ICRA pegs India PV sales growth at 4-6% in FY27 as UVs, EVs lift mix
ICRA projects India's passenger vehicle sales to grow 4-6% in FY27, supported by GST rate cuts, utility vehicle traction and EV penetration rising to 6%. UVs now command 68% share; wholesales jumped 27% YoY in FY26 to 4.4 lakh units, retail rose 33%, and May exports climbed 13%.
Icra projects India passenger vehicle sales to grow 4-6% in FY27, aided by GST rate cuts, utility vehicle traction, and rising EV penetration to 6%. UVs dominate 68% share; exports up 13% YoY in May.