India’s wholesale passenger vehicle sales volume grew 17.2% in January, thanks to the strong demand for utility vehicles (UV) and good consumer sentiment, said the Society of Indian Automobile Manufacturers (SIAM) on Monday.
SIAM also reported that wholesale passenger vehicle volumes reached a new high in January, rising to 298,093 units from 254,287 units the previous year.
The Federation of Automobile Dealers Associations (FADA) published the retail sales data at the beginning of the month, showing that passenger vehicle sales grew 22% in January.
The sales numbers are highly watched as they are an important indicator to assess private consumption. It has more than 50% weighted in calculating the economic growth of India.
Recently, the sales of popular and pricier UVs rose nearly 28% and were higher than passenger cars that included entry-level and sedan cars.
Vinod Aggarwal, the president of SIAM, said that better consumer sentiment is pushing the demand for passenger vehicles.
