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    SH 2024 February 1 ICRA Automotive

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    Saurav Panda

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    SH 2024 February 1 ICRA Automotive

    Uploaded by

    Saurav Panda
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    SH-2024-February-1-ICRA-Automotive

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    10 views7 pages

    SH 2024 February 1 ICRA Automotive

    Uploaded by

    Saurav Panda

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    INDIAN AUTOMOBILE

    INDUSTRY

    Automotive sector growth


    momentum to moderate in FY2025

    FEBRUARY 2024
    1
    AGENDA

    1 Indian Passenger Vehicle


    Industry 2 Indian Two-Wheeler Industry
    3 Indian Commercial vehicle
    Industry

    4 Indian Three-Wheeler Industry


    5 Trends in Electric Vehicle
    Segment

    22
    Highlights
    The passenger vehicle (PV) industry volumes are likely to reach an all-time high of ~4.1 million units
    in FY2024 (a growth of 6-9% over FY2023). Even as the underlying demand drivers remain
    Click to see full report supportive, the volume growth for the segment is likely to moderate to 3-6% (from an elevated
    base). Lower growth expectation for the next year factors in the waning pent-up replacement
    demand and elevated inventory levels at dealerships (~50-55 days as of end January 2024).

    The commercial vehicle (CV) industry saw robust growth in volumes in FY2023. On an elevated base,
    the growth is expected to remain at modest levels in FY2024 (2-4% YoY), with the overall industry
    6-9% volumes approaching pre-pandemic highs. For FY2025, CV volumes are expected to witness a mid-
    Passenger
    Vehicle single digit contraction, impacted to an extent by the inherent exposure of infrastructure activities to
    3-6%
    the model code of conduct, ahead of the upcoming General Elections and high base effect.

    Two 8-11% The two-wheeler industry has struggled with industry volumes still below the pre-Covid peak levels,
    Wheeler 7-10% with purchasing power of the consumers at the bottom end of the pyramid being eroded by the
    significant rise in vehicle prices. On a curtailed base, the 2W segment volumes are estimated to grow
    2-5% by 8-11% in FY2024; the gradual recovery to pre-pandemic highs is expected to continue with 7-10%
    Commercial
    Vehicle growth in FY2025 aided by favourable structural factors like rising per capita income, urbanisation,
    (4)-(7)%
    financing availability etc.

    Three 46-49% Spurred by Government support in the form of subsidies, enhanced awareness and increasing
    Wheeler 10-13% product launches, the electric vehicle (EV) segment has seen a material upturn in prospects over the
    past two years. Amid the ongoing electrification transition across automotive segments, the OEMs
    FY2024P FY2025P
    are expected to continue to incur significant investments in developing EV platforms and enhancing
    manufacturing capacities.

    33
    Analytical Contact Details
    Name Designation Email Contact Number

    Shamsher Dewan Group Head shamsherd@icraindia.com 0124 – 4545 328

    K. Srikumar Co-Group Head ksrikumar@icraindia.com 044 – 4596 4318

    Kinjal Shah Co-Group Head kinjal.shah@icraindia.com 022 – 6114 3442

    Rohan Gupta Sector Head rohan.kanwar@icraindia.com 0124 – 4545 808

    4
    Business Development/Media Contact Details
    Name Designation Email Contact Number

    L Shivakumar Chief Business Officer shivakumar@icraindia.com 022-61693304

    Neha Agarwal Head – Research Sales neha.agarwal@icraindia.com 022-61693338

    Rohit Gupta Head Business Development - Infrastructure Sector rohitg@icraindia.com 0124-4545340

    Vivek Bhalla Head Business Development - Financial Sector vivek.bhalla@icraindia.com 022-61693372

    Vipin Saboo Head Business Development – Corporate Sector - West & East vipin.saboo@icraindia.com 022-61693348

    Shivam Bhatia Head Business Development – Corporate Sector - North & South shivam.bhatia@icraindia.com 0124-4545803

    Naznin Prodhani Head – Media & Communications communications@icraindia.com 0124-4545860

    5
    © Copyright, 2024 ICRA Limited. All Rights Reserved.
    All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable. Although reasonable care has
    been taken to ensure that the information herein is true, such information is provided 'as is' without any warranty of any kind, and ICRA in particular,
    makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information. Also, ICRA or any of
    its group companies, while publishing or otherwise disseminating other reports may have presented data, analyses and/or opinions that may be
    inconsistent with the data, analyses and/or opinions in this publication. All information contained herein must be construed solely as statements of
    opinion, and ICRA shall not be liable for any losses incurred by users from any use of this publication or its contents.

    6
    Thank You!

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