India’s Auto Industry Witnesses Sustained Growth in February Sales
In the month of February, India’s automotive sector continued its upward trajectory, with manufacturers reporting positive sales figures driven by robust demand for two-wheelers and utility vehicles. Tata Motors experienced a notable 19% year-on-year increase in passenger vehicle sales, surpassing January’s 12% growth. Toyota Kirloskar Motor achieved record-breaking sales for the second consecutive month, with a remarkable 61% surge, attributing the success to heightened demand for its sports utility vehicles (SUVs) and multi-utility vehicle models.
Mahindra and Mahindra, a prominent SUV manufacturer, reported a significant 40% rise in SUV sales, contributing to an overall sales increase of 24% in February. The surge in passenger vehicle sales, including sedans and SUVs, has been attributed to high inventory levels and increased discounts, as noted by industry analysts. Additionally, domestic two-wheeler sales experienced a positive trend, supported by rising demand and new product launches. Eicher Motors’ premium motorcycle brand, Royal Enfield, witnessed a 2% uptick in sales, selling 75,935 units compared to the previous year’s 71,544 units.
In the two-wheeler segment, Bajaj Auto reported a substantial 25% increase in total sales for February, reaching 294,684 units. As the leading carmaker in the country, Maruti Suzuki India is yet to release its monthly sales figures. The overall sales performance in February reflects a buoyant market, with expectations of sustained momentum in the coming months, especially with the absence of anticipated price hikes for at least the next three months.
