TOYOTA EXPECTS INDIAN PV MKT TO CARRY MOMENTUM OF 2023 INTO 2024: GULATI

While the SUVs are expected to witness fast growth in general in 2024, the mid to higher end of the segment will also see faster acceleration, although the small cars category will remain a concern.

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The Indian passenger vehicle market is anticipated to sustain its positive trajectory into the upcoming year, propelled by economic fundamentals rather than merely relying on pent-up demand, as per Vikram Gulati, Executive Vice President and country Head of Toyota Kirloskar Motor. While overall SUV growth is expected in 2024, the mid to higher segments of this category are poised for even swifter acceleration, although concerns persist for the small cars category.

Gulati expressed optimism about the market's growth, emphasizing that it has moved beyond the phase of pent-up demand, with a robust performance during the festive season. He asserted, "The market is growing. It will continue to grow in a very healthy way. We have built much beyond that, and the festive season has seen very good pickup."