Comments
The utility vehicles (UVs) segment, with a year-on-year (y-o-y) growth of more than 45 per cent, has driven the total passenger vehicles wholesales in the domestic market in February, the latest monthly report by Society of Indian Automobile Manufacturers (SIAM) showed.
According to the industry body, the wholesales of UVs grew at 1,14,350 units during the month compared with 78,674 units in the corresponding month last year. Companies like Maruti Suzuki India with Vitara Brezza, Hyundai Motor with Creta and Venue, Kia Motors with Seltos and Sonet, Tata Motors with the Harrier and Nexon. Mahindra & Mahindra with Thar and MG Motor with the Hector, have again led the UVs segment growth.
According to the data, the UVs sales have also led the total passenger vehicles sales to grow at 18 per cent YoY to 2,81,380 units during February compared with 2,38,622 units in February 2020.
“In the month of February, 2.81 lakh passenger vehicles were sold, clocking a CAGR growth of 3.29 per cent over the previous highest sales in the month of February, in the year 2018 at 2.55 lakh units, while in February 2020 the total sales were 2.39 lakh,” Rajesh Menon, Director-General, SIAM, said.
In the two-wheelers segment, both scooters and motorcycles sales saw double-digit growth. While scooter sales grew at 4,64,744 units (against 4,22,168 units), the motorcycle sales grew at 9,10,323 units (against 8,16,679 units) in February.
“As far as two-wheelers are concerned 14.27 lakh units were sold in February, which results in a de-growth of (-) 5.41 per cent CAGR from the previous highest sales in the month of February, in the year 2018 of 16.86 lakh, while in February 2020, the sales of two-wheelers were 12.95 lakh units,” Menon said.
He further said that the total passenger vehicle sales from April to February period were still below 2015-16 levels and for two-wheelers it is below 2014-15 levels.
“Sales of three-wheelers continued to suffer a de-growth of (-)33.82 per cent, compared to February 2020, primarily on account of lower off-take of passenger three-wheelers. Supply chain challenges, including rising price of steel, unavailability of semi-conductors and higher container charges, continue to be obstacles in smooth functioning of the industry,” Menon added.
The grand total of all vehicles (across categories) put together has grown by more than 10 per cent at 17,35,584 units during the month against 12,94,787 units in February last year, the SIAM data showed.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.