Passenger vehicle sales in India crossed the 30-lakh mark for the first time in 2017. The sales grew at a five-year high of 8.85 per cent last year on the back of robust demand for utility vehicles. According to the data released by the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales in 2017 stood at 32,29,109 units as against 29,66,603 units in 2016, registering growth of 8.85 per cent.
"In 2017, for the first time, more than 3.2 million (32 lakh) passenger vehicles were sold in the domestic market. Last year also saw record sales of 19 million (1.9 crore) two wheelers," points out SIAM Deputy Director General Sugato Sen.
In 2017, car remained the mainstay of the passenger vehicle segment, growing by 5.13 per cent at 21,68,151 units as against 20,62,357 units in 2016. Growth of utility vehicles, however, stood out last year at 8,70,060 units as against 7,24,522 units in 2016, up by 20.09 per cent. Besides, a record 1,91,76,905 two-wheelers were sold last year, up by 8.43 per cent from 1,76,86,685 units sold in 2016.
In terms of growth rate, passenger vehicle sales in 2017 were the fastest since 2012, when they rose by 9.77 per cent. SIAM reveals that total vehicle sales across categories, including commercial vehicles and two wheelers, grew by 8.39 per cent to 2,37,39,780 units in 2017 as compared with 2,19,01,703 units in 2016.
Dazzling December
This story is from the February 2018 edition of India Business Journal.
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This story is from the February 2018 edition of India Business Journal.
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