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

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