Boston, MA -- (SBWire) -- 10/02/2013 --According to the Society of Indian Automobile Manufacturers (SIAM), auto sales for the first three months of FY2013/14 (April-March) contracted by 7.6% year-on-year (y-o-y), to 774,888 units. We expect the headwinds faced by the Indian autos market to persist over the next few months and have consequently revised our total vehicle sales growth forecast for FY2013/14 to 3.1%, from 4.7% previously, to 3.6mn units.
With passenger car sales sliding by 9.0% y-o-y in June 2013, the car market has now marked its eighth straight month of decline. This poor start to FY2013/14 has prompted us to downgrade our FY2013/14 passenger vehicle sales growth forecast to 2.0%, from 4.0% previously.
By end-June 2013, medium and heavy CV sales have now declined for 16 consecutive months. The gloomy auto market has had a pernicious impact on this segment, with CV sales being the hardest hit in the overall auto sector. However, once the market recovers, we expect CV sales to lead the recovery and forecast sales to grow by 7.0% in FY2013/14, to 850,000 units.
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While passenger vehicle and CV sales have been contracting in the past few months, the two-wheeler segment (motorbikes, scooters and mopeds) remains a bright spot in the Indian auto market. Two-wheeler sales for the first two months of FY2013/14 (April-March) grew by about 1% year-on-year (y-o-y), to 2.37mn units.
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