ICRA estimates that the average age of M&HCVs had increased to almost 10 years, while the average age of PVs had risen to 7.3 years in FY22, the highest in the past two decades. The growth is supported by underlying demand drivers, including the increase in mobility, improving economic activity, and healthy freight movement. The improvement in demand has resulted in a positive impact on cash flows for aftermarket dealers and garages.