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Covid pulls back Indian auto market by 7 years

Overall sales (cars+two wheelers+commercial vehicles and three wheelers) for 2020-21 are pegged at 18.8 million units even lower than the 19.7 million units reported in FY-15.

Synopsis

As two-wheeler and commercial vehicle segments failed to keep pace with the passenger vehicle segment, the overall automotive market that accounts for 8% of the GDP is now closer to its FY-15 level.

The swift recovery in the personal vehicle segment in FY-21 was a singular event that did not translate to the other automotive segments, indicating that the worst is not over yet for an industry that is still reeling under the hard impact of Covid-19.

As the two important segments of the automobile industry – two-wheeler and commercial vehicle segments failed to keep pace with the passenger vehicle segment, the overall automotive market that

BY

ET Bureau

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