ICRA pegs India's FY27 passenger vehicle growth at 4-6% as fuel, monsoon risks loom
ICRA projects 4-6% PV growth in FY27, buoyed by GST-aided sales and 68% UV share, but flags rising fuel/commodity prices and a weaker 90% LPA monsoon as demand headwinds. EVs hit 6% penetration; Maruti Suzuki drives exports with a 49% share.
ICRA projects India's passenger vehicle industry to grow 4-6% in FY27, cautioning that rising fuel/commodity prices and weak monsoon could pressure demand despite strong GST-aided starts. UVs and EVs drive growth; Maruti leads exports.