Automotives - Growth Across Segments Moderating; UV Is Still A High-Growth Sub-Segment: ICICI Securities

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ICICI Securities Report

Personal vehicles and two wheeler wholesale volumes across key original equipment manufacturer were steady in March 2024, as a precursor to the summer marriage season, with not much deviation from retail demand, implying control over inventory.

TVS Motor Company Ltd. /Royal Enfield domestic two wheeler grew 12%/5% YoY, as against Hero MotoCorp Ltd. volumes being down 9% YoY. In PVs, Maruti Suzuki India Ltd./Mahindra and Mahindra Ltd. /Tata Motors Ltd. volume grew 15%/13%/14% YoY, respectively.

Within Maruti Suzuki’s wholesales, PC segment was down 2% YoY and UV segment was up ~58% YoY. In medium and heavy commercial vehicle, volume continued to disappoint, despite the period being seasonally strong – combined volume for Ashok Leyland and Tata Motors was down 10% YoY.

Tractor wholesales declined ~28%/16% YoY for M&M/Escorts, respectively.

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ICICI Securities Automotives Wholesale Sector Update.pdf

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