New Delhi, Aug. 29 -- Passenger vehicle demand in August remains constructive, with growth likely to be more than 9-10 per cent year-on-year (YoY), according to a report by Yes Securities. The domestic automobile sector registered broad-based retail momentum across passenger vehicles (PV), two-wheelers (2W), and commercial vehicles (CV), supported by the onset of the festive season in southern markets, improving supply chains, and steady inquiry levels across urban and rural pockets.

The report noted that the low base from the corresponding period last year, caused by purchase deferrals prior to the implementation of GST 2.0, provides a statistical tailwind to headline retail growth. Demand in Kerala led the passenger vehicle segment, wi...