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IDBI Capital Report
In March 2023, overall Indian auto industry witnessed strong volume growth in domestic market, whereas export market remains weak. The passenger vehicle segment saw flattish growth due to shortage of semiconductor supplies.
The two-wheeler segment witnessed recovery on the back of improving demand from rural markets. The commercial vehicle segment reported strong volume growth due to pre bookings as the CV prices is expected to increase by 3-4% from April 01, 2023 (due to emission norms).
The tractor segment performance was better than last year as well as sequentially on the back of good rural sentiments.
Mahindra and Mahindra Ltd. is well positioned to address turnaround in Indian PV market, new launches of two-wheeler players are expected to performance in FY24. Sona BLW Precision Forgings Ltd. to be beneficiary of growth momentum in electric vehicle Industry.
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