Driving Economic Momentum
Toyota Kirloskar Motor’s Executive Vice President, Vikram Gulati, anticipates that the Indian passenger vehicle market will maintain its momentum into 2024, propelled by solid economic fundamentals rather than pent-up demand.
Beyond Pent-Up Demand
Gulati emphasizes the market’s robust expansion, stating that it has surpassed the phase of pent-up demand and is now experiencing sustained growth, particularly evident during the festive season.
Outlook for 2024
Expressing confidence in the market’s health, Gulati foresees continued growth. He notes the positive economic forecast and highlights the substantial pickup during the festive season as a testament to the market’s strength.
SUVs to Lead Growth
Gulati predicts significant growth in the SUV segment throughout 2024. Consumers, he believes, will increasingly opt for SUVs, willing to pay more for enhanced features and safety, signaling a clear shift in preferences.
Performance and Convenience Prioritized
Emphasizing that customers won’t compromise on performance and convenience, Gulati anticipates a magnification of the current trend, indicating a sustained demand for vehicles offering superior features.
Record Sales for 2023
Toyota Kirloskar Motor is on track for a record-breaking year in sales, having already achieved 1.92 lakh units from January to October 2023. This surpasses the previous highest annual sales of 1.72 lakh units in 2012.
Electric Vehicle Evaluation
Regarding Toyota’s plans for electric vehicles in India, Gulati reveals ongoing evaluations of the market. The focus remains on understanding the market’s real needs and demands before introducing electric vehicles.
As Toyota continues its success in 2023, the Indian passenger vehicle market looks forward to a dynamic 2024, with SUVs playing a pivotal role in driving the industry’s growth.
Source：bloombergquint.com
