SIAM hopes for a turnaround this year as Bikes and Cars Sell Fast in July 2014

Monday 11 August 2014, 12:06 PM by

Domestic sales of automobiles witnessed a hike for the third month on the run in July 2014, indicating that the industry is on the way to a revival. If the statistics are trusted, the sales report in July showed a rise of approximately 5.04 per cent. This data was jointly contributed on the basis of car and two-wheeler sales in the month of July. Society of Indian Automobile Manufacturers, more popularly known as SIAM predicted that if these are the indications of what lies in the future, the industry might witness a growth of 5-10 per cent rise in the running financial year.

The data received from SIAM showed that the sale of domestic automobiles stood at 137873 units for the month of July in 2014. The same month in the previous year showed a sale of 131257 units, which shows the rise in percentage. There was a time when the industry was facing a negative impact, contributed by the poor economic conditions. However, the market has fought through the negative times and people are flocking the showrooms in large numbers, as evident from the numbers. Interestingly, a number of top models are set to be launched during the festive season. As a result of this, the numbers are expected to go much higher in the later part of the year.

SIAM hopes for a turnaround this year as Bikes and Cars Sell Fast in July 2014 |
SIAM hopes for a turnaround this year as Bikes and Cars Sell Fast in July 2014

In this context, the industry witnessed a growth of 2.89 per cent in the first quarter of the year. There has been steady growth as seen from the studies of the next fiscal. If the trend persists, it is definitely going to be a perfect year for automobile-sellers. A stable government at the centre is a contribution to this fact, exclaimed experts. There was much negativity with a number of scams affecting the economy of the nation in the last few seasons. However, it is expected that the rise will be steady and continuous in the coming few quarters.

As per the reports received, all the leading automobile manufacturers showed a positive growth with both the leaders, Maruti Suzuki India and Hero MotoCorp in the field of four-wheelers and two-wheelers showed an upsurge. The good run is expected to continue with good news coming for the manufacturers. This will also encourage foreign names to make a foray in the Indian market.

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