With passenger vehicle (PV) sales crossing the 3-million mark in calendar 2017 on robust demand for utility vehicles, which is a five-year high, SIAM on Thursday revised its projections for fiscal 2018 across segments. PV sales, which were earlier projected to grow 7-9% during the fiscal, are now expected to grow at the higher end of 9%, the industry body said. Similarly, for commercial vehicles (CVs), growth has been revised upwards to 13% from an earlier estimate of 4-6%, while for two-wheelers it has been pegged at 12% against a previous forecast of 9-11%.
In terms of growth rate, PV sales in CY2017 was the fastest since 2012 when it rose 9.77%. Vehicle sales across categories, including CVs and two-wheelers, grew 8.39% to 2,37,39,780 units in 2017 compared with 2,19,01,703 units in 2016.
In December, PV sales rose 5.22% to 2,39,712 units. Domestic car sales, however, declined a tad to 1,58,326 units against 1,58,617 units in December 2016.