Indian Passenger Vehicle Segment Growing Dynamically
Released on: September 9, 2007, 11:27 pm
Press Release Author: Shushmul Maheshwari
Industry: Automotive
Press Release Summary: Indian
automobile sector has become synonymous to success.
The passenger car segment in particular is going great due to healthy economic
conditions, easy finance schemes and low ownership costs.
Press Release Body: RNCOS, the market research consulting services company, has
recently launched an exhaustive research report on the Indian auto sector - India
Automobile Sector - A Booming Market. The report has found that in the zooming
passenger vehicle
market of India, passenger car is the dominating segment that
accounted for over 76% sales during 2006-07.
According to the report, increase in car
sales in India has roughly followed the
trend shown by personal disposable income. It identifies rising incomes, low
ownership costs, affordable prices, favorable finance schemes, and rising buyer
incentives as the factors that are pushing the sales up and will continue to drive
demand, thus taking the annual average growth in car sales to about 12% during
2007-08 to 2011-12.
Also, with Indian
banks fixing the interest rates at 8-year high, automakers are
launching new models everyday and offering discounts on older ones to catch the
fancy of customers. Industry experts are of the view that new models are certainly
spurring car sales and despite the escalating interest rates, demand is still
picking up as most of the Indian customers turn to finance services to buy vehicles
(over 50% of vehicles sold in the country are purchased on credit). Also, healthy
economic growth of the country is making the consumers richer, thus encouraging them
to invest in cars.
Besides this, the report provides information on the production, sales, export,
investment, market drivers, new avenues, and challenges for the Indian auto market.
According to the latest statistics released by the Society of Indian
Automobile Manufacturers (SIAM), in the initial quarter of this
fiscal, consolidated sales of
passenger vehicles jumped over 12.9% by selling more than 3,48,800 units against
3,08,700 units sold during April-June 2006. Segment-wise, utility vehicles upped by
around 10.9%, MPVs (Multi-Purpose Vehicles) by nearly 23.5%, and passenger car
segment inched up by about 12.6% during April-June 2007 as compared to same period
in 2006.
June 2007 saw the Indian
passenger vehicle market going strong with over 94000 units
sold against over 80700 units in June 2006, a straight growth of more than 16%. But
sales of commercial vehicles lagged behind by moving slightly over 4% to around
35,900 units in June this year from nearly 33,900 units.
About RNCOS E-Services Pvt Ltd.:
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of
industry experts who analyze data collected from credible sources. They provide
industry insights and analysis that helps corporations to take timely and accurate
business decision in today\'s globally competitive environment.
For more information visit: http://www.rncos.com/Report/IM526.htm
Current Industry News: http://www.rncos.com/blog
Web Site: http://www.rncos.com
Contact Details: RNCOS E-Services Pvt Ltd.
Shushmul Maheshwari
Head of Business Development
29, 1st Floor, Patparganj Industrial Area, Delhi 92
91-11-4214-1229
info@rncos.com
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