Commercial Car Industry To Grow At Over 30% Next Fiscal: Tata Motors
Tata Motors launches light commercial trucks, hope to cash in on economy picking up
PTI 11 March 2021 PTI PTI 2021-03-11T14:49:55+05:30 Commercial Car Industry To Grow At Over 30% Next Fiscal: Tata Motors outlookindia.com 2021-03-11T15:04:51+05:30
Auto major Tata Motors expects the commercial vehicles industry to grow over 30 per cent in the next fiscal on the back of cyclical demand uptick and overall recovery of economic activity, according to a top company official.
The company, which on Thursday launched its latest range of intermediate and light commercial trucks (I&LCV) - the Ultra Sleek T-Series with price starting from Rs 13.99 lakh (ex-showroom Delhi), is also seeking to cash in on the return of demand and enhance its market share in the segment.
Passenger Vehicle Sales Drop Nearly 18 Per Cent In 2020 Calendar Year
Passenger Vehicle Sales Drop Nearly 18 Per Cent In 2020 Calendar Year
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Highlights
Two-wheeler sales registered a drop of 23.15% with 14,268,430 units sold
The CV sector remains one of the worst hit with a nearly 41% decline
The year 2020 was extremely challenging for the automobile sector, and we now have a clear picture of what it looked like as passenger vehicle sales dropped by 17.85 per cent year-on-year. According to the data shared by the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales stood at 24,33,464 units between January-December 2020, as against 29,62,115 units sold during the same period in 2019. The near 18 per cent decline has been recorded by the sector for the second consecutive year since PV sales were down in 2019 as well due to a struggling economy and low buying sentiment.
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CHENNAI: Two consecutive years of low sales, first due to an economic slowdown and then the pandemic, has created a ‘winner takes it all’ situation in the car and SUV market. The top 20 models sold between April and November comprise 74.1% of all passenger vehicle sales in India, up from 70% in 2015-16 and 69% in 2016-17.
In 2017-18, the top 20 passenger vehicles commanded 69.4% of the market, which increased to 72% in 2018-19 and hit 73% in 2019-20.
“When consumption is under pressure, customers tend to experiment less and go with established brands and models, which explains this phenomenon,” said Maruti Suzuki executive director Shashank Srivastava.