September 29, 2022 03:32 (IST)
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2022 PV sales likely to exceed estimates PV Sales
Image credit: Pixabay

2022 PV sales likely to exceed estimates

India Blooms News Service | @indiablooms | 09 Aug 2022, 11:40 pm

Passenger Vehicle (PV) sales will rise compared to CY20 and CY21 as the manufacturers are ready to cater to the healthy demand in the category as supplies from Original Equipment Manufacturers (OEM) improves.

According to industry experts, the sale is likely to go over a quarter of a million with producers stepping up production and clearing backlogs, said media reports.

New bookings are pouring in riding on pent-up demand and need for personal mobility, experts said, reports added.

In July, the automotive industry witnessed the highest-ever monthly wholesale despatches of passenger vehicles at 342,326 units, exceeding the previous best of 334,471 units in October 2020.

This calendar year, the sales of cars, utility vehicles, and vans are expected to be up 17-20 percent to 3.6 million to 3.7 million, reported ET.

By the end of this fiscal year, the sales are likely to go beyond the projection of 3.5 to 3.7 million owing to the strong demand environment.

There has been a rebound in the sale of PVs which had been badly hit at the onset of the pandemic. However, chip shortage forced manufacturers to restrict production even as demand outpaced production.

As healthy demand continues and the supply of semi-conductor picks up, many premium range SUVs are ready to hit the Indian market during the festive season.

Maruti's Grand Vitara, and Toyota's Urban Cruiser Hyryder, both mid-size SUVs, are up for launch.

Hyundai will launch Tucson and MG will introduce Hector during the upcoming season apart from Mahindra, which will begin customer deliveries of the new Scorpio-N premium SUV starting from the end of September.