PV market swings to V-shaped recovery

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Gobsmacked into a near 80% decline by the Covid-19 pandemic and the lockdown from the very first quarter of the fiscal 2021, the Indian passenger vehicle market has swung into a V shaped recovery in FY-21. The shift from shared mobility towards personal mobility, pent-up demand and attractive finance options saw the industry posting record numbers each month of the second half of FY-21. The cumulative second half sales is highest ever and the last quarter sales too is expected to be an encore.

And yet there are close to half a million customers waiting to take the delivery of their cars. The car market is set to register just 2-3% decline in FY-21 against an estimated 25% decline at the beginning of the year. Especially on the retail front, the car market is expected to turn slightly positive to about 0.5% to 1% gain to about 2.81 million units vs 2.78 million units last year. On the factory despatches front, the industry is likely to post sales of 2.7 million units vs last year’s 2.77 million units.

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