The bygone year was a disappointing year for the car industry. The overall growth registered was a mere 2.19 percent that too was aided because fo March 2012’s bumper sales else it might have gone on a negative.
Nonetheless, SIAM (Society of Indian Automobile Manufacturer) has predicted that the current financial year would be better in terms of overall sales for the car market here in India. Though not in the leagues of 2008-09 or 2009-10 where the market registered growths of 25% and 29% respectively, but the growth would be around 10-12 percent.
The basis of SIAM stems from the following reasons:
- Record sales in the last three months
- Better macro-economic prospects
- Expected 30 new launches during the year
- Expected lower interest rates
Segment-wise, Cars and Utility Vehicles are projected to rise by 10-12% whereas the Vans are expected to grow by 8-10percent.
Source: Economic Times