'Auto exports poised for higher growth this year'
Deepak Kumar | The Dollar Businesss
Despite the global slowdown, India’s auto exports are likely to gain further momentum as there are favorable reasons to expect wide-scale growth, said experts. “Currently, India’s automobile industry is at a very interesting curve. Last year was great from the point of view of India’s automobile exports. Despite the global slowdown, India’s auto export is expected to scale further,” an industry expert told The Dollar Business. In April-August 2015, India’s automobile exports grew at 8.60%. Commercial vehicle exports recorded the maximum growth at 25.86%, followed by three wheelers at 23.53%, two wheelers at 6.60% and commercial vehicles at 4.92% over the same period last year. In the financial year 2014-2015, overall automobile export registered a growth of 14.89% over the previous fiscal. “Passenger vehicles, commercial vehicles, three wheelers and two wheelers grew by 4.42 percent, 11.33 percent, 15.44 percent and 17.93 percent respectively during April-March 2015 over the same period last year,” Society of Indian Automobile Manufactures (SIAM) said in a statement. The automobile industry grew by 1.84% in April-August 2015 over the same period last year. The industry produced over 9.78 million vehicles of all types, i.e. commercial vehicles, passenger vehicles, three wheelers and two wheelers during April-August 2015 as compared to over 9.60 million units in April-August 2014. The year 2014-15 proved to be a great year for the automobile industry. It produced more than 23.36 million of all types as compared to over 21.50 million units in April-March 2014. The industry recorded a growth of 8.68% over 2013-14. Passenger vehicles segment grew at 6.74% during April-August 2015 as compared to the same period in 2014. It recorded a growth of 3.90% in 2014-15 over 2013-14. The period April-August 2015 remained beneficial for the commercial vehicle segment as it registered a growth of 6.03% over the last year. On a financial year basis, its growth declined by 2.83% in 2014-15 over the previous fiscal. Sales of three wheelers and two wheelers witnessed a slump during April-August 2015 and declined by 9.30% and 0.20% respectively over the same period last year. During 2014-15, however, sales of three wheelers and two wheelers grew at 10.80% and 8.09% over the previous fiscal year.
September 10, 2015 | 5:57pm IST.