The launch of new products can be seen in India this year. Due to the pace of economic recovery, Covid vaccination and the pace of personal mobility, India’s passenger market growth prospects are looking good this year.
The pace of sales of passenger trains in the country can break all the records of the previous year. Due to the decline in vehicle sales for two consecutive years, the sale of vehicles in 2021 will get the benefit of low base. In fact, the lockdown caused by the corona infection virus has affected the top ten passenger vehicles market in the whole world. India is also not untouched by this. But after covid-19, India can be among the top market in terms of sales of passenger vehicles.
Many agencies have estimated the pace of sales
The launch of new products can be seen in India this year. Due to the pace of economic recovery, Covid vaccination and the pace of personal mobility, the growth potential in India’s passenger car market is looking good this year. According to analysts at IHS Markit, JETO Dynamics, Credit Suisse and Nomura, the passenger vehicles market is expected to grow between 23 and 32 percent in 2021. Jetto Dynamics says that this market can grow at a speed of 28 to 31 percent.
56 products can be launched this year
Market analysts say that this year, due to the new launching, sales of passenger vehicles can be gained. Vehicle manufacturers can launch 56 new products this year. This time, the country’s top seven automakers, including Volkswagen, can launch their models. Meanwhile, in December 2020, for the first time (during the last one year), there has been an increase in the retail sales of vehicles. This increase in sales has been recorded due to festival season and stagnant demand.