All segments of the automobile industry have recorded growth in domestic sales in October, the last festive month of the year, Business Standard reports.
Passenger vehicles (PVs) and two-wheelers, the two key segments, reported group growth of 4.48 per cent and 8.72 per cent, respectively.
Both these segments continue to maintain a double digit growth in the April-October period of the fiscal. PVs have grown by 11 per cent while two-wheeler volume has surged 16 per cent.
According to data released by Society Of Indian Automobile Manufacturers, growth in passenger vehicle (cars, vans and utility vehicles) was led by utility vehicles, which grew over 21 per cent. Cars saw a flat month and vans declined by 7.67 per cent. Overall, PV sales stood at 280,677 units.
Within the two-wheelers, both motorcycles and scooters reported healthy growth. Motorcycles, which had underperformed for last couple of years due to weak demand in rural areas, grew over seven per cent last month. Scooter sales expanded by 8.24 per cent. Total two-wheeler sales stood at 1.8 million units.
Commercial vehicles also reported a strong growth of 12 per cent. Medium and heavy commercial vehicles stole the show by growing almost 17 per cent. Light commercial vehicles grew by nine per cent.
Three-wheeler sales grew by 4.35 per cent. Overall, the industry (all vehicles) put together grew 8.14 per cent to 2.2 million units.
Other than festive demand, the growth momentum is also backed by positive customers sentiments and better cash flows both in rural and urban markets.
Medium and heavy commercial vehicles reflected positive growth in October with the expectations of secondary sales picking up pace in the next few months due to increase in freight demand, said Abdul Majeed, partner at Price Waterhouse and an auto expert.
