Prime Time Zone, Webdesk: The passenger vehicle segment in the domestic auto industry is expected to grow by 22-25 per cent in the 2021-22 financial year, according to leading rating agency Icra. It is expected to register a negative growth of 2-4 per cent in 2020-21 due to the corona effect last year. Icra said improving economic activity domestically, bringing consumer behavior back to normal, sustaining rural incomes, and a number of government measures would help the auto industry, especially the growth of passenger vehicles.
Icra said the increase in interest in the purchase of personal vehicles from public transport has increased among many, mainly due to the corona epidemic, which will help the sector grow. Icra hopes that the utility vehicle segment, especially in the passenger segment, will have huge growth, which will lead to higher sales than other segments. Mid-size, executive sedan segment vehicles may be declining. Icra believes that demand for entry-level vehicles is also likely to decline. Meanwhile, Icra revealed that the luxury car segment, which has been declining for the past two years, is expected to grow by 25-30 per cent in the 2021 calendar year.
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