The growth momentum in auto-market to continue in 2010
The automobile industry around the world is going through a robust growth phase with receiving high sales figures in the consecutive 5th month of this year. It's May and car sales figures are pouring in from every segment of the cars. Just one year back, the situation was totally opposite, with sales figures of most of car-makers were in red and some of them were even on the verge of bankruptcy.
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However in India, the situation has improved a lot since then, and organizing the Delhi International Auto Show in the starting month of this year, has proved foundation stone for this high growth momentum in the country.
With the easing credit crunch, India and China have emerged as one of the fastest growing auto market in the world. In April 2010, the Auto industry in India has registered the best ever sales figures in the last decade at 39.5%. It is expected that the growth momentum will continue through the whole year with easy availability of finance and new car launches from major car makers. The small car segment was the biggest contributor in this whooping growth with contributing more than 70% of the total sales. In India, Where the country's largest car maker Maruti Suzuki’s domestic sales jumped by 22.12% to 68,668, the Hyundai Motors registered a high sales growth of 28.15% and 28,501.
To capitalize on the high growth potential exists here (in small car segment), many major car makers has recently launched their small cars in India, including Chevrolet Beat (in January 2010), Ford Figo and Volkswagen Polo (in March 2010), New Maruti Wagon R (in April 2010). With this, many new small cars are in the final stage of their launch in India, which includes Nissan Micra (in July 2010) and Toyota Etios (in December).
However, a 2% excise duty increase from the Indian government and the rising input cost have slowed down the growth momentum up to a certain extent, as most of the car-makers has increased the price of their respective vehicles by Rs 5,000 to Rs 1,00,000 lakh.
Read More on : read more on Nissan Micra
