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HomeAssociationsIndian automobile sector to move on growth path in 2021-22: NRI report

Indian automobile sector to move on growth path in 2021-22: NRI report

31 December 2020: The Indian automobile sector will witness a good growth in 2021-22 and sales of electric vehicle, especially two-wheelers (which holds 81% share in domestic market), may witness a positive movement, as per widespread media reports, quoting Nomura Research Institute Consulting & Solutions India’s recent study.

Commenting on the November 2020 data, Rajesh Menon, Director General, the Society of Indian Automobile Manufacturers (SIAM) said “We have witnessed an increase in wholesale numbers in the month of November, where Passenger Vehicles grew by 4.65% and Two-Wheelers by 13.43% over the corresponding month of last year, primarily on account of the festive season. The retail sales of two-wheelers lags behind the wholesale sales numbers but would even out over a period, as OEMs engage with their dealers. While the festive season brought back some fervor in specific segments, the overall economic scenario would determine the industry’s performance going forward.”

According to SIAM the Domestic Market Share for 2019-20 are as follows: Passenger Vehicles: 13%; Commercial Vehicles: 3%; Three Wheelers: 3%; Two Wheelers a whopping 81%.

Meanwhile, SIAM has released the Monthly Performance for November 2020 which indicates the total production of Passenger Vehicles, Three Wheelers, Two Wheelers and Quadricycle in the month of November 2020 which was 22,96,701 units, as against 2,258,290 units in November 2019 marking a growth of 1.70%.

In terms of Domestic Sales, the Passenger Vehicles sales was 264,898 units in November 2020, compared to 253,139 units in November 2019, marking a growth of 4.65%. And Three-wheeler sales was 23,626 units in November 2020 compared to 55,778 units in November 2019 marking a decrease by (-) 57.64%. Two-wheeler sales was 1,600,379 units in November 2020, compared to 1,410,939 units in November 2019, with a growth of 13.43%.

After the devastating effects of the COVID-19 pandemic, it is expected that the auto industry will see stronger growth in 2021-22, media reports said quoting Ashim Sharma, Partner and Group Head (Business performance improvement consulting-auto, engineering and logistics) at NRI Consulting & Solutions India. As far as electric vehicles (EVs) are concerned, Sharma said 2021-22 would also see positive movements, especially in the two-wheeler EV segment, with new players like Ola Electric getting into the fray.

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