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If you are looking to buy a car this year, you are likely to get attractive discounts and attractive offers as prices may end up rising after a long wait for car delivery during the years of production shortage in the Covid period. According to a report in Times of India, industry executives and analysts said that this year could be the year when the car industry will see limited growth as inventory will increase as well as demand will see a decline. The car industry has been growing for the last three years.
Slump in demand this year?
But experts told the outlet that while the car market is likely to close the current financial year with a record volume of 42.9 lakh units, the pace at which consumers booked and bought cars over the past three years could now see a slowdown. Is.
Will cars be cheaper this year?
Ravi Bhatia, president and director of research firm JATO Dynamics, said as per the report, “There are several factors that will keep growth slow in FY2025. Apart from heavy load, the reasons also include cars becoming costlier over the past years. ” And later the shortage of Covid production is being compensated. Additionally, the share of used cars in new car sales will increase, especially in the entry segment.”
The Covid pandemic caused a severe global shortage in the supply of semiconductors, with all brands facing huge waiting periods. Pending deliveries at one point rose to 7 lakh units, but due to low availability of semiconductors, companies gradually increased production.
How will be the growth of the car market this year?
“As per the current analysis, it looks like growth will remain slow, or at least in single digits,” said Shashank Srivastava, senior executive officer (sales and marketing), Maruti Suzuki.
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