Over the past couple of years, automakers were on a fast lane. FY18, in particular, was one of the best years for the industry when automobile sales went up by 14.22% with passenger vehicles growing by 8% (hitting a record high of 3.28 million units); commercial vehicles (CVs) by 20%; and two-wheelers by 14.8%. Between FY16 and FY18 too, passenger vehicles, CVs and two-wheeler segments saw a CAGR of 8.5%, 12% and 10.7% respectively driven by ease of access to credit and robust demand.
Despite headwinds in the auto sector, tyre stocks ride on replacement demand and falling raw-material cost
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