Signs of market improvement, passenger vehicle sales up 14% after 9 months of continuing decline: SIAM
After a nine-month period of decline in the domestic vehicle market, the vehicle market ended in August. Passenger vehicle sales during this period grew by 14.16 percent to 2,15,916 units as against 1,89,129 units in the same month last year. Domestic vehicle The Society of Indian Automobile Manufacturers (SIAM), an association of manufacturers, released data in this regard on Friday. According to SIAM, in October last year, passenger vehicle sales had registered a slight increase after a downward trend of 11 months, whereas in August this year, the decline in passenger vehicle sales has now come to a halt after nine months.
Similarly, sales of utility vehicle category also increased by 15.54 percent to 81,842 units in August as compared to 70,837 units in the same month last year. Van sales grew 3.82 percent to 9,359 vehicles during the review period. In August 2019, this figure was 9,015 vehicles. According to SIAM data, two-wheeler sales during the period increased by three percent to 15,59,665 vehicles. In August last year, it was 15,14,196 vehicles. In this, motorcycle sales were up 10.13 percent to 10,32,476 units and scooter sales fell 12.3 percent to 4,56,848. Last year, this figure was 9,37,486 and 5,20,898 units respectively. Sales of three-wheelers also declined. It fell 75.29 percent to 14,534 units in August from 58,818 units in the same month last year.
SIAM’s newly appointed president Kenichi Ayukawa said, “We have started realizing growth in the vehicle market again.” This has boosted the confidence of the auto industry, especially in the two-wheeler and passenger vehicle categories, ”he said. However, the current sales growth in August is seen because vehicle sales were down significantly in the same month last year. During the year 2019, there was a decline of 32 percent in the passenger vehicle category and 22 percent in the two-wheeler category during August.
SIAM Director General Rajesh Menon said that the automobile industry is hopeful of improving the market and industry again due to increase in shopping in the upcoming festive season. According to SIAM data, the country’s largest carmaker Maruti Suzuki India grew by 21.32 percent to 1,13,033 vehicles in August. Sales of its rival Hyundai Motor India also rose 19.9 percent to 45,809 vehicles. Mahindra & Mahindra sales were up 1.09 percent to 13,651 vehicles, Kia Motors rose 74.07 percent to 10,853 vehicles and Renault India’s 41.3 percent to 8,060 units. Sales of Hero Motocorp, the country’s largest two-wheeler company, increased 8.52 percent to 5,68,674 vehicles, Honda Motorcycle & Scooter India grew marginally to 4,28,238 units and Bajaj Auto grew three percent to 1,78,220 units. Sales fell slightly on an annual basis to 2,18,338 vehicles during this period.
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