ICRA pegs India two-wheeler growth at 3-5% in FY27 as high base, El Nino cloud outlook
After a GST 2.0-aided 15.7% YoY May 2026 wholesale jump to 19 lakh units, ICRA sees FY27 moderating to 3-5% on price hikes and monsoon risk. Electric two-wheelers hit 8.9% penetration with 1.72 lakh units, up 71.7% YoY.
ICRA forecasts Indian two-wheeler industry wholesale growth at 3-5% in FY27, citing high base, El Nino risk, and price hikes. May 2026 wholesales grew 15.7% YoY aided by GST 2.0; electric two-wheelers hit 8.9% penetration.