March auto volumes | PVs slowing down, 2W steady with no improvement: Nomura

Demand in consumption-driven auto categories seem to dull, going by March volume estimates from the brokerage Nomura.

Their dealer surveys showed that “passenger vehicle (PV) enquiries/ footfalls have slowed down sharply and waiting periods have reduced further. Except for few key models, most others have a waiting period only for select variants… suggesting slower demand outlook”. The brokerage, in its report on March volumes, estimated the month’s PV registrations to be 2,84,500 units, which would be a one per cent drop year-on-year (YoY). Last March, registrations for the segment totalled 2,86,100 units, which was a 4 per cent YoY growth.

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In two-wheelers (2Ws), “demand remained steady but without any sign of improvement”. The brokerage estimated 2W registrations to touch 12,89,500 units in March 2023, which would be a zero per cent increase YoY. The registrations count was 12,86,000 units last March, which was a 7 per cent YoY growth. Nomura also noted the drop in waiting period for Royal Enfield’s (RE) models and saw this as a weakness in demand.