
Passenger vehicle sales drop for first time in 8 months in April
Entry-level PVs have fewer buyers, suggesting that customers at the bottom of the pyramid are still hesitant to upgrade from two-wheelers to four-wheelers, says FADA.
Entry-level PVs have fewer buyers, suggesting that customers at the bottom of the pyramid are still hesitant to upgrade from two-wheelers to four-wheelers, says FADA.
The surge is boosted by the launch of new models, continuously improving supply coupled with a healthy booking-to-cancellation ratio, and the wedding season, according to FADA.
Uno Minda seeks to tap the A and B-segment passenger vehicles segment—where the transition is yet to take place, and where the company has a significant presence.
Bain & Company expects 35-40% of all vehicles sold in India by 2030 to be EVs, up from 2% in 2022.
In November, Maruti Suzuki grabbed the largest market share of 41.01% in the passenger vehicle segment and sold 1,23,409 units.
Price hikes and higher interest rates have failed to come in the way of India's love for cars.
The ratings agency says the demand for passenger vehicles has remained healthy since the beginning of the calendar year, led by strong demand and an easing up of semiconductor shortages.
In the quarter, 517,898 units of utility vehicles were sold in the domestic market, whereas passenger cars did sales of 468,513 units.
Between the July and September quarter this year, the total production of passenger vehicles, commercial vehicles, three-wheelers, two-wheelers, and four-wheelers stood at 7,353,039 units.
PV sales record 58.66% growth over the pre-Covid period (Navratri'19) and 27.95% growth over the Navratri 2020 period.