India passenger vehicle demand likely to rebound slowly this fiscal: Report

Passenger vehicles demand in the domestic market is expected to rebound slowly and gradually this fiscal unlike China, which witnessed a V-shaped recovery, owing to low income and weak consumer sentiment, ratings agency ICRA said in a report on Tuesday.

Currently, affected by an economic slowdown and the coronavirus-induced lockdown, both demand and production have been disrupted and the recovery is likely to happen in the two-wheeler and used car segment first, compared with new car purchases as concerned buyers will want to own personal transport over public transport due to possible infection fears, ICRA said.

"ICRA Ratings has ruled out repetition