Optimistic monsoon forecasts, and pent-up demand augur effectively for the auto sector: SIAM president

Whereas business automobiles have remained secure, there’s a shift in the direction of higher-tonnage vehicles because of elevated demand for transportation, says Vinod Aggarwal, President, Society of Indian Car Producers, in dialog with businessline’s Ronendra Singh. 

The auto business has witnessed a exceptional efficiency in fiscal yr 2024, with passenger automobile gross sales reaching 4.2 million models domestically. In March alone, there was a formidable development of 8.9%, totaling 317,976 models in comparison with 292,030 models beforehand. 

Aggarwal highlights the business’s strong development, with an total enhance of 12.5% in fiscal yr 2024 in comparison with the earlier yr. Passenger vehicles have reached a brand new peak of 4.2 million models, with a development price of 8.4%. Two-wheelers have additionally seen important development, reaching 18 million models with a development price of 13.5%. 

He additionally predicts continued development within the business, pushed by components reminiscent of financial development, constructive monsoon forecasts, and pent-up demand. Whereas the business could not see double-digit development, there’s confidence in sustained development within the coming yr. 

In direction of the top of the podcast, the dialog mentions that the electrical automobile phase can also be exhibiting promising indicators, with regular progress in expertise and rising client curiosity.

Host: Ronendra Singh,  Producer: Amitha Rajkumar