Report from the Economic Times, the sales of passenger vehicles, including utility vehicles, sedans, passenger cars, as well, are likely to cross the milestone of 3 million units in this financial year (FY2017). The demand for the compact SUVs and new models is continuously increasing in both rural and urban areas so that the Industry specialists expected that the PV sales to reach the mark of 3million units in the country.
In the first six months of this fiscal, the segment of passenger vehicles has already reported 12.24 percent growth with 14,94,039 units. For reference, the segment of total passenger vehicles witnessed for 27,89,678 vehicles sold in the last financial year (FY2016) in the Indian market. Sugato Sen, Deputy Director General of SIAM said that we expect the PV segment to cross the million mark. Like the H1 of FY2017 sales, if the industry will have the similar sales growth in the second half, then the PV segment to cross the biggest sales mark in India.
The Industry observed that India will cross the Germany in 2016 with the highest demand response from the customers. India and Germany are the third and fourth largest automotive industries respectively, after China, the US and Japan.
China was the top PV market with 21 million units in 2015 while the US stood in second place with 7.5 million units, followed by Japan at million units. Germany stood at fourth with around 3 million units, followed by the Indian market reported the fifth position with 2.7 million units. The UK market holds the sixth position with 2.6 million units in 2015.
Moreover, the segment of Utility Vehicles has sales growth of 40.24 percent to 3,73,054 units in April to September period, against 2,66,339 units in the same period of last fiscal. During the H1 of FY2017, the sales of cars grew by 5.11 percent at 10,26,526 units compared to 9.76,586 units in the year-ago period.
According to the sales data from SIAM , the PV sales stood at 2,78,428 units in September, compared to 2,32,170 units in the year-ago month. As per the analysis, the PV sales to cross 3 million units in this fiscal.