PV, CV segments drove auto sales in FY23; demand moderation likely in FY24

PV industry 'very sentiment-driven', will close financial year with 24% growth rate: Analyst

Sohini DasShine Jacob Mumbai/Chennai
car, automobile

Passenger vehicle (PV) and commercial vehicle (CV) companies did well in FY23 as two-wheelers (2W) and tractors were muted but growth is likely to moderate for most segments in the new financial year, said experts.
The PV industry will close FY23 with a 24 per cent growth rate touching 3.8 million units, marking a record year, according to ICRA. Shamsher Dewan, senior vice president and group head—corporate ratings at ICRA, said that after a lull in PV sales during the pandemic, there was pent-up demand.
“This has been largely addressed during this year and now there is a healthy inventory with dealers,” Dewan told 'Business Standard'. Some moderation in demand is expected in the coming fiscal.

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First Published: Mar 22 2023 | 2:11 PM IST

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