Mumbai, April 27 -- ICRA, one of the leading rating agencies, anticipates wholesale volume growth for the passenger vehicle industry to reach 4-6 percent in FY2027, as the market balances sustained demand against a high base from the previous year and uncertainties regarding monsoon performance.

In March 2026, industry wholesale volumes increased by 16 percent to 440,000 units, while retail sales grew by 21 percent over the same period. This activity followed the implementation of revised Goods and Services Tax (GST) rates and the introduction of new vehicle models.

For FY2026, wholesale volumes reached 4.7 million units, representing an 8.6 percent increase on the year, while retail volumes rose by 11 percent to 4.6 million units.

ICR...