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The Indian auto industry showed a divergent trend in February 2024, as PVs and 2Ws registered positive growth, while CVs and tractors witnessed a decline. The PV segment benefited only from the rising demand for spacious and utility vehicles. The leading players in this segment, such as M&M and MSIL, reported robust year-on-year (YoY) growth, as they capitalized on their strong product portfolio and distribution network. The CV segment, on the other hand, faced a slowdown, as the new safety and emission norms implemented by ICRA increased the production cost and the price of the vehicles. The 2W segment emerged as the best performer, as it witnessed a strong demand from both the domestic and the international markets. The export demand was driven by the recovery in the key markets, such as Africa, Latin America, and Southeast Asia. Escorts underperformed the industry on a YoY basis, with a 17% decline.

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