July 2015 was a good month for the automobile industry in India. The industry witnessed a 17.47 percent growth in sale of cars in the Indian market, which makes it the second highest growth figure in the last three months. The month of April had witnessed the highest growth figures of 18.14 percent till now in this fiscal.
Coming to hard numbers, 1.62 lakh cars were sold in India in July 2015 compared to 1.38 lakh cars sold during the same period last year. The growth of July marks high growth for the Indian automobile industry for nine months in a row. According to Society of Indian Automobile Manufacturers (SIAM), both the passenger and heavy commercial vehicle segment have witnessed growth in recent times. While the passenger vehicle sales have seen growth of 7.46 percent, heavy and commercial vehicle segment have witnessed a growth rate of whopping 25 percent.
But on the down side, sale of light commercial vehicles (LCV) as well two-wheelers have fallen. That is primarily because of their reduced demand in the rural areas since these two segments primarily depend on the rural markets for their sales. But industry watchers are hopeful since the festive season is almost upon us and these two segments may also see jump in sales in the coming times.