Key Points
Passenger vehicles sales in India have been on a steady growth path since FY22 and are expected to close the ongoing fiscal with 6-8% growth..
A growing middle class, an increase in disposable incomes and a low penetration ratio have been fuelling the growth, finds out Shally Seth Mohile...
After a historic 27% growth in FY23 with 3.9 million units sold, passenger vehicle (PV) sales in India are expected to grow at a moderated pace of 6-8% in FY24, according to an Olx Crisil Mobility report..
In addition to the consistent pace of new model launches that have sustained buyers' interest, a low car-penetration ratio compared to most of the global car markets has been fuelling sales...
At 24 per 1,000 people, India's car penetration ratio, which compares poorly with the world average of 314, in 2022, is the third lowest among the top 13 markets, according to World Road Statistics 2023 International Road Federation and Crisil Market Intelligence & Analytics..
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