The sluggish Indian passenger vehicle market has started the new fiscal year on a bad note. Despite the low base of April 2013, the passenger vehicle market is estimated to have declined 2-2.5% in April 2014. The overall market was pulled down by strong double digit decline posted by three of the top five passenger vehicle makers — Maruti Suzuki, Mahindra & Mahindra and Tata Motors.
The estimated sales of passenger vehicles in April this year stood at 1.95 lakh units against 2.01 lakh units in the same period last year.
Given the low base, the market was expected to recover, say experts. Several players, faced with an uncertain future, tough macro-economic environment and high interest rates and fuel prices, are witnessing sales numbers of 2009-10. New launches helped the likes of Hyundai, Honda Motor and Ford India to remain in a positive territory for April 2014. Much like the last fiscal, the two-wheeler market was better off than passenger vehicle space. Three of the top five two wheeler makers posted double digit growth in April.
The top two players Hero MotoCorp and Honda Motorcycle & Scooters had a strong showing in April 2014. Strong demand for scooters and sustained offtake of motorcycles in rural areas meant the two wheeler market posted a strong growth in April.
No comments:
Post a Comment