Following a record growth of 90 per cent with volume of 90,432 units in FY2014, driven by the government's efforts towards a more sustainable, eco-friendly and efficient transportation sector, electric car penetration in the country continues to grow.
The shift to electric mobility has gone beyond cars and trucks and e-rickshaws and e-karts are also gaining popularity across the country.
According to the report, the overall passenger vehicle (PV) industry is expected to exhibit moderate volume growth of around 3-5 per cent in FY2025 due to high-base effect, shrinking order book and persistent low demand expected in FY2024. hopefully. For entry-level variants in FY25.
“New model launches and strong demand for SUVs along with expected interest rate cuts in the second half of FY2025 are expected to continue the sales momentum,” said Aarti Roy, Associate Director, CareEdge Ratings.
Over the past decade, the utility vehicle (UV) segment has consistently outperformed the growth rate of the PV industry.
In FY24, for the first time, UV sales volume exceeded that of passenger cars and vans.
Currently, the share of UV in all new PV sales exceeds 55 percent, and their share in total PV sales is expected to increase further in the medium term, according to the report.
“While the market for premium vehicles is predicted to grow due to increase in demand for luxury and high-end models, entry-level variants are likely to see a continued decline in demand due to the slowdown in both rural and urban markets " Hardik Shah, Director, CareAge Ratings.
The shift to electric mobility has gone beyond cars and trucks and e-rickshaws and e-karts are also gaining popularity across the country.
According to the report, the overall passenger vehicle (PV) industry is expected to exhibit moderate volume growth of around 3-5 per cent in FY2025 due to high-base effect, shrinking order book and persistent low demand expected in FY2024. hopefully. For entry-level variants in FY25.
“New model launches and strong demand for SUVs along with expected interest rate cuts in the second half of FY2025 are expected to continue the sales momentum,” said Aarti Roy, Associate Director, CareEdge Ratings.
Over the past decade, the utility vehicle (UV) segment has consistently outperformed the growth rate of the PV industry.
In FY24, for the first time, UV sales volume exceeded that of passenger cars and vans.
Currently, the share of UV in all new PV sales exceeds 55 percent, and their share in total PV sales is expected to increase further in the medium term, according to the report.
“While the market for premium vehicles is predicted to grow due to increase in demand for luxury and high-end models, entry-level variants are likely to see a continued decline in demand due to the slowdown in both rural and urban markets " Hardik Shah, Director, CareAge Ratings.
