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Home arrow News arrow Automotive arrow SIAM forecasts auto sales growth at 11-13% this fiscal
SIAM forecasts auto sales growth at 11-13% this fiscal Print E-mail
Written by Ganesh   
Tuesday, 12 July 2011
New Delhi: The Society of Indian Automobile Manufacturers has revised the auto sales growth outlook for 2011-12 to 11-13 percent. The industry body had earlier forecasted a 12-15 per cent auto sales growth for the fiscal after a strong sales growth of 26 per cent in 2010-11.

"The three biggest concerns at present for the industry are lower general sentiment due to lower GDP forecast and various scams, higher finance rates and increasing fuel prices," the SIAM President, Pawan Goenka said.

He said that commodity prices, which are another big concern for the auto industry, have started softening in recent months and hence, it is unlikely that any company will raise the prices of their products.

Domestic passenger car sales grew by 1.62 per cent to 1,43,370 units in June 2011, from 1,41,087 units in the same month last year. Motorcycle sales in the country grew by 14.97 per cent during the month to 8,25,323 units from 7,17,859 units in the corresponding month last year.

Total two-wheeler sales increased by 14.59 per cent to 10,71,425 units last month from 9,34,975 units in June, 2010.

Sales of commercial vehicles jumped by 17.83 per cent to 62,009 units in the month under review from 52,627 units in the year-ago period, SIAM said.

Total sales of vehicles across categories registered a growth of 12.84 per cent to 13,62,984 units in June, as against 12,07,934 units in the same month last year.

Both the passenger car and passenger vehicle segments have been projected to grow at a lower rate 10-12 per cent in FY 2012. SIAM said the growth projection for the two-wheeler segment has been unchanged, while that of three-wheelers has been lowered to 8-10 per cent from 9-11 per cent. Utility vehicle sales will surge by 10-12 per cent compared with 12-14 per cent announced earlier. Goenka said the commercial vehicle segment is likely to witness slower growth of 12-14 per cent than the earlier projection of 14-16 per cent. While sales in the light commercial vehicles segment is now estimated to rise 17-19 per cent, instead of the earlier forecast of 18-21 per cent, medium and heavy commercial vehicle sales is expected to be up by only 8-10 per cent against 10-12 per cent.

India became the top growing passenger car market in the world during January-June this year, overtaking the US, which grew at 14.4 per cent. In passenger vehicles, India was the fastest growing market at 18.20 per cent in the first six months of 2011. However, it was at the fifth position with 12.70 per cent in the commercial vehicles category.

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