After 3 yrs of challenges, auto sector may see double-digit growth in FY23

Industry insiders, analysts say SUVs to lead the charge among cars, two-wheelers to make strong comeback

After negotiating some tight corners over the last three years, India’s automotive market is poised for single to double-digit growth across segments – from commercial vehicles (CVs) and tractors, to passenger vehicles and two-wheelers – as demand and supply-side problems even out. 

While CVs are expected to benefit from strong replacement demand, the two-wheeler and tractor segments are expected to gain from a recovery in the rural economy.

PV sales, which have remained range bound because of the semiconductor shortage despite robust demand, too, are expected to advance at a fast clip and will be the first to return to the peak