Passenger Vehicle Segment Check: Strong Recovery In A Difficult Year Led By UVs: Motilal Oswal
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Motilal Oswal Report
We analyzed the brand-wise data for the domestic passenger vehicle industry to understand segmental trends and market share changes.
Despite the Covid-19 pandemic, domestic PV wholesales declined by just 2.2% in FY21 (versus a fall of ~18% in FY20), led by preferences for personal mobility and pent-up demand.
Several launches from competition and lack of new launches from Maruti Suzuki India Ltd. led to a ~340 basis point decline in its domestic PV market share to 47.7%.
While Hyundai maintained its market share at 17.4%, Mahindra & Mahindra Ltd. lost 90bp (to 5.8%), whereas Tata Motors Ltd. (up 330bp to 8.3%) and Kia (up 260bp to 5.7%) gained market share.
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