Wholesale volumes grew by 7.2% in August 2025; retail volumes grew by 2.2% on a YoY basis, curtailed by excess rains and GST rate cut-linked purchase deferment. 

ICRA estimates 2W domestic volumes to register a growth of 6-9% YoY in FY2026; recent cut in GST rates expected to support demand.

e2W retail volumes at 1,04,725 units in August 2025, too represented a modest 1.8% growth on a sequential basis. e2w penetration in the 2W segment remains in the range of 6-7% on a monthly basis.