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After a 14 month growth streak
the passenger vehicle industry is gearing up for a firm festive season after
recording a 16% gain over last year same month.
There is a strong customer
sentiment and it is expected to hit top this festive season as it posed a
handsome growth in August. Other key segments posted double digit growth in
August.
According to data released by the
Society of Indian Automobile Manufacturers (Siam), passenger vehicle sales in
August stood at 258,722 units against 221,743 units sold in the same month last
year.
This festive season the demand
for all segments is all set to post a strong growth due to a number of positive
reasons like decent monsoon, implementation of 7th pay commission
for all government employees.
Also the launch of new &
improved models also gave the boost to the demand as we see months of waiting
period for models like the Creta, Suzuki Baleno & Brezza.
In the two wheeler segment all
the top three two wheeler companies - Hero MotoCorp, Honda Motorcycle and
Scooter India and TVS Motor - reported double digit growth in volumes.
Meanwhile in the used vehicles
& equipment segment major players like Shriram Automall are witnessing good
demand for all segments. Customers are coming in good number to take advantage
of this rising expenditure of the people.
Mr. Sameer Malhotra, CEO Shriram
Automall said “Positive customer sentiment for this continued 14th
month is a sign that the market is going in the right direction and there is
more growth to come. Meanwhile the ratio between new & used vehicles still
remains 1:2 which is also showing the signs of change.”
Moreover to buy used vehicles
& equipment of your choice you can visit Shriram Automall, the company
offers multiple options of used assets under one roof.
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