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We are a nation of 1.1 billion where only seven in 1000 people own cars. The Indian economy has clocked an average annual growth rate of 8.6 % consistently since 2003. Such phenomenal growth has driven up wages, thereby making autos more affordable. The country’s annual passenger-car sales more than doubled in the past five years to 1.076 million through March 31, according to the Society of Indian Automobile Manufacturers. That total may triple to 3 million by 2015, the government estimates.
India is all set to become the fastest growing car sales market in the world and its the small cars which are seen pushing up the sales. The Government on its part is helping their cause as cars of less than 4 metres in length enjoy tax breaks. Its no surprise then that they made up nearly 71 percent of the 675,499 cars sold between April and October this year.
Car sales figures released by Auto majors for November 2007 vindicate this trend. Car market leader Maruti Suzuki totted up its highest ever domestic sales of 65,216 vehicles this November and its tally is up by 26.6% over last year figures for the same month. Do I need to tell you which was the largest selling car from Maruti’s stable? The answer is obvious, its the Alto, which recorded its highest ever domestic sales of 22,784 vehicles.
Even the country’s largest passenger car exporter Hyundai Motor India Ltd said its sales, including exports, rose by 16.1 pct to 28,944 units riding on its successful debutante, the i10, which is yet another offering in the small cars segment. According to the company, since its launch in end-October, the i10 has sold over 10,000 units. General Motors India also maintained its growth curve by clocking a whopping 110% increase in sales at 5,356 units in November 2007 against 2,554 units in the same month last year. 1426 units out of the total have been the small car Chevrolet Spark and 1670 units of Chevrolet Aveo and Aveo U-VA.