Automobile costs in India are on rise but that does not deter car buyers from driving away their dream cars. Car sales in India are on rise as sales of passenger cars, two-wheelers and commercial vehicles rose 26.41 percent for the year ended March 2010. However, Society of Indian Automobile Manufacturers stated that car sales are expected to fall in 2010-11.
“Overall the industry is in good shape but we have some concerns,” SIAM chairman Pawan Goenka said. He foresees 10-15 percent as the potential rise in the coming year. He also attributed high rise in the last financial year as the sales growth in the year end March 2008 was historically low.
“The past year’s high growth was due to low demand in the previous fiscal and if we combine the two, growth is comparable to a 10-12% increase in annual sales over the last five years,” said Maruti Suzuki marketing & sales executive officer Mayank Pareek.
Even after rise in the input costs and recall of duty cuts, car makers foresee Indian market as a healthy one. As Indian company is expected to grow by 8.5 percent, buoyant consumer sentiments make auto makers look forward to investing more in the Indian market.
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