New Delhi, Sept. 21 -- India's automobile market is witnessing a broad-based demand upcycle across passenger vehicles, two-wheelers and commercial vehicles, with festive demand adding further momentum, according to an Emkay Research report.

The report said demand growth across three major vehicle segments has continued simultaneously for several months, a breadth the dealer has not witnessed in more than a decade.

Emkay said the expert call was "reinforcing a broad-based demand upcycle across segments," with the current cycle appearing structural rather than being driven only by the festive season.

Commercial vehicles remain the strongest segment, supported by a healthy freight and business environment. The report said, "CVs remain the...