Footfalls, enquiries hit speed-breaker at car dealerships, visits dip 8-10%

Slowdown began showing up in Jan, though there has been some improvement in March second half

There are signs of a slowdown in India’s passenger vehicle (PV) market, which, at the moment, is sitting on roughly 700,000 open bookings. Dealers admit that there has been a slowdown in the footfall and fresh enquiries since January this year. Industry executives also believe that 2023-24 (FY24) will see a sharp slowdown in growth rates after volumes grow robustly in the current financial year (2022-23, or FY23).

“There has been an 8-10 per cent dip in footfall at showrooms and fresh enquiries since January this year, compared with the same period last year. There has been some improvement in the