New Delhi : Despite high input costs, fuel price hikes and rising interest rates, the Indian automobile sector’s November sales grew by 22.22 percent at 1,489,714 units from 1,218,885 units in the like period of 2010.
The surge was led by the commercial and two-wheeler segments which grew by 34.99 percent and 25.27 percent, respectively, data released by the Society of Indian Automobile Manufacturers (SIAM) shows.
“The month of November 2011 registered growth at 22.22 percent as compared to November 2010. The overall sales growth rate recorded for April-November 2011 was 13.08 percent,” SIAM said in a statement.
The exports for the month under review grew by 38.17 percent at 242,238 units as compared to 175,322 units.
“In November 2011, compared to November 2010, overall automobile exports registered a growth of 38.17 percent,” the statement said.
The high growth came after the industry registered a decline of 23.8 percent in October sales, which was the highest monthly drop in over 10 years.
According to SIAM data, domestic car sales in November rose seven percent at 171,131 units from 159,939 units in the corresponding period of last year.
The data further revealed that the passenger segment sales declined by 0.50 percent during April-November period of 2011 over the same period last year.
SIAM officials said car sales were up due to a revival in buyers sentiment and the low base from which the sales were compared to in November 2010.
“Domestic car sales have bounced back as the base in November last year was low. Also, we have seen some revival of demand last month,” Sugato Sen, senior director, SIAM, told reporters here.
The passenger car sales in India had been hit since July due to several factors, including labour unrest at market leader Maruti Suzuki and high fuel and interest costs.
“The entry-level car segment, which is the biggest contributor to sales, has been hit most because of fuel hikes and rising interest rates,” Sen said.
The total passenger segment sales in November, including that of cars, utility vehicles and vans, grew by 8.30 percent at 217,281 units from 200,634 units in the like period of 2010.
The domestic commercial vehicle sales increased by 34.99 percent in the month under review at 66,264 units from 49,087 units sold in the corresponding period of 2010.
The domestic two-wheeler segment sales increased by 25.27 percent at 11, 63,294 units in the last month from 9, 28,660 units sold in November, 2010.
“Two-wheelers registered a growth of 16.11 percent during April-November 2011. Mopeds, motorcycles and scooters grew by 10.99 percent, 14.87 percent and 23.40 percent respectively,” the statement said.
For November, domestic motorcycle sales rose by 22.67 percent at 8,69,070 units in the month under review from 7,08,476 units sold in the like period of last year.
Meanwhile, the domestic sales of three-wheelers recorded a growth of 5.85 percent at 42,875 units from 40,504 units sold in the like period of last year.