India Domestic Market Slowing, But Still Has Fastest Growth
Auto sales have been slowing in India, but its growth is still worth bragging about.
Society of Indian Automobile Manufacturers (Siam’s) figures state that India is still hovering over 18.2% growth in passenger vehicles and is in fact fastest growth in the world, United States being second at 14.4 % growth followed by Germany and China at 14.3 and 11% respectively.
In commercial Vehicles (CV) India’s growth is still fantastic with 12.7 % settling India on fourth position. China on the other hand had a fall of negative growth by 4%.
Although India’s global market made a stand, Domestic market did not yield higher results. Passenger vehicles increased only by 9% as compared to 33% in last quarter, two wheelers grew just by 18 % to 26% last quarter. Other vehicles sale in domestic market was also considerably low as compared to last year’s data.
In Apr-June quarter, Maruti Susuki grew by 3.2% and Hyundai grew by 12.2 % while Tata Motors declined by 8.5%.
Siam revised its forecast and stated that commercial vehicles would fluctuate at 12% to 14% along with two Wheelers. Passenger vehicles including cars ,vans, MPVs and SUVs will hover somewhere around 11% to 13 % .
India will still be competing for top five positions.
Similar Posts:
- Wipro Acquires Growth of 1.23%
- M&M, Atul Auto eye max stake in Scooters India
- Iron Ore Prices to Rise 9% in Q1 2011
- Mahindra appoints Kareena as brand ambassador for PowerScooter
- Iran Says No Shipment for Indian Customers Until Outstanding Bills Are Paid
