Auto Sector Update - Passenger Vehicle Demand Recovery Visible, Albeit At Lower Rate: Prabhudas Lilladher
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Prabhudas Lilladher Report
We interacted with leading channel partners in passenger vehicle segment across key regions in order to gauge demand scenario post opening of markets after second wave of the Covid-19.
We noted demand recovery across regions albeit at lower rate largely due to:
severe impact of second wave of Covid-19 in rural areas and
major portion of personal mobility led demand has ready been catered.
Consequently, our check suggests industry to grow 10-12% YoY in FY22 (versus earlier expectation of 15-17% YoY).
While PV demand outlook remains positive for FY22/23, growth is expected to remain lower versus earlier expectations.
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