NEW DELHI : India’s automobile industry is headed for another year of double-digit sales decline this fiscal, given the extended lockdowns and sharp fall in customer affordability in an economy forecast to contract due to the coronavirus outbreak.
Overall sales volume are expected to fall to multi-year lows, with sales of passenger vehicles and commercial vehicles reaching fiscal 2010 levels, Crisil Research said on Thursday.
Sales of tractors and motorcycles would recover faster than other segments due to their exposure to the rural markets where demand is expected to recover faster than the urban markets, the research arm of rating agency Crisil said in a note.