Auto Industry Records Positive Growth

May 12, 2010 7:29 am

Auto Industry Records Positive Growth
 
A variety of factors, including the stimulus package, lower interest rates, implementation of the 6th pay commission and new model launches, are amongst the growth driver for the industry.
 
The automobile industry in India reported an overall 26.41% growth in sales in 2009-10 and emerged as the second fastest growing market in the World after China. As per the cumulative production data released by Society of Indian Automobile Manufacturers (SIAM), the Industry could manage a huge 25.76% growth over the same period of last year. The passenger vehicles production crossed 2 million whereas two wheelers production crossed the mark of 10 million.
 
According to the figures released by SIAM, total vehicles sales in India in the last fiscal was at 1,22,92,770 units compared to 97,24,243 units in the previous financial year. It was one of the best years for growth for the Automobile industry.
 
A variety of factors, including the stimulus package, lower interest rates, implementation of the 6th pay commission and new model launches, are amongst the growth driver for the industry.
 
The domestic sales for passenger Vehicles segment during the same period grew at 25.57% over the previous year. Passenger cars grew by 25.10%, utility vehicles grew by 20.88% and multi purpose vehicles grew by 40.94% in this period.
 
The overall Commercial Vehicles segment registered positive growth at 38.31% during April-March 2010 as compared to the same period last year. Medium & Heavy Commercial Vehicles (M&HCVs) registered growth at 33.55% and Light Commercial Vehicles grew at 42.67%. However, Medium & Heavy Commercial Vehicle sales during the period is still lower than 2006-07.
 
Three Wheelers sales recorded a growth rate of 25.92% while passenger carriers grew by 0.25% and goods carriers grew at 11.62 percent. The Two Wheelers registered a growth of 26%; Mopeds, Scooters and Motorcycles grew by 30.93%, 27.4% and 25.88% respectively. Motorcycle sales in the country during the year were 73,41,139 units against 58,31,953 units in 2008-09
 
The overall automobile exports registered a growth rate of 17.90%. Passenger Vehicles, Commercial Vehicles, Three wheelers and two wheelers segment, grew by 32.89%, 5.59%, 17.03% and 13.54% respectively.