Passenger vehicle sales in India are poised to cross the 3 million unit milestone this financial year as new models and compact SUVs serve pent up demand from customers with better disposable incomes in both urban and rural areas.
In the first six months of the year, passenger vehicle (PV) segment has already witnessed a growth of 12.34 per cent at 14,94,039 units. In the last financial year, 27,89,678 passenger vehicles were sold in the domestic market.
“The way it has been so far in the current financial, I expect the passenger vehicles segment to touch the 3-million mark. If sales grow as they have grown in the April-September period, then we can see this happen,” SIAM Deputy Director General Sugato Sen said.