Chennai. It was a mixed performance for the Indian automobile market last month, with subdued demand for passenger vehicles (PVs), positive growth in tractors and two-wheelers, Emkay Global Financial Services said. MK Global, in a report reviewing the sales numbers of automobile players last month, said that the sales volumes gave mixed signals.
Emkay Global said that while PV (passenger vehicle) wholesale growth for major players was limited to around 11 per cent year-on-year, reflecting a slower retail trend (around 8 per cent year-on-year by vehicle). However, the tractor industry surprised positively with a 23-25 per cent year-on-year growth.
Within two-wheelers, domestic retail/wholesale has registered a growth of over 20 per cent with around 16 per cent/YoY growth, which is also partly supported by the lower base. Two-wheeler exports were affected with a decline of 40-52 per cent.
As per the report, the electric two wheeler industry consolidation continued with more than 15,000 wholesales from TVS Motor Company.
In the case of medium, heavy commercial vehicles (MHCVs), growth remained healthy, supported by pre-buying ahead of BS-IV Phase-II norms (effective April 2023) and the associated price hike.
MK Global said that with the reopening of the economy, there has been a strong return to the growth of buses and three-wheelers.
According to Emkay Global, wholesale sales growth slowed to around 11 per cent for major PV players, mirroring a decline in retail sales.
MK Global said demand for recently launched sport utility vehicles (SUVs) across the industry remains strong with heavy backlog, supply-chain issues and weak demand for the entry-level car segment coupled with rising discounts A challenge remains.(IANS)
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