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ICICI Direct sees 8–10% FY27 volume growth for two-wheelers and passenger vehicles
ICICI Direct forecasts 8-10% FY27 growth in Indian two-wheelers and passenger vehicles. August registrations rose 16%, while Bajaj, TVS, Tata Motors, Maruti Suzuki and Mahindra posted strong volume gains, supported by GST 2.0 tailwinds and improving demand.
Reported figures
From the report. Source details below
| August 2026 Vahan registrations: | about 24 lakh, up 16% YoY from 20.7 lakh |
|---|---|
| Bajaj Auto volume growth: | 30%; exports: 53%; domestic volumes: about 10% |
| TVS Motor volumes: | 5.9 lakh, up about 20.5%; exports up 29% |
| Royal Enfield volumes: | about 1.26 lakh, up 11% |