India Becoming Big Power in Automobile Sector, Manufactured 2.7 Crore Vehicles in Last Financial Year

The automobile industry in the country has grown rapidly in the last few years. India has become the third largest automobile market in the world, leaving Japan behind. Due to the rapid increase in demand in all segments of this market, a large number of vehicles are being manufactured. In the last financial year, approximately 2.7 crore vehicles were manufactured in India.

a media Report It has been told that in the last financial year, the manufacturing of vehicles in the country was about 108 billion dollars. About 2.7 crore vehicles were manufactured in the country and the number of two-wheelers among them was about two crore. In the last financial year, almost the same number of two-wheelers were manufactured in China, the world’s largest vehicle market. The report states that the share of commercial vehicles in the total production of the automobile industry was about 10 lakh units. This was 4 percent of the total volume and about 19 percent in terms of total value.

The passenger vehicle segment is also growing rapidly. The SUV segment contributed more than half of the total value, the report said. The compact sub-segment had a share of about 25 percent and the luxury segment about 13 percent. There is a change in the preferences of customers and they are choosing utility vehicles. For this reason, many automobile companies including the country’s largest car maker Maruti Suzuki are launching new models in the SUV segment. In this report, it has been said about electric vehicles that there is more emphasis on two-wheelers in this segment.

Due to strong demand, retail sales of automobile companies increased by almost 10 percent last month to 20,19,414 units. In the same period last year, this figure was 18,33,421 units. Federation of Automobile Dealers Association (FADA) had said that due to increase in availability of vehicles and new launches, there has been a rapid recovery in demand in the sales of passenger vehicles. Last month, retail sales of two-wheelers increased by nine percent to 14,93,234 units. It was 13,65,924 units in the same month last year. The main reasons behind the increase in sales of two-wheelers were the reduction in FAME given by the central government and increase in demand in rural areas.