India Becoming Big Power in Automobile Sector, Manufactured 2.7 Crore Vehicles in Last Financial Year

The automobile industry in the country has grown rapidly in the last few years. India has become the third largest automobile market in the world leaving behind Japan. Due to rapid increase in demand across all segments of this market, a large number of vehicles are being manufactured. About 2.7 crore vehicles were manufactured in India in the last financial year.

It has been told in a media report that in the last financial year, the manufacturing of vehicles in the country was about $ 108 billion. About 2.7 crore vehicles were manufactured in the country and of these two-wheelers were about two crore. In the last financial year, almost the same number of two-wheelers were manufactured in China, the world’s largest vehicle market. It has been told in the report that the share of commercial vehicles in the total production of the automobile industry was about one million units. It was 4 per cent of the total volume and about 19 per cent in terms of total value.

The passenger vehicle segment is also growing rapidly. The report states that the contribution of the SUV segment to the total value was more than half. The compact sub-segment had a share of around 25 per cent and the luxury segment around 13 per cent. Customer preferences are changing and they are opting for utility vehicles. Due to this many automobile companies including the country’s largest car maker Maruti Suzuki are launching new models in the SUV segment. Regarding electric vehicles in this report, it has been said that there is more emphasis on two-wheelers in this segment.

Due to strong demand, retail sales of automobile companies increased by almost 10 percent to 20,19,414 units last month. The figure stood at 18,33,421 units in the same period last year. The Federation of Automobile Dealers Associations (FADA) had pointed out that increased availability of vehicles as well as new launches led to a sharp recovery in passenger vehicle sales in demand. Last month, retail sales of two-wheelers grew by nine percent to 14,93,234 units. It was 13,65,924 units in the same month last year. The decrease in FAME given by the central government and increase in demand in rural areas were the main reasons behind the increase in sales of two-wheelers.

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