Indian Auto Industry to miss the Growth target for Financial Year 2013, according to SIAM

Indian automotive industry that is already going through a tough time may not be happy with the recent news from the SIAM (Society of Indian Automobile Manufacturers). The Indian auto industry is already struggling with the several factors restricting their growth rates but with the new reports coming out from the SIAM, the 2013 growth target also seems a distant dream.  According to SIAM, that revealed the production data for January on Monday said that the auto sales in the first month of the year has declined by about 12.5 percent and currently stands at 1,73,420 units which is the third drop consecutively and fifth in last six months.

Production

The total data for April to January 2013 show growth of only about 2.76 percent over the last year during the same period. The industry manufactured about 1,840,858 vehicles in January 2013 in compare to 1,703,926 units in January 2012.

Sales

The domestic sale figures grow by about 4.66 percent during the April to January 2013 over the same time last year. While in January 2013, total sales grew by only 5.31 percent over the last year during the same period. Passenger vehicle segment saw a growth of about 6.8 percent. Passenger car saw a declination of about 1.80 percent. Utility vehicle saw a rise of about 56.87 percent and the Vans grew by 2.63 percent as compared to the last year’s data.

Indian Auto Industry to Miss All Growth

Although is January sales are considered passenger car sales further declined by 12.45 percent over last year in January. Total passenger vehicle sales also saw a declination of about 4.62 percent in the month of January 2013 in comparison to the same period during last year.

The total commercial vehicle segment recorded a declination of about 0.37 percent in the April-January 2013 as compared to the last year’s figures. While the medium and heavy vehicles saw a decline in the growth of about 21.37 percent. The light commercial vehicle however saw a growth of about 15.48 percent. In January 2013, Medium and Heavy commercial vehicles sale further declined by 38.96 percent over the January last year. Three-wheeler market saw a growth of about 5.10 percent in April-January 2013, Passenger carriers saw a growth of about 9.07 percent during the same period and goods carrier saw a negative growth of about 10.09 percent during April-January 2013.

2-wheeler recorded a growth rate of about 4.3 percent in the April-January 2013. Scooter, motorcycles and moped saw a growth of about 17.76 percent, 1.43 percent and 2.44 percent respectively over the same time frame last year. However, if we see the January data the scooter, motorcycle and moped saw a growth rate of 12.24 percent, 8.26 percent and 7.45 percent respectively over the last year during the same time period.

Exports

April-January 2013 saw overall decline in the export by 3.01 percent when compared with the same period during last year. Passenger vehicles saw growth rate of about 7.79 percent while the other segments like commercial vehicles, two wheelers and three wheelers saw a negative growth rate of 10.51 percent, 2.43 percent and 18.97 percent respectively. In January 2013, commercial vehicle and passenger vehicle saw a declination of about 46.94 percent and 13.53 percent respectively. While at the same time three wheeler and two wheeler segment saw marginal growth rate of 1.00 percent and 1.26 percent respectively.

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