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KRChoksey Report
As per Society of Indian Automobile Manufacturers (SIAM), In July-20, Industry passenger vehicle (PV) sales declined by 3.9% YoY at 182,779 units while two-wheelers registered a decline of 15.2% YoY which was significantly better than preceding months wherein in Q1 FY21, PV sales were down 63% YoY while that of two-wheelers were down by 60.5% YoY.
Commercial vehicle (CV) segment performance will remain challenging due to high axle norms, delayed infrastructure projects.
We expect the announcement of impending scrappage policy to bring relief to CV segment.
Rural market led by good monsoon and robust crop output is expected to show strong growth as compared to urban region.
This will drive the demand for tractors, small commercial vehicles and motorcycle sales which will benefit Eicher Motors Ltd. and Bajaj Auto Ltd.
Urban demand is expected to recover by H2 FY21 gradually, which will manifest during festive season.
New launches planned in affordable segment ahead of festive season: Tata Motors Ltd. (micro-SUV concept ‘HBX', Tata Gravitas), Maruti Suzuki India Ltd. (New-Gen Celerio)
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