According to the latest reports released by PINC Research the Indian automobile sector has witnessed considerable growth in the sector. Both the passenger car segment and the two-wheeler segment has shown robust performance. “While domestic 2-wheelers sales improved, exports were weak with decline in volumes. Domestic passenger cars sales were boosted by the discounts and offers on the products. Exports were healthy with Maruti and Hyundai growing their penetration in the European market. Medium and heavy commercial vehicles (MHCV) segment continues to be in a declining phase though there is sharp improvement sequentially,” said a note of PINC Research.
Although Bajaj posted decline in their sales figures Honda Motorcycles & Scooters India (HMSI) and Yamaha have shown a strong growth in the motorcycle segment. Passenger cars and utility vehicles posted higher sales due to election times.
Apart from the PINC research, the auto research firm, JD Power also reported that India, one of the fastest growing economies in today’s world, is expected to sell 2.6 million units of cars by 2014. They also reported that India and China will still manage to grow in spite of declining sales around the globe.