(MENAFNEditorial)
Over H114 passenger car sales fell by 0.5% to 1280699 units according to information on the Focus2Move website. This marks something of a recovery for a new vehicle market which declined by 9.8% across FY13/14 (April-March) to 3134204 units according to figures from the Society of Indian Automobile Manufacturers (SIAM).
Breaking down the sales figures for the April-June period (the first quarter of FY14/15) passenger car sales were up by 1.3% year-on-year (y-o-y) whereas commercial vehicle sales were down by 16.1% y-o-y. Three-wheeler sales were up by 11.64% y-o-y and two-wheeler sales were up by 13.7% boding well for a strong performance from this sector over the full year.
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Looking forward BMI believes the stage is set for a continued recovery in new vehicle sales over the remainder of FY14/15 targeting 3.3% growth to reach 3.24mn sales. First our Country Risk team believes that GDP growth will reaccelerate to 5.6% in FY14/15 up from 4.7% in FY13/14. Thus far business sentiment appears to be on the mend since the election and inauguration of Prime Minister Narendra Modi and his government which leads us to expect activity in sectors such as manufacturing mining and construction to pick up.
However tempering this optimism is the fact that the government may need to start reducing the high level of subsidies on many goods which will weigh on disposable income levels. One opposite risk is that continued high levels of subsidies could place upside pressures on price inflation in the near term and could lead the Reserve Bank of India to tighten interest rates in order to dampen prices and would result in slower growth. Moreover the lack of a cutback in subsidies could impair the country's longer term growth trajectory as these subsidies would hamper resource allocation with growth in subsidised industries coming at the expense of other more productive sectors. Against this mixed backdrop we are targeting growth in private consumption - a...
The India Autos Report features the latest data and forecasts covering production sales imports and exports.
Business Monitor International (BMI)'s India Autos Report provides industry professionals and strategists corporate analysts auto associations government departments and regulatory bodies with independent forecasts and competitive intelligence on the automotives market in India.
Key Benefits
* Benchmark BMI's independent automotives industry forecasts on India to test other views - a key input for successful budgetary and planning in the Indian automotives market.
* Target business opportunities and risks in the Indian automotives sector through our reviews of latest industry trends regulatory changes and major deals projects and investments in India.
* Assess the activities and market position of your competitors partners and clients via our Competitive Landscape Analysis.
Coverage
Executive Summary
Summary of BMI's key industry forecasts and views covering production sales and the introduction of new technology or products.
Global Regional and Country Industry Overviews
In-depth analysis of the major global and regional developments in the market which can be linked with the country industry overview providing cross-country investment product and financing trends that will affect each market supported by BMI’s global and regional industry forecasts.
Business Environment Ratings
BMI's proprietary Autos Business Environment Ratings are a unique country-comparative Risk-Reward Ratings index that separately analyses the risks and rewards of operating in each market. It is aimed at investors (including manufacturers suppliers and dealers) who seek to either identify and compare market opportunities or evaluate country-specific operational challenges.
The ratings methodology makes sophisticated use of over 40 industries economic and demographic data points.
BMI Industry Forecasts
Historic data series and forecasts to end-2017 for all key industry indicators (see list below) supported by explicit assumptions plus analysis of key downside risks to the main forecast including:
Total production value (US$bn); total production of units; production by vehicle-type (including cars commercial vehicles trucks and buses); total sales value (US$bn); sales by vehicle-type including passenger cars and commercial vehicles (vans and microbuses pickups trucks and buses 4 wheel drive); total exports by value (US$bn) and by units; total imports by value (US$bn) and by units; contribution to GDP; employment in industry.
BMI Economic Forecasts
BMI forecasts to end-2017 for all headline macroeconomic indicators including real GDP growth inflation fiscal balance trade balance current account and external debt.
Company Profiles
Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI's industry forecasts our macroeconomic views and our understanding of the wider competitive landscape. The latest financial and operating statistics and key company developments are also incorporated within the company profiles enabling a full evaluation of recent company performance and future growth prospects.
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