PV sales on a roll but uncertainty looms ahead

India’s passenger vehicle (PV) sales crossed the 3 million unit in FY2022 with cumulative sales of key OEMs touching 3,045,465 units, a 12 percent year-on-year (YoY) uptick over 2,711,457 units clocked in FY2021.

The industry has breached the milestone first time in all of four years. It last hit a tally of 3,377,436 units in FY2018 when the sector was firing on all cylinders. Then came the slowdown which was the result of factors such several price hikes caused among other reasons by the transition to new safety and emission regulations. Then came the covid which further impacted demand.