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India - Second Fastest Growing Auto Market
The reports say that India is the second fastest growing market, next to China. The third position goes to Germany. This growth may alleviate the current monetary, says the experts.
During this year, the LCV's or Light Commercial Vehicle's segment has performed well though the other medium and heavy commercial vehicles segment has not reached the level in 2007-'08, said Dr. Pawan Goenka, the President of Society of Indian Automobile Manufacturers. He says that the implementation of sixth pay commission and the launches of several new models are expected to increase the sales.
The experts say that the growth reported this year was the biggest percentage rise in the last seven years. In 2003-'04, the industry had a growth of 29 percentage.
"The growth may be subdued due to the combination of reasons including new emission norms, excise hike, a possible hike in the interest rates and the rise in the commodity prices. It can result in an average hike in the prices by 8-10 percent. The desired growth rate is 16 or 17 percentage. The expected rate is 10-14 percentage," informs Goenka. He also expects that LCV segment will be getting the highest growth.
The automobile market leader Maruti Suzuki could increase its sales by 21 percent, where as Hyundai Motors had a 29 percent increase in the sales. Tata Motor's sales growth rose 24 percentage.
The reports say that Commercial Vehicles (CV) showed an increase in the sales by 38 percentage. It had showed a sharp drop in 20080'09. LCV's reported a 43 percent growth where as M&HCV segment developed by 34 percent.
Tata Motors could increase their sales by 38 percentage for the CV's where as Ashok Leyland's business grew by 22 percent. Mahindra and Mahindra reported a 53 percent sales growth when Volvo-Eicher's was 54 percent.
The two-wheeler and three-wheeler segments announced a growth of 26 percent. Motorcycles individually grew 26 percent when the scooter sub-segment declared the increase in the business by 27 percent. Electric two-wheelers were an exception as their profit dropped by 89 percent. Hero Honda, the leading two-wheeler company in India could improve their trade by 24 percent. Bajaj Auto's sales also climbed around 39 percent, when TVS' was 19 percent.
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