Toyota hopes Indian PV market will maintain momentum till next year
New Delhi: The Indian passenger vehicle market is expected to continue this year’s momentum into next year, driven entirely by economic fundamentals, which are already subdued, according to Executive Vice President and Country Head, Toyota Kirloskar Motor. has surpassed the demand-driven growth that has taken place.
While 2024 is expected to see rapid growth in SUVs in general, the mid to high end of the segment will also see brisk growth, although the small car category will remain a concern. “I think the market is growing.
It will continue to grow in a very healthy manner. We have come a long way from the part when people were saying that this is pent-up demand. Asked about the 2024 outlook, Gulati told PTI, “We have built much ahead of that and have seen very good pickup in the festive season.”
“Going forward, I think the fundamentals are good,” he added. “In terms of economic forecast, our economy remains stable and growing despite an extremely turbulent environment.”
Despite the shock of events in Ukraine and the Middle East, Gulati said, “We have been largely untouched. So this is a good sign, and it also brings positive feelings.
So, this means that going forward, spending is going to be good in terms of people wanting personal mobility.” As per industry estimates, total sales of passenger vehicles (PV) in India are expected to cross the 40 lakh units mark. hopefully. 2023.
In 2022, PV sales were 37.93 lakh units, up from 30.82 lakh in 2021. Gulati said the current shift towards SUVs will continue next year and more consumers will be willing to pay extra for better features and safety.
”In terms of performance and convenience, I think there’s a very clear signal that customers won’t compromise on that.” ”It basically means going forward, we see the majority of the current trend being bigger in itself. will see. Even within SUVs, we see the mid-to-higher segment and SUVs growing…” he said. However, Gulati said, “The challenge we are seeing today is more towards the small car segment.
It will be interesting to see how that plays out.” Asked about the growth prospects of Toyota Kirloskar Motor (TKM), Gulati said, “For the rest of the markets where we operate, we think this will continue. Will remain. “Good and positive.”
TKM is set for a record year in terms of sales in 2023. It has already sold 1.92 lakh units in the January-October period of 2023, surpassing the previous highest annual sales of 1.72 lakh units sold in 2012.
Asked about Toyota’s plans to launch electric vehicles in India, he said, “We are constantly evaluating the Indian market situation. “Our stated aim is to look at the real purpose of why we bring electrification, which is to move away from fossil fuels and rapid decarbonisation.”
Towards this end, the Company will continue to explore all technology options, which are best suited to the current Indian situation in terms of energy mix, infrastructure preparation and consumer adoption, and will take decisions accordingly in terms of any technology. , He added.
“We have all these technologies, we can introduce them, and hence, we have the capability to introduce any one of these and we will take a decision based on our assessment from time to time,” Gulati said. ‘
