Automobiles - #SectorUpdates
According to industry experts, the passenger vehicle sales, in India, this year are expected to be about a quarter of a million units more than the initial projections. In the calendar year 2022, the sales of cars, utility vehicles, and vans are expected to be around 3.6-3.7 million units. Compared to last year, the sales figures are likely to be 17-20% higher. The market sentiment remained bullish as the supply-chain issues are now showing signs of easing. In the coming months, a strong order pipeline, restocking of dealers, and resilient consumer demand will boost growth in the industry. New bookings are likely to continue to be strong ahead of the festive season despite high inflation and increasing interest rates. The industry is also upbeat amid improving component supplies that is helping automakers step up production and clear backlogs faster.