New Delhi, Sept. 4 -- The global auto cycle is likely to remain uneven through the rest of CY26, with commercial vehicles (CVs) and construction equipment (CE) offering stronger growth prospects while passenger vehicles (PVs) and tractors face a more subdued outlook, according to a research report by Nuvama Institutional Equities.

The brokerage expects improving CV and CE demand to support Indian auto-component suppliers, while India's PV growth could moderate to low single digits in H2FY27.

Nuvama, in its report on the global automotive outlook, said guidance from more than 20 global entities pointed to growth of up to 16 per cent in North American heavy commercial vehicles and up to 11 per cent in Europe. Construction equipment demand...