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Axis Securities Report
The domestic passenger vehicle wholesale volumes grew 31% YoY in October 2022 fueled by robust festive demand and original equipment manufacturers delivering to cater the strong order books.
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Moreover, the domestic commercial vehicle registered positive sales momentum of 17% YoY during the month driven by economic activity and a pick-up in infrastructure spends.
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The festive season led by normal monsoons, higher water reservoir levels, and increased minimum support price for rabi crops by the government also led to strong demand in the tractor and farm equipment segment which grew by 11% YoY.
The two-wheeler industry witnessed flat domestic wholesale volumes on a YoY basis during the month due to de-bottlenecking actions by the OEMs to normalize inventory levels.
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