ICRA estimates two-wheeler domestic wholesale volumes to register a growth of 6-9% YoY in FY2026 (around 3% growth in 8M FY2026 on YoY basis). 

Retail sales have materially improved over October-November aided by GST reforms and festive season.

EXHIBIT: Domestic 2W industry growth trend

Source: SIAM data; ICRA Research; Note that domestic 2Ws include both registered (high-speed) and unregistered (low-speed) electric two wheelers (e2Ws)