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After a slow start, car sales to consolidate at 4% in FY15
The domestic car sales in India is expected to consolidate at 4 per cent in financial year 2014-15, said 'The Indian Automotive Industry - Expectation survey 2014' published by Paris based international advisory firm Mazars.
As per the Report, the automobile sector would grow double digit in Asia's third largest economy after financial year 2017-18.
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After a slow start, car sales to consolidate at 4% in FY15
The growth numbers will bring some cheer to the auto manufacturing sector, which has been witnessing a downfall in recent times.
According to data available with the Society of Indian Automobile Manufacturers (Siam), for the year 2013-14, car sales fell for the second consecutive year with a drop of 4.65 per cent at 17,86,899 units compared to 18,74,055 units last year.
In the previous year, car sales dropped 6.69 per cent, the first decline in a decade, in the world's sixth largest automobile market.
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After a slow start, car sales to consolidate at 4% in FY15
"The Indian automotive industry is now gearing to grow up to 4 per cent in the four-wheeler segment, including passenger cars, in 2014-15.
It would also be a year of consolidation, wherein two-wheeler segment would grow to 7 per cent.
While there were 500 cars for every 1,000 people in Europe, the ratio was 100 cars in China and below 20 cars in India, " said David Chaudat, partner, head industry sector at Mazars.
The report stated that two wheeler sales in India is expected to grow between 4 per cent to 7 per cent this year during FY15.
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After a slow start, car sales to consolidate at 4% in FY15
The survey covers over 300 automotive companies across various verticals such as suppliers auto components, auto dealers and manufacturers.
Half of the respondents are from the companies with an annual turnover of Rs 200 crore (Rs 2 billion) to Rs 1000 crore (Rs 10 billion) while 27 per cent are from the companies that currently have an turnover in excess of Rs 2000 crore (Rs 20 billion).
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After a slow start, car sales to consolidate at 4% in FY15
The other growth story for the Indian auto manufacturing sector is international expansion. It states that more and more Indian auto makers are considering Africa as potential export market.
"Mazars latest key findings of the survey report 'The Indian Automotive Industry: Expectation Survey 2014' also indicated that auto makers in India were targeting Africa as a potential market for exports.
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After a slow start, car sales to consolidate at 4% in FY15
After the prolonged slumps in sales, green shoots are being seen across the verticals in automobile sector.
Indian auto industry would revert to a double digit growth in the next 4 to 6 years," said Arvind Walia, partner, automotive sector, Mazars India.
According to Siam, during April-March 2013, overall automobile exports registered de-growth of 1.34 per cent compared to the same period last year. Exports of passenger vehicles grew by 9.02 per cent.
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