highlightspv domestic wholesale at 336 lakh units in march 2023 against 322 lakh last year overall pv sales this year highestever for the month of march maruti suzuki kia yoy sales drop during the month highestever pv volumes at 3889 lakh in fy23 previous peak in fy19 maruti projects a growth of 57 for next fiscal semiconductor shortage expected to continue for some more time 2w dispatches improve yoy recovery yet to happen tvs takes over hmsi in domestic sales during march rural demand improved but continues to remain weak cv yoy sales in green during march unseasonal rainfall effect of possible el nino on monsoon to be monitored new delhi with the top three carmakers maruti suzuki hyundai and tata motors posting their highestever sales volumes during fy23 the passenger vehicle pv industry ended the year with 3889 lakh sales marking a growth of 27 against 3069 lakh of last year suvs contributed a major portion of the sales volumes for oems the previous peak for pv sales in a fiscal year was at 3377 lakh units recorded in fy19 according to industry estimates the retail sales for fy23 based on vehicle registration data from regional transport offices rtos was at 38 lakh against 307 lakh last year marking a growth of almost 24 both the wholesale and the retails were the highestever for the industry advt going forward geopolitical conditions commodity fuel prices economic growth interest rate hike and loan rates could be possible headwinds for the industry the shortage of semiconductors is expected to continue for some more time said shashank srivastava executive officer marketing sales maruti suzuki the carmaker projects a growth of 5 to 7 for the next fiscal expecting pv sales to be around 405 lakh to 41 lakh going forward experts believe there may be irregular monsoon due to el nino effect which can impact the rural sentimentaccording to motilal oswal said overall dispatches were better than expected for two wheelers and commercial vehicles while the numbers were in line for pvs and tractors volume growth for march 2023 indicated healthy demand during the festive season followed by higher dispatches before bsvi phaseii transition to be implemented from april 2023two wheeler domestic dispatches continued to improve but broadbased recovery is yet to happen april 2023 would see price hikes ranging between inr 800 and inr 1500 due to obd2 transition which is likely to impact demand adversely in the near term it saidicra estimates two wheeler volumes domesticexports to register a growth of 69 yoy in fy24 on a severely contracted base the domestic market is expected to drive the recovery with export outlook remaining weak retail offtake after remaining healthy during the festive season lagged prepandemic levels over the past few months dampening hopes of a sustained recovery rural demand remained weak thereby impacting the entry level motorcycle segment and its recovery remains key fears of impact of heavy rainfall on rabi yields and a possible el nino occurrence on monsoon