levels dropped to 44–46 days in November, a significant improvement from the unhealthy 53–55 days recorded previously. This suggests a better alignment between supply and demand.
- Key Drivers: The wedding season and GST 2.0 cuts played a crucial role in sustaining footfalls and conversions well after the festive lamps were extinguished.
| Category | Nov ’25 Share | Nov ’24 Share | Change |
| 3-Wheelers | 62.49% | 58.53% | Increasing Dominance |
| 2-Wheelers | 4.59% | 4.57% | Stable |
| Passenger Cars | 3.77% | 2.79% | Growing Adoption |
| Commercial Vehicles | 1.79% | 0.71% | Slow but Steady Rise |
2. Two-Wheelers (2W): A Statistical Dip with Underlying Strength
The 2-wheeler segment reported a 3.1% YoY decline, but the numbers require context.
- The Festive Shift Effect: The decline is primarily attributed to a calendar shift. In 2024, Diwali registrations spilled over into November, creating a high base. In 2025, most festive deliveries were completed in October, leaving November with a natural volume gap.
- Rural Resilience: Despite the headline decline, rural enquiries remained strong, supported by positive sentiment around GST reforms and the ongoing marriage season.
- Inventory & Outlook: Dealers have reported healthy enquiry pipelines, suggesting that the dip is temporary and demand is likely to hold through December.
| Metric | Current Status (Nov ’25) | Previous Status | Impact |
| Car Dealer Inventory | 44 – 46 Days | 53 – 55 Days | Positive: Dealers are holding less unsold stock. |
| Rabi Crop Sowing | 39.3 Million Hectares | Lower (Last Year) | Positive: Signals higher future income for rural buyers. |
| Dealer Sentiment | 74% Expect Growth | – | Positive: High confidence for the next 3 months. |
3. Electric Vehicles (EV): Gaining Ground in Personal Mobility
The transition to electrification continues to show steady progress, particularly in the 4-wheeler segment.
- PV EV Growth: The market share of electric passenger vehicles rose to 3.77% in November 2025, up from 2.79% in November 2024. This indicates a growing acceptance of EVs among car buyers.
- 2W EV Stability: Electric two-wheelers held a stable market share of 4.59%, virtually unchanged from 4.57% the previous year.
- 3W Dominance: The three-wheeler segment remains the leader in electrification, with EVs capturing 62.49% of the market share, significantly higher than diesel or CNG counterparts.
4. The Rural Comeback: Tractor Sales Explosion
Perhaps the most significant signal for the broader economy is the performance of the Tractor segment.
- Massive Surge: Tractor retail sales skyrocketed by 56.55% YoY.
- Economic Indicator: This surge is fueled by exceptional agricultural indicators. Rabi sowing has crossed 39.3 million hectares, a sharp increase compared to last year, signaling strong future farm income. This points to a robust recovery in the rural economy, which is expected to spill over into the 2-wheeler and entry-level car segments in the coming months.
Here is the breakdown of the available OEM-specific EV statistics for November 2025.
1. Two-Wheeler (2W) EV Segment
The report highlights a significant shift in market leadership among pure EV players. While Ather Energy saw massive growth, Ola Electric witnessed a sharp decline compared to the previous year.
Pure EV OEM Performance (Nov ’25 vs Nov ’24)
| OEM Name | Nov ’25 Sales | Nov ’24 Sales | Growth/Decline | Market Share (Nov ’25) |
| Ather Energy Ltd | 20,349 | 12,963 | + 57% (Growth) | 0.80% |
| Ola Electric | 8,402 | 29,322 | – 71% (Decline) | 0.33% |
| Greaves Electric | 5,764 | 4,471 | + 29% (Growth) | 0.23% |
| BGauss Auto | 2,566 | 1,881 | + 36% (Growth) | 0.10% |
Key Insight:
- Ather Energy has significantly outperformed Ola Electric in November 2025, selling more than double the units of Ola.
- Ola Electric’s market share dropped from 1.12% last year to just 0.33% this year.
(Note: EV sales for TVS, Bajaj, and Hero MotoCorp are included in their total consolidated numbers and are not listed separately in the EV section of this report.)
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2. Four-Wheeler (Passenger Vehicle) EV Segment
In the 4-wheeler segment, most major EV players (Tata Motors, MG, Mahindra) are listed with their combined (Petrol + Diesel + EV) sales figures. However, BYD India, being a pure electric player, is listed separately.
Pure EV OEM Performance
| OEM Name | Nov ’25 Sales | Nov ’24 Sales | Growth | Market Share (Nov ’25) |
| BYD India | 425 | 367 | + 15.8% | 0.11% |
Combined (ICE + EV) Numbers for Major EV Players:
- Tata Motors: 52,044 units (Includes Nexon.ev, Punch.ev, Tiago.ev, etc.) 2
- JSW MG Motor: 4,400 units (Includes ZS EV, Comet, Windsor) 3
- Mahindra: 53,997 units (Includes XUV400, XUV 3XO EV) 4
Key Insight:
- While we cannot isolate Tata or Mahindra’s specific EV numbers from this table, the overall EV market share in the Passenger Vehicle segment rose to 3.77% in Nov ’25 (up from 2.79% last year)5, indicating that the EV portfolios of these major OEMs are likely growing.
3. Segment-Wide EV Market Share
This table shows the total penetration of Electric Vehicles within their respective segments, regardless of the manufacturer.
| Segment | EV Market Share (Nov ’25) | EV Market Share (Nov ’24) | Trend |
| 2-Wheelers | 4.59% | 4.57% | Stable |
| Passenger Vehicles | 3.77% | 2.79% | Increasing |
| 3-Wheelers | 62.49% | 58.53% | Dominant |
| Commercial Vehicles | 1.79% | 0.71% | Rising |
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Future Outlook: Cautious Optimism
Heading into December and 2026, the industry sentiment remains “cautiously optimistic”.
- Near-Term: A colder-than-normal winter forecast is expected to boost mobility and logistics activity.
- Long-Term: 74% of dealers expect growth in the next three months, banking on new model launches in CY 2026 and sustained government infrastructure pushes.
Frequently Asked Questions (FAQs)
Q1: Why did 2-wheeler sales drop in November 2025 despite the wedding season? The 3.1% drop was largely due to a “high base” effect. Last year (Nov ’24), festive registrations from Diwali occurred in November. This year (Nov ’25), most festive deliveries happened in October, making the year-on-year comparison unfavorable despite healthy ongoing demand.
Q2: How much inventory are car dealers currently holding? Car dealer inventory levels have improved significantly. FADA reports that PV inventory dropped to 44-46 days in November 2025, down from a high of 53-55 days in previous months.
Q3: Is the demand for Electric Vehicles (EVs) growing in India? Yes. In the passenger vehicle segment, EV market share grew to 3.77% in Nov ’25 compared to 2.79% a year ago. In the 3-wheeler segment, EVs are dominant, commanding over 62% of the market.
Q4: What is driving the sudden surge in tractor sales? Tractor sales grew by over 56% due to excellent rural fundamentals. Strong soil moisture and a sharp increase in Rabi crop sowing (crossing 39.3 million hectares) have boosted farmers’ confidence and income expectations.
Q5: What is the outlook for auto sales in December 2025? The industry remains cautiously optimistic. Demand is expected to be supported by year-end consumer schemes, GST 2.0 rate cuts, and the ongoing marriage season, although some moderation is expected due to the lack of festive triggers.
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