Car Sales in December: The figures of car sales in December and throughout the year are in front of us. If you look at these figures, it seems that the demand for entry-level cars in the country has reduced a lot.
Hatchback vs SUV: The year 2022 is over. The figures of car sales in December and the whole year are in front of us. If you look at these figures, it seems that the demand for cheap cars in the country has now reduced a lot. Instead, people are liking utility vehicles. India’s top car makers have registered strong growth in sales of utility vehicles in December, while sales of their entry-level cars remained muted.
To increase the sale of cheap cars, the companies also offered huge discounts, but there was no big benefit. Let us tell you that the figures of car sales tell the mood of the customers of the whole country. It has more than 50% contribution in the calculation of economic growth of the country.
The fastest growing segment utility vehicle (UV) saw sales growth of 22.3% in Maruti Suzuki India and 62.2% in Mahindra & Mahindra. According to the Society of Indian Automobile Manufacturers (SIAM), utility vehicles have become more popular among buyers this year. Their sales are almost at par with the production of entry level cars and sedans.
The interesting thing here is that the discount was given more on entry level cars as their demand was weak. Mansi Lal, research analyst at Prabhudas Lilladher, said, “The price hike by auto companies is a big jump for low- to middle-income group buyers.”
People are buying less bikes and scooters
Hero MotoCorp, the world’s largest bike maker, saw a marginal drop in sales, while Bajaj Auto’s two-wheeler sales declined by 22 per cent. Similarly, TVS Motor’s two-wheeler sales also fell by 3.3%. Tractor sales, which indicate demand in the rural economy and the state of farm income, grew by 27.2% at Mahindra and 18.7% at Escorts Kubota.
