With new model launches and aggressive sales promotion by carmakers failing to lift consumer sentiment, the passenger vehicle (PV) segment grew 2.7% in 2018-19, the slowest pace in the last five years, according to Society of Indian Automobile Manufacturers (SIAM). The current year is also expected to be a challenging one for the industry with the general elections in the first quarter, along with transition to BS VI technology later in the year, prompting the industry body to forecast a modest growth of 3-5% in sales of passenger vehicles for 2019-20. Factors that affected demand included increase in insurance costs, a liquidity crunch and the highest-ever commodity prices that forced carmakers to raise vehicle prices