4.2 million car sales may blast their way to record
India's car industry is on track for a record-breaking year, with sales expected to touch about 4.23 million vehicles, buoyed by a double-digit sales surge this month. The robust performance would cement India's position as the world's third-largest passenger vehicle market, staying ahead of Japan for the second year in a row.
As many as 3.99 million passenger vehicles were registered in Japan in 2023, which reports data on a calendar year basis. China is the largest car market, followed by the US.
Around 375,000-380,000 cars, sedans and utility vehicles are expected to be sold in India in March, up from 336,000 units a year earlier, making it the 15th consecutive month that PV sales have breached previous monthly records. For the first time, sport-utility vehicles are set to capture more than half of the passenger vehicle market in a year underscoring their growing popularity.
«The trends in demand parameters for March as reflected in enquiries and bookings continue to be positive. The expected wholesales in the industry of around 375,000 will be the highest-ever March numbers. This makes it the 15th straight month of highest-ever monthly sales,» Shashank Srivastava, senior executive officer (marketing and sales) at the country's largest carmaker Maruti Suzuki, told ET.
Srivastava added retail sales this month are lagging «a bit probably because of the inauspicious period just before Holi», which has affected demand in some parts of the country. «As a consequence, we do see a slight build-up in dealer
