The demand for tractors has also picked up consistently. Passenger vehicles (PV) too have done phenomenally well, despite the chip shortage and other disruptive geopolitical factors. In June 2022, commercial vehicle (CV) sales outperformed the June 2019 (pre-pandemic) figures on the back of increased government infrastructure spending and with the economy reeling back to normal post-pandemic.
But if we take that category out, then the auto industry is booming right now. And this segment is not yet out of distress, with numbers still 15-20% below the pre-pandemic level. In India’s auto industry, two-wheelers account for about 70% of the market size, by volume. Can we expect the industry overall to do similarly soon? Passenger car sales have outperformed pre-Covid figures in the last few months. Vinkesh Gulati, president of the Federation of Automobile Dealers’ Associations (FADA) tells DH’s Prathik Desaiwhat this means for the industry.
However, in the past few months, segments of the industry have shown robust growth. The Indian automobile industry, often seen as a barometer of how the economy is performing, has faced the brunt of issues that have cropped up since the outbreak of the Covid-19 pandemic - be it the semiconductor shortage, rising raw material and fuel prices, the Russian war on Ukraine, or the global economic slowdown.
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