PV segment likely to see record 18-20 % growth in FY24: Report
- IBEF
- January 24, 2024
In its recent report, CareEdge forecasts a robust 18-20% growth in the Passenger Vehicles (PV) segment volumes for the current fiscal year. Despite rising vehicle prices, the stabilization of pent-up demand is the key driver. CareEdge anticipates this growth momentum to continue into the next fiscal, citing a strong order book and supply chain improvements.
The demand for premium PV variants is expected to stay strong, while entry-level variants may see moderation due to higher interest rates and an inflationary environment. Significant volume growth has been noted in the Electric Four-Wheeler (E4Ws) segment, constituting 6% of the total EV market sales.
Major OEMs plan to introduce more EV models for the domestic market, aiming to boost adoption and increase market competition. Research Director at CareEdge, Ms.Tanvi Shah, Research states, "The PV industry is poised for a volume growth of around 18-20% in FY24 as pent-up demand normalizes amid increased vehicle prices."
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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