Passenger vehicle sales rose by 20% in September as against the same month last year, the highest growth recorded by the industry in nearly four-and-a-half years, the Financial Express reported. The spike was largely thanks to record sales by Maruti Suzuki, which has 47% of the market share in the car segment. Maruti’s sales grew by 29% after it sold 1,37,277 cars, according to Business Standard.
The 20% figure was a combination of car and two-wheeler sales. There was a 30% rise in the sale of scooters and 16% rise in the sale of motorcycles. The high numbers came on the back of greater demand during the festive season, when vehicle manufacturers offer a host of lucrative discounts.
Experts predicted high growth in the two segments this year, saying a strong economy, better cash flows and a good monsoon would precipitate the boom. However, commercial vehicles did not fare as well, a cause for concern in the industry, experts said. Auto sales are a strong marker of an economy’s health.