Toyota expects Indian PV market to carry momentum of 2023 into 2024: Gulati

The Indian passenger vehicle market is expected to carry forward the momentum of this year to the next purely driven by economic fundamentals, having already moved beyond pent-up demand-induced growth, according to Toyota Kirloskar Motor Executive Vice President & Country Head Vikram 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. "I think the market is growing. It will continue to grow in a very healthy way. We are well beyond the part when people were saying this is pent-up demand. We have built much beyond that, and the festive season has seen very good pickup," Gulati told PTI when asked about the outlook for 2024. He further said, "Going forward, I think the fundamentals are good. In terms of the economic forecast, our economy continues to be stable and growing amidst a very turbulent environment." Despite the shocks of

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