The auto sector in India is on a roll. According to estimates, the industry will soon cross the 10 million mark. A feat in itself, considering the recessionary period all went through.
Figures sourced from sales of last 10 months indicate that the industry will end the year with a total estimate sale of 1,19,22,677 units - a growth of 22.6% over 2008-09. If achieved, this could be a record sales after two years. The previous record domestic sales happened in 2006-07 at 10.1 million units.
Siam reports say that the automobile sales in the market stood at 11,14,157 units in January as against 7,68,698 units during the same period last year, a growth of 44.9%.
The domestic passenger car segment too posted the highest ever sales last month with a growth of 32.3% at 1,45,905 units as against 1,10,300 units in January last year. It was the 10th straight month of growth by the segment. The car manufacturers had earlier touched the peak at 1,29,358 units in March, 2009.
Maruti Suzuki, India's largest car manufacturer saw a jump in their sales chart last month. The company sold 70,029 units as compared to 59,060 units in 2009. Hyundai's sales too ascended by 40.8% at 29,601 units vis-à -vis 21,015 units in January 2009 and Tata Motors’ registering a growth of 47.4% at 22,707 units as against 15,406 units for the same month in 2009.
The coming two months will be crucial for car manufacturers. With Budget around the corner, it can be either be good news or bad news! g
