Passenger car sales in India could reach new record levels in 20226. October 2022
Passenger car sales in India could be around 250,000 units higher than previous calculations, according to estimates. Industry experts told the Economic Times of India that the current figures are already record highs. The automotive industry cited the improved supply situation for components and thus an increase in production as reasons. In addition, dealers continued to receive many pre-orders for new vehicles in the run-up to the festive season, despite high inflation and rising interest rates on loans. Overall, experts estimate that around 3.65 million passenger cars will be sold in calendar year 2022. This represents an increase of 17 to 20 percent compared to the previous year. Vinkesh Gulati, president of the Automobile Dealers Association, said this year could be the best year yet in terms of sales figures. Previously, 2018 was considered a record-breaking year, with about 3.4 million vehicles sold. Cars and their components must be certified in India according to AIS guidelines.
Although sales dropped to 2.4 million units during the corona pandemic in 2020, the situation has improved significantly since then. Demand, for example, rose far beyond automakers’ production capacities, leading to long waiting times for new vehicles. The global shortage of computer chips, which are also increasingly being installed in vehicles, further exacerbated the supply situation. Nevertheless, sales figures rose to around 3 million units in 2021. What makes automakers optimistic for the current year is the introduction of numerous new models and the good response to them from customers. New models include Suzuki’s Brezza and Grand Vitara, Hyundai Tucson, Tata Punch, and Mahindra & Mahindra’s XUV700 and Scorpio, among others. Currently, pre-orders for new models entering the market total approximately 725,000 vehicles.
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