The auto industry has now fully recovered from the decision of government’s ban on currencies and implementation of goods and services tax (GST). This is said by the Society of Indian Automobile Manufacturers (SIAM), a representative body of the auto industry. According to SIAM, by the end of the current financial year, there will be strong demand in the automobile sector.
According to the industry body, two vendors and commercial vehicle companies might enter better figures than the earlier estimates at the end of the current financial year. Passenger vehicle sales increased by 8.04%, 19.3% of the commercial vehicle, 19.11% of three-wheelers and 14.47% of two-wheeler sellers during the period April to February of the current financial year.
SIAM director general Vishnu Mathur said, “All segments including passenger vehicle and two-wheelers are moving forward with strong growth. Only heavy buses are not showing growth in the segment, which is a matter of concern.
In the last month, sales of passenger vehicle were registered highest in the country. Due to the utility vehicle Maruti Suzuki Vittara Brezza, Hyundai Creta and Tata NExon, good growth was registered in passenger vehicle sales. According to SIAM data, passenger vehicle sales in the country rose to 7.77% to 2,75,329 units in February, compared to 2,55,470 units in the same month last year. During the year, utility vehicle sales increased by 21.82% to 80254 units. Passenger car sales also went up by 3.7% to 1,79,122 units in February.
In February, there has been good growth in the sales of Commercial Vehicles and Two Wheelers. In February, the sales of commercial vehicles went up by 31% to 87,777 units, while two-wheeler sales were also up by 23.8% to 1685814 units. Sales of motorcycle sales increased by 26.48% to 10, 53,230 units and scooters sales increased 23.96% to 5, 60,653 units.