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India’s Car Market to Shrink This Year
India's passenger vehicle market will contract for the first time since 2002 in the current fiscal year that began on April 1, the Society of Indian Automobile Manufacturers predicts.
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India's passenger vehicle market will contract for the first time since 2002 in the current fiscal year that began on April 1, the Society of Indian Automobile Manufacturers predicts.
Passenger vehicle sales in the country climbed 15% in August. But SIAM dismisses the surge as a statistical fluke caused by comparing sales for market leader Maruti Suzuki India Ltd. with year-earlier volume hurt by a month-long strike.
The trade group says demand for passenger car sales, which totaled 2.7 million units last year, has been running 5% below year-ago levels so far this year.
The trade group blames the market's expected full-year decline on India's economic slump, high interest rates, rising inflation, elevated fuel prices and "extremely low" consumer sentiment.
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