The Society of Indian Automobile Manufacturers (SIAM) made a revelation that as per the industry trends and the slowly recovering macroeconomic conditions, an expectation of an overall growth of 10 percent to 12 percent can be held.
In the year 2011-12, the auto industry contributed to sales volume of 17,376,624 units and in the current fiscal year of 2012-2013, the automakers can assume greater sales of passenger segment vehicles owing to the reasonable interest rates and declining inflationary pressure. The highly unstable interest rates pushed down the automotive sales in the previous fiscal, which is now estimated by SIAM to step down steadily.
Mr. S Sandilya, the President of SIAM has anticipated that the conditions will favorably change in the current fiscal marking positive sales growth for passenger vehicles and has acknowledged the need in the automobile industry to attain a balance in the prices of diesel and petrol powered vehicles.
As per the data furnished by SIAM, the passenger segment vehicles sold in the year 2011-2012 was recorded at 2,618,072 units rising 4.66 percent from 2,501,542 units registered in the year 2010-2011.
In the same period, the buses and trucks composed sales of 809,532 units marking a surge of 18.20 percent. Moreover, the motorcycle sales stepped up to 10,096,062 units in the year 2011-2012 from sales of 9,013,888 units in 2010-11, while the sales of two-wheelers rose by 14.16 percent.
The sales analysis made for the sales recorded in the month of March reveals that the overall industry sales growth stood at 10.11 percent with growth of passenger vehicle sales by 19.66 percent.
