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Nirmal Bang Report
Auto original equipment manufacturers in March 2022 saw month-on-month improvement across segments. However, on YoY basis, the trend was mixed with continued upward momentum in passenger vehicles and commercial vehicles while two-wheeler, three-wheeler and tractors posted weak numbers due to muted demand and a high base.
In PVs, we see the demand momentum sustaining amidst new launches, growing preference for personal mobility and improving consumer sentiments.
Overall, the PV segment grew by 13% YoY and ~4% month-on-month. In two-wheelers, overall volume came slightly stronger than expectation (19% YoY versus estimate of 9%) due to good momentum in exports.
Entry segment two-wheelers and scooters were the worst affected, but we expect rural sentiments to improve going forward and support two-wheeler segment recovery.
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