New Delhi, Feb. 4 -- India's passenger vehicle (PV) industry is expected to witness low single-digit growth in FY25, with forecasts indicating a modest 1.5 per cent year-on-year (y-o-y) growth due to subdued demand, according to Nomura report.

The two-wheeler (2W) segment, however, could see some relief as weak domestic demand may be offset by stronger export recovery. Meanwhile, the tractor industry, projected to grow at 7 per cent y-o-y, may witness an upside if healthy demand traction continues.

Passenger vehicles saw a boost at the start of the year due to channel filling after strong retail sales and lower inventory levels in December.

However, discounts are expected to rise in the coming months. Among key manufacturers, Mahindra ...