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Sales Of Large Utility Vehicles: While compact SUV models - defined as per body type and ground clearance - are driving the surge in the overall passenger vehicle market on account of their larger share in absolute terms, bigger UVs are fast catching up.
Auto retail in March saw a 3.14% YoY growth, despite declines in passenger vehicles, commercial vehicles, and tractors. E-2W sales surged after FAME-II subsidy expiration, reaching 9.12% market share. Lok Sabha elections impacted PV, CV, and tractor sales. FY24 witnessed 10% growth with optimistic outlook for FY25, despite urban consumer sentiment decline.
While passenger vehicle and commercial vehicle retails declined last month by 6%, industry volumes rose on demand for two-wheelers and three-wheelers.
India Business News: NEW DELHI: Passenger Vehicles (PV) sales in India kicked off on a strong note in 2024 with wholesales rising 14% year-on-year to 3,93,074 units last m.
Tyre maker CEAT Ltd aims to capitalize on the growth in passenger vehicle sales in India, expecting a boost in demand for replacement tyres. The company is preparing to enter the US passenger vehicles and truck and bus radial tyre market in the first quarter of the next fiscal year to fuel international growth.