Auto sales have finally got back on track recording a double digit growth in August 2020. The revival comes after four months of dwindling sales since the nation went into the lockdown that took a massive toll on the auto industry. The passenger vehicle segment has recorded a growth of 14.16 per cent at 2,15,916 units as compared to 1,89,129 units sold a year ago. Sales of passenger cars went up by 14.13 per cent at 1,24,715 units against 1,09,277 units sold in the same month last year. The UV segment recorded an uptick of 15.54 per cent selling 81,842 units as compared to 70,837 units sold a year ago. The van segment also witnessed an increase 3.82 per cent at 9,359 units as compared to 9,015 units sold in the same month last year.
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Demand of compact vehicles have gone up.
Kenichi Ayukawa, President- Society Of Indian Automobile Manufacturers (SIAM) said, "We are beginning to observe growth which is instilling confidence back into the industry, especially in the Two-wheeler and the Passenger Vehicle segments. Even though the industry witnessed year-on-year growth in August 2020, it is to be recognized that the base figures in August 2019 itself was very low, as Industry had shown a de-growth of about (-) 32 per cent for passenger vehicles and (-) 22 per cent for two-wheelers in 2019, over 2018, then. Still, 14 per cent growth of passenger vehicles and 3 per cent growth in two-wheelers in August 2020 indicates trends of recovery for the Industry, though it is on the backdrop of pent-up demand and beginning of the festive season this month."
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Sales of two-wheelers went up by 3 per cent in August 2020.
Sales of two-wheelers also went up by 3 per cent last month at 15,59,665 units as compared to 15,14,196 units while three-wheelers sales are still tumbling recording a decline 14,534 units as compared to 58,818 units sold in the same month last year. The increase in sales is primarily attributed to a low base last year and the pent-up demand that's adding to the sales after easing off of the lockdown. People have also been shifting their preference toward personal mobility leading to an increase in the demand of entry-level and compact vehicles.
