September Passenger Car Sales Post Highest Yearly Rise In 42 Months
Passenger vehicle sales likely to grow 10-13 percent in current fiscal year: SIAM
Passenger car sales in India saw a rebound in September, registering the highest year-on-year rise in 42 months at 1,95,259 units, up 15.1 percent from a year ago, according to data released by the Society of Indian Automobile Manufacturers (SIAM). This comes after a protracted slowdown that started in 2012 and lasted through 2015.
Vehicle sales have been on an upward trend since the beginning of the financial year 2016-17, with the exception of medium and heavy commercial vehicle despatches and motorcycle exports.
SIAM Deputy Director General Sugato Sen expects a turnaround in the medium and heavy commercial vehicles sales in the near future on the back of pre-buying before the Bharat Stage-IV emission norms become mandatory across the country from April. Motorcycle exports, Sen said, would see an improvement only when the receiver markets – Latin America and Africa – show signs of economic growth.
Sales of medium and heavy commercial vehicles contracted by 20.6 percent during September at 24,748 units, thereby pulling down the total sales of commercial vehicle by 1.9 percent. The other constituent in the commercial vehicle category, light commercial vehicles, saw an impressive 16.4 percent year-on-year increase.
Utility vehicle sales in September stood at 66,851 units, the highest ever for a month.
Total passenger vehicle sales were at 2,78,428 units during September, up 19.9 percent from a year ago. Despatches during September were the second-highest passenger vehicle sales ever, trailing the 2,95,403 units sold way back in March 2012, when the Indian automobile industry saw its highest ever sales.
Domestic two-wheeler sales during the month of September stood at 18.7 lakh units, up 21.6 percent year-on-year. Scooter sales during the period shot up by 30.6 percent on a yearly basis at 6,03,818 units, while those of motorcycles rose 16.3 percent to 11.9 lakh units.
SIAM attributed the rise in two-wheeler sales to a revival in India's rural economy on the back of good rains.