Indian auto market yet to reap excise duty reduction benefits
The industry produced a total 1,811,276 vehicles including passenger vehicles, commercial vehicles, three wheelers and two wheelers in February 2014 as against 1,734,851 in February 2013, registering a growth of 4.41 percent over the same month last year. The growth continues to be on account of growth in two wheelers production.
The sales of Passenger Vehicles declined by (-) 5.91 percent during April-February 2014 over the same period last year. Within the Passenger Vehicles, Passenger Cars, Utility Vehicles and Vans dropped by (-) 4.60 percent, (-) 5.02 percent and (-) 18.30 percent respectively during April-February 2014 compared to the same period last year.
The overall Commercial Vehicles segment registered a de-growth of (-) 19.71 percent in April-February 2014 as compared to the same period last year. Medium & Heavy Commercial Vehicles (M&HCVs) registered negative growth at (-) 25.89 percent and Light Commercial Vehicles also dropped by (-) 16.56 percent.
Three Wheelers sales declined by (-) 11.33 percent in April-February 2014 over the same period last year. Passenger Carriers and Goods Carriers declined by (-) 13.03 percent and (-) 3.49 percent respectively in April-February 2014 over April-February 2013.
Two Wheelers sales registered growth of 6.11 percent during April-February 2014 over April-February 2013. Within the Two Wheelers segment, Scooters and Motorcycles grew at 21.43 percent and 2.88 percent respectively, while Mopeds declined by (-) 9.16 percent in April-February 2014 over April-February 2013.
During April-February 2014, overall automobile exports grew by 6.39 percent. Passenger Vehicles, Three Wheelers and Two Wheelers registered growth at 6.44 percent 16.40 percent and 5.41 percent respectively, while Commercial Vehicles declined by (-) 8.12 percent during April-February 2014 compared to the same period last year.