The sales of automobiles showed an impressive growth across segments in the month of November due to a low base as the year-ago period had witnessed demonetisation of high-value currency notes.
The cumulative vehicle sales across categories registered a rise of 24.05% during November in comparison to the corresponding period last year.
The note ban announced in November affected the industry for several weeks, hitting demand as a significant percentage of purchases in semi-urban and rural areas are made in cash.
As per the statistics from automotive companies and SIAM, the passenger vehicle sales in India rose 14.29% on year to 275,417 units last month, helped by robust demand for utility vehicles as well as discounts. Car sales increased 4.49% to 181,395 units.
With the overall automobile sales, including PVs, commercial vehicles and two-wheelers recording a 9.29% growth during the April-November period this fiscal, SIAM expects the overall industry growth to be around 8-10% during the current financial year.
In the PV segment, Maruti Suzuki India posted a growth of 14.32% at 144,297 units, while rival Hyundai Motor India saw 9.98% growth at 44,008 units.
Mahindra & Mahindra also posted an increase of 21.66% at 15,990 units. Homegrown rival Tata Motors saw a growth of 38.14% at 18,832 units in November this year.
Total two-wheeler sales in November rose 23.49% to 1,535,277 units compared to 1,243,246 units in the year-ago month. Motorcycle sales increased by 23.25% to 959,122 units. Market leader Hero MotoCorp posted domestic sales of 510,749 units as against 414,709 units in the year-ago month, up 23.15%. Rival Bajaj Auto saw its bike sales rise 1.56% to 141,948 units. Honda Motorcycle and Scooter India's sales rose 56.13% to 150,420 units.
In the scooters segment, total sales last month were at 506,267 units, up 30.25%. Segment leader HMSI posted sales of 281,704 units as against 203,076, up 38.71%, while Chennai-based TVS Motor Co had sales of 76,084 units, a 9.06% jump. Hero MotoCorp's scooter sales were at 77,783 units last month as against 53,410, up 45.63% from last year.
Sales of commercial vehicles, which is witnessing a cyclic revival in recent times, witnessed an increase of 50.43% to 68,846 units.