According to data released by the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales in India rose just 2.7 per cent in 2018-19.
The reason attributed this trend is weak customer sentiment led by liquidity crunch, high vehicle prices and uncertainty revolving forthcoming elections put brakes on the sales growth in the segment.
Domestic passenger vehicles (PV) sales were at 33,77,436 units in 2018-19 beating the previous record of 32,88,581 units in 2017-18.
However, despite new product launches, sales failed to revv up during the second half of the last fiscal which had even prompted the industry body to lower the sales forecast for the PVs from the earlier estimate of 8-10 per cent to 6 per cent. The final figure of 2.7 per cent is even lower than that.
Domestic car sales in 2018-19 were at 22,18,549 units as against 21,74,024 units in 2017-18, displaying a growth of 2.05 per cent.
Utility vehicles (UV) sales were at 9,41,461 units last fiscal as against 9,22,322 units in 2017-18, a growth of 2.08 per cent.
However, exports of PVs were down 9.64 per cent at 6,76,193 units in 2018-18 as against 7,48,366 units in 2017-18.