Sign of Recovery in COVID-19 Hit Indian Auto Industry, 31 Percent Growth Recorded in September Sales
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Indian auto industry, battered by the coronavirus lockdown has started to show signs of recovery ahead of upcoming festive season, an auspicious time when most of the buyers in the country prefer to buy a new vehicle. The recently released sales data from September reveals that the Indian car industry has registered a massive growth of 31 percent in overall sales as compared to same period last year.
A total of 2,92,894 units were sold September 2020 as compared to 2,22,809 units sold last year in September, a heathy 31 percent growth on Y-o-Y basis. Not only this, when compared to last month sales of August 2020, the industry has reported a growth of 25 percent. In August 2020, 234,142 units were sold.
This data reveals that not only is industry recovering from covid-19 setback and initial assumptions that the sales recorded in early months of post-lockdown period were just a pent-up demand created due to vacuum of two-months lockdown in April and May, but also reveals that industry is performing well as compared to the last year, one of the worst periods in the Indian auto industry when the sales went down as low 50 percent.
Almost all the manufacturers barring Toyota, Volkswagen and Nissan showed growth on Y-o-Y basis while MG and Nissan reported negative growth on M-o-M basis.
Kia and Tata Motors have outshined the other brands by registering 147 and 162 percent growth respectively as compared to last year. India's largest manufacturer, Maruti Suzuki also registered a good 34 percent growth. The biggest sales drop was recorded by Nissan at 46 percent negative growth.
Speaking on M-o-M basis, Kia recorded the most growth with 72 percent more sales while MG registered negative growth of 11 percent.
In terms of market share, while Maruti Suzuki and Hyundai are at first and second position, Tata in now third largest manufacturer and Kia the fourth largest. Mahindra completes the top 5 list.
Data courtesy - AutoPunditz