Passenger Vehicles Segment Growth in India: A recent study mentions that the Indian passenger vehicle market will witness a record growth of 18 to 20 per cent in FY24. The stated study was done by Credit rating agency, CareEdge. Press Trust of India (PTI) also mentioned this report by quoting that even after considerable price hikes announced by various automakers including Maruti Suzuki, Tata Motors and others, the demand for passenger vehicles is still expected to grow at a record 20 Percent in Fiscal Year 2024.
What Exactly the Study Says?
Along with reporting the potential growth rate of the PV segment, the report also mentions that the estimated growth will also be the same in the next year as well. Additionally, it also says that these growth rates will also depend on other factors like supply chain efficacy and strong order books.
The Director of CareEdge, Tanvi Shah said that the stated upward trajectory of 18 to 20 per cent growth is also expected to continue in FY2025. She further added that factors like demand and supply chain efficacy will play a vital role in achieving these growth rates.
Utility Vehicles to Rule the Growth Rates
In the last few months, the mid-size Utility vehicle segment performed well in overall passenger vehicle sales and both SUVs and MPVs are expected to be the primary reason for the mentioned growth rates in the PV segment in Fiscal Year 2024.
The report also mentions that EV cars presently contribute 6 per cent of the total EV sales. It is also stated that EV sales have witnessed significant growth rates in the last few years. The CareEdge report further states that the primary growth propellers will be new car launches and utility vehicles.
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