Festive Season Boosts Near-Term Demand Momentum For Auto Sector: CareEdge Analysis
Robust consumer sentiment post pandemic coupled with festive season boost, availability of semiconductors, new model launches
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CareEdge Research Report
The domestic automobile sales in September 2022 grew 14% on a month-on-month basis and 23% on a YoY basis. This was largely on account of robust consumer sentiment post pandemic coupled with a festive season boost, ease in availability of semiconductors, and new model launches by the original equipment manufacturers.
The overall automobile domestic sales in Q2 FY23 increased by 18% over Q2 FY22.
During H1 FY23, domestic automobile sales grew by 31% YoY as robust consumer sentiment in the festive season, a low base, and an improvement in supply chain constraints aided.
The passenger vehicle segment has shown the highest growth, led by increasing demand for utility vehicles followed by the commercial vehicle segment, which benefitted due to the structural upcycle.
The two-wheelers segment lagged due to uneven monsoons across various states. However, we expect the two-wheeler segment to show some revival in the near term.
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