According to data released by the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle (PV) sales for the 2018-19 financial year saw sales stagnate as the domestic volumes grew by just 2.7 per cent,
As per the report, the domestic passenger vehicle sales stood at 33,77,436 units in 2018-19, as opposed to 32,88,581 units sold in 2017-18. Overall PV sales stood at 40,26,047 units, growing by a bare minimum of 0.14 per cent, over 40,20,267 units sold during FY2017-18. The Indian auto sector faced trying times in the previous fiscal as sales were halted due to weak customer sentiment led by the liquidity crunch, high vehicle prices due to change in insurance norms and uncertainty over upcoming elections that stagnated the sales growth for the year.
Talking about the car sales for the FY2018-19, it stood at 27,10,057 units, declining by 1.33 per cent, over 27,46,658 units sold during the previous fiscal 2017-18. Domestic car sales in 2018-19 though stood at 22,18,549 units, as against 21,74,024 units in 2017-18, a growth of 2.05 per cent.
Talking about Utility vehicle, the volumes saw a marginal hike of 0.48 per cent, growing to 10,98,578 units from 10,93,346 units. Domestic UV sales stood at 941,461 units during the previous fiscal as against 922,322 units in 2017-18, growing by 2.08 per cent.