Q1 of 2019 has seen de-growth in comparison to the same period in 2018. Weak consumer sentiment in an election year is reflecting heavily in Q1 of 2019, in the otherwise growing PV market. Also, retail fuel price is very much at the 2014 level, in fact, much higher for diesel. The illustration below shows how retail fuel price and interest rate on a car loan have a huge bearing on consumer sentiments and PV industry growth.
Every car maker is suffering, except for those who have had successful new launches, further helped by lower base effect.
SUV segment which has shown strong growth momentum in recent past, too, is struggling now. Surprisingly, it’s the MUV segment which fared quite well.
