Domestic passenger vehicle industry registers steady growth in FY 2017-18

SIAM has announced the industry results for the 2017-2018 financial year.

The Society of Indian Automotive Manufacturers (SIAM) has announced the sales results for the 2017-2018 financial year. The passenger vehicle industry has registered steady growth between April 2017 – March 2018 fiscal which has grown by 7.89 percent over the previous fiscal in terms of domestic sales.

The entire passenger vehicle industry registered 32,87,965 unit domestic sales in 2017-18 compared to 30,47,582 units in FY 2016-17. Upon closer inspection, the passenger cars industry sold 21,73,970 units, the Utility Vehicles (UVs) segment registered 9,21,780 unit sales while 1,92,235 units of Vans were recorded as sold. This has revealed that a majority of the growth has come from the UV segment as it has registered a staggering 20.97% growth when compared to the numbers from the corresponding period in the previous year. Passenger cars segment saw a steady growth of 3.33% while the vans segment saw 5.78% growth from the previous financial year. While production saw a steady rise of 5.49%, exports slumped by -1.51%.

With the conclusion of the 2017-18 fiscal, the entire industry as whole recorded some significant milestones. The passenger vehicles sales crossed the 3.3 million mark, while production crossed the 4 million mark among which the UV segment produced over 1 million units.

In March 2018, the passenger vehicle industry sold 3,00,722 units with a significant portion of the sales coming from the UV segment. In comparison to the sales numbers from March 2017, the industry grew by 6.38%. The Maruti Suzuki Alto has been the highest selling car in the month of March followed closely by the Dzire and the Swift which are second and third best selling vehicles in the country. As for the UVs, the Vitara Brezza leads the charts in the UV space over the Hyundai Creta and the Mahindra Bolero all of which are a part of the top 10 best selling cars in March 2018.