Entrepreneur Karan Asrani’s views on the PV segment recording the highest-ever H1 sales, reveals the downside of the 2W segment

India’s passenger vehicle sales have witnessed an upward trend this year thereby setting record-high volumes in the automobile industry. With the component supplies improving, the automakers have been able to clear backlogs and new bookings continue to be strong from the onset of the current financial year. Going by the trends, the current FY turned out to be the best for the Passenger Vehicles segment.

Entrepreneur and Mumbai’s leading car dealer Karan Asrani is, however, sceptical about the entry-level category of Passenger vehicles and two-wheelers alike. Looking at the market trends, Mr. Asrani further revealed that Tata and Mahindra gained a fair portion in making a place among the top Original Equipment Manufacturers (OEMs). On the other hand, Hyundai slipped down by 3% from its contemporaries.

Moreover, September has been a fruitful and lucrative month for the automobile industry with the PV segment recording the highest-ever half-yearly sales in H1 FY23. As per the data shown by the industry body Society of Indian Automobile Manufacturers (SIAM), the wholesome dispatches of PVs saw a robust growth of 39.56% with 1,936,740 units during the first six months of FY23 as against 1,387,714 units in the same period of the previous fiscal.

Sharing his views about the rise of Passenger Vehicles, the entrepreneur said, “There has been high demand and improvement in the supply of semiconductors. It is encouraging to see the month of September witnessing sales of PVs at 3,55,946 units. It is undeniably the best-ever monthly performance.” In addition, Karan Asrani showed his concern about the two-wheeler segment facing a hard time.

“The primary reason is because of the high-ownership costs. I feel that the response to the entry-level models is not overwhelming, especially in the rural markets. On top of it, the two-wheeler OEMs have announced several price hikes in the last 12 months with fuel prices touching the sky. It has overall impacted the two-wheeler segment”, Asrani added.

Besides this, the entrepreneur is sure that October 2022 will be a better month with festivals like Dussehra and Diwali. Heading Krishna Group which is one of Mumbai’s top-notch car dealership outlets, Karan Asrani has associated with brands like Mahindra & Mahindra, Tata Motors, Mahindra First Choice and MyTVS.