5月EIM、MM和TVS表现出色
6(1)PVsM&HCV trucks 2Ws(4)(1)3FY25Apr'25 PVs888TractorsMay'25 Nitij Mangal * | Equity Analyst91 22 4224 6124 | nmangal@jefferies.comSagar Sahu, CFA * | Equity Analyst+91 22 4224 6119 | ssahu@jefferies.comKevin Verghese * | Equity Associate+91 22 4224 6303 | kverghese@jefferies.com.Source: Government of India, JefferiesRecent reports:Rare Earths: A Primer and China RiskRedrawing the Market MapSemiconductors: India's Next Big LeapElectronics: A New Growth Opportunityfor Auto-component Makers Exhibit 6 - Company-wise wholesale volumes for May, 2025.Hero MotocorpMotorcyclesScootersTotal volumesDomesticExportsTotal volumesBajaj AutoDomestic motorcyclesExport motorcyclesTotal motorcyclesDomestic 3WsExport 3WsTotal 3WsTotal volumesDomestic volumes (2W + 3W)Export volumes (2W + 3W)Total volumesTVS MotorDomestic 2WsExport 2WsTotal 2WsTotal 3WsTotal volumesEicher MotorsRoyal EnfieldVECVMaruti SuzukiMiniCompactMid-SizeUVsVansTotal domestic PV salesLCVsTotal domestic volumesSales to ToyotaTotal domesticExportsTotal volumesMahindra & MahindraUVsLCVs + MHCVs3WsDomestic autosExportsTotal autosDomestic tractorsExport tractorsTotal tractorsTotal volumesTata MotorsDomestic CVDomestic PVTotal domestic volumesTotal export volumesTotal volumesAshok LeylandM&HCV trucksM&HCV busDomestic M&HCVsLCVsTotal domestic volumesExportsTotal volumesHyundai IndiaDomesticExportsTotal volumesEscortsDomesticExportsTotal volumesHonda 2Ws IndiaDomesticExportsTotal volumesSource: Company data, JefferiesPlease see important disclosure information on pages 6 - 10 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 7 - EIM, TVSL & MM lead growth in May.261715(15)(10)(5)051015202530EIM (RE)TVSLYoY growth in wholesale volumes in May'25 (%)Source: Company data, JefferiesExhibit 9 - 2W led in registration growth in May.8(10)(8)(6)(4)(2)02468102WsYoY growth in registrations (%, May'25)Source: Government of India, JefferiesExhibit 11 - RE and TVS outperformed the industry in May.21180510152025Royal EnfieldTVSYoY growth in Indian 2W registrations (%, May'25)Source: Government of India, JefferiesExhibit 13 - TVS gaining share in 2W registrations.362615114.28020406080100FY21India 2W retailmarket shares (%)Source: Government of India, JefferiesPlease see important disclosure information on pages 6 - 10 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Source: Company data, JefferiesExhibit 10 - Tractors and 2Ws better than PVs and trucks YTD.5(10)(8)(6)(4)(2)02468102WsYoY growth in registrations (%, YTD-FY26)Source: Government of India, JefferiesExhibit 12 - Strong 2W registration growth for RE and TVS in YTD-FY26.1614(5)05101520Royal EnfieldTVSYoY growth in registrations (%, YTD-FY26)Source: Government of India, Jefferies30302424181911114.74.71212Apr'25May'25Royal EnfieldOthers 352515123.810FY22 Exhibit 14 - MM leading in registration growth in PVs.31(20)(10)010203040MahindraPV industryYoY growth in India PV registrations (%, May'25)Source: Government of India, JefferiesExhibit 16 - Mahindra has been gaining share in PV registrations.49185815020406080100FY21PV retail marketshares (%)Source: Government of India, JefferiesExhibit 17 - Share of EVs in 2W registrations rose to 6.1% in May.Oct-23Jan-24Apr-24Jul-24Oct-24012345678910Jan-21May-21Sep-21Source: Government of India, JefferiesPlease see important disclosure information on pages 6 - 10 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. 431671117FY22Jan-22 MSILand HYUNDAI have lost share inrecent years.Shareofelectricvehiclesin2Wregistrationshasbeenrange-boundbetween 4-7% since April-2022.4 Exhibit 18 - TVS and Bajaj leading in electric 2Ws.2135111941111115221020406080100FY23FY24E-2W market shares (%)Source: Government of India, JefferiesExhibit 19 - Share of EVs in PV registrations at 4.1% in May.0.00.51.01.52.02.53.03.54.04.5Jan-21May-21Sep-21Share of BEVs in Indian passenger vehicle registrations (%)Source: Government of India, JefferiesExhibit 20 - MG & Mahindra have gained share in electric PVs.821016020406080100FY23E-PV market shares (%)Source: Government of India, JefferiesPlease see important disclosure information on pages 6 - 10 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Ola's E2W market share had slipped from49% in 1QFY25 to just 19% in 4QFY25; sharein April-May at 18-21%.May-25Shareof BEVs in registrations rising,boosted by new launches of MM and MG.TTMT continues to lead in EVs, althoughits market share has slipped from 71% inFY24 to 54% in FY25 and 36%/35% in April/May; MG and MM had 31% and 21% marketshares, respectively, in May.5 Company Valuation/RisksFor Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300.Ana
