Passenger vehicle volumes expected to log 8-10% growth in FY24: Report

The Passenger Vehicles (PV) segment volumes are expected to log a record 8-10 per cent growth this fiscal as the pent-up demand levels off amid hike in vehicle prices, CareEdge said on Wednesday.

Earlier on Tuesday, the credit rating agency said the segment was likely to see 18-20 per cent growth in PV sales.

The rating agency said there is "a correction in the numbers mentioned for passenger vehicles industry in the outlook, which is likely to record a volume growth of around 8-10 per cent in FY24 as the pent up demand levels off amid hike in vehicle prices".

The PV industry domestic sales grew 7.4 per cent year-on-year in the April-December period of FY24, it said in the revised statement.

In its earlier report, the ratings agency had said the domestic passenger vehicles sale grew 25 per cent year-on-year during this period.

It also projected that the PV sales volume will continue this growth momentum in the next fiscal, driven by factors such as strong order book and improvement in supply chain, the credit rating agency said.