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CareEdge Research Report
The domestic automobile sales volumes grew by 9% YoY in January 2023 backed by new launches made by the original equipment manufacturers across the segments and improved consumer sentiments. On a sequential basis, the domestic sales volume grew by 15% during the month.
The commercial vehicle segment has been growing strongly, eventually crossing the FY19 peak. This has been aided by increased infra spends by the government, healthy replacement demand, last-mile connectivity demand propelling e-commerce and increased industrial activity.
Profitability and margins of major commercial vehicle OEMs have also been aided by the uptick in volumes, improved product mix, and benefits of commodity price correction.
The demand for entry-level two-wheelers and entry-level passenger vehicles is likely to accelerate due to enhanced income tax rebates. Apart from this, the capital outlay of Rs 10 lakh crore for infrastructure spending will also aid commercial vehicle sales going forward.
Exports declined by 34% on a YoY basis in January 2023 due to ongoing global headwinds. Exports are likely to fall by 12-15% in FY23. However, with the opening up of China's economy, there will be an improvement in global supplies of parts and semiconductors, which will further streamline vehicle supplies and lower the waiting period going forward.
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