Passenger vehicle sales in India crossed 30 lakh mark for the first time in 2017, growing at a five-year high of 8.85 per cent on the back of robust demand for utility vehicles.
According to the data released by the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales in 2017 stood at 32,29,109 units as against 29,66,603 units in 2016, a growth of 8.85 per cent.
With sales remaining in the positive territory during the first three quarters of the current fiscal, SIAM has pegged the segment to grow by 9 per cent against a previous forecast of 7-9 per cent in 2017-18.
In 2017 year, although car remained the mainstay of the PV segment growing by 5.13 per cent at 21,68,151 units as against 20,62,357 units in 2016, it was the growth of utility vehicles (UV) that stood out last year.
UV sales stood at 8,70,060 units in 2017 as against 7,24,522 units in 2016, up 20.09 per cent.
Besides, a record 1,91,76,905 two-wheelers were sold last year, up 8.43 per cent from 1,76,86,685 units sold in 2016.
“In 2017, for the first time more than 3.2 million passenger vehicles were sold in the domestic market. Last year also saw record sales of 19 million two wheelers,” SIAM Deputy Director General Sugato Sen told reporters here.
In terms of growth rate, PV sales in 2017 was the fastest since 2012 when it rose by 9.77 per cent.
SIAM said vehicle sales across categories, including CVs and two-wheelers, grew by 8.39 per cent to 2,37,39,780 units in 2017 as compared with 2,19,01,703 units in 2016.
On the back of strong performance during the first three quarters of the current fiscal, Sen said SIAM has zeroed in on 9 per cent growth for the PV segment.
For the commercial vehicles, he said it has been revised upwards to 13 per cent from an earlier estimate of 4-6 per cent, while for two-wheelers it has been pegged at 12 per cent against a previous forecast of 9-11 per cent.
In 2016-17 fiscal, PV sales had grown by 9.23 per cent, CVs by 4.16 per cent and two wheelers by 6.89 per cent.