Recognised as one of the fastest growing automotive industry across the globe, Indian automobile industry, is currently growing at the rate of 18% per annum. Reports suggest that in comparison to July 2010, automobile production in India has registered a rise of 13.01% in July 2011. After collecting the production data for the period of April to July 2011, automotive production has surged by 16.78% compared to the corresponding period in 2010.
According to the reports, during the period of April to July 2011, the domestic sales growth rate has been 13.55%. However, in July 2011, the growth rate dipped to around 8.99%. During the period of April to July 2011, the passenger vehicles sector of automotive industry of India reported a swift rise of 4.03% in comparison of the corresponding period of 2010. In the same period, the passenger cars segment grew by 1.12%, whereas the utility vehicles sector surged by 7.84%.
During the period under review, that is April to July 2011, the segment of vans grew by 25.42%. However, in the month of July 2011, suddenly the sale of passenger cars dipped by 15.76%. In July 2011, sales of utility vehicles posted a growth of 16.33%, while sales of vans grew by 16.12%. On the contrary, the growth of overall passenger vehicles fell by 8.95% in July 2011.
During the period of April to July 2011, the overall commercial vehicle segment reported a rise of 16.56% in comparison to the corresponding period in 2010. On the other hand, medium & heavy commercial vehicles (M&HCVs) segment grew by 6.40%, while the segment of light commercial vehicles surged by 25.64%. Compared to month of July in 2010, the entire segment registered a growth of 23.70% in July 2011.
Passenger vehicle export reported a growth of 19.24% in the period of April to July 2011. In the same period, two wheelers and three wheelers grew by 28.79% and 50.04%, respectively, while the commercial vehicles registered a growth of 36.97%. During the period of April to July 2011, overall automobile exports reported a growth of 33.36%. The results suggest that the future prospects of automobile industry in India reflect the economic resilience of the country.
