The Indian auto industry has maintained its position of second fastest growing auto market in calendar year 2010 by registering a growth of 31 per cent to 1.48 crore vehicles. China remained at the top position by reporting a sales jump of 33 percent during the year.
The commercial vehicle (CV) segment of India surged by 47 percent during this year, making India the world's fastest growing market for CVs. On the other hand, the car segment registered a substantial growth of around 32 per cent in year 2010.
Commenting on the industry’s performance during the year, Dr Pawan Goenka, President of Society of Indian Automobile Manufacturers (SIAM) and also President at Mahindra & Mahindra (Automotive and Farm Equipment Sectors) said, “I am happy that the growth has not moderated in 2010. This year saw a number new launches, new emission norms and voluntary fuel efficiency labeling. In all, passenger vehicles (PVs) and two wheelers sales did well, while CV sales slowed down a bit.
There were some concerns on car exports, with European demand dipping.”
In Dec 2010, car sales jumped by over 29 percent to 1.48 lakh units. While the sales of market leader Maruti Suzuki rose 26 per cent to 89,469 units, Hyundai India registered a sales growth of 18 per cent to 26,168 units during the month. Tata Motors reported a sales jump of 30 per cent to 24,592 units in the month.
