Chip Shortage: Crisil, Ind-Ra Cut PV Industry Growth Forecasts
The Morning Standard|October 27, 2021
TWO rating agencies — Crisil Ratings and India Ratings — on Tuesday cut down growth forecasts of India’s passenger vehicle (PV) market amid deepening shortage of semiconductors which has forced India’s largest carmaker Maruti Suzuki and others to significantly reduce their production level in recent months. While Crisil expects the PV market to grow 11-13% year-on-year in FY22 against the earlier forecast of 14-16%, India Ratings expects growth to moderate at 15-18% y-o-y during FY22 from the previous estimate of 18-22%.

India Ratings, which warned of further downside risk, said that any normalisation in production remains contingent on softening of demand from various end-consumers of chips and an increase in chip production globally.

11-13% Crisil sees FY22 PV mrkt growth

15-18 % Ind-Ra projects FY22 growth

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