<p>Buoyed by the robust performance, Society of Indian Automobile Manufacturers (SIAM) forecast 10-14 per cent growth for the industry during 2010-11. According to SIAM data, total vehicles sales in India in the last fiscal was at 1,22,92,770 units compared to 97,24,243 units in the previous financial year.<br /><br />The strong sales have made India the second fastest growing market after China that had a 42 per cent growth last year followed by Germany with 23 per cent even as many other markets in the world witnessed a negative growth.<br /><br />Sales in the domestic market were driven mainly by the car and the two-wheeler segment that posted 25.10 per cent and 26 per cent increase respectively. In 2009-10, domestic passenger car sales rose by 25.10 per cent to 15,26,787 units from 12,20,475 units in the same period last year.<br /><br />Motorcycle sales were up by 25.88 per cent at 73,41,139 units against 58,31,953 units in 2008-09, SIAM said. Total two-wheeler sales in FY’10 also increased by 26 per cent at 93,71,231 units compared to 74,37,619 units in FY’09.The sale of commercial vehicles in 2008-09 increased by 38.31 per cent to 5,31,395 units from 3,84,194 units for the previous fiscal, SIAM said.<br /><br />On the outlook for the current fiscal, SIAM said Indian manufacturers are concerned about the withdrawal of the scrappage incentive scheme in the Europe.<br /><br />Overseas presence<br />Meanwhile, Indian carmakers were able to expand their overseas presence with exports from the country registering a robust 33.23 per cent growth in 2009-10.<br />Passenger car exports touched 4,41,710 units against 3,31,535 units in the previous fiscal. Overall vehicle exports from India grew by 17.90 per cent at 18,04,619 units in the last financial year, while the same stood at 15,30,594 units in 2008-09, SIAM said.<br />The increase in exports was driven by demand for small cars in the European nations, which offered incentives to customers for buying new cars in exchange of their old ones under a scrappage incentive programme, SIAM President Pawan Goenka told reporters here. On the outlook for the current fiscal, SIAM said Indian manufacturers are concerned about the withdrawal of the scrappage incentive scheme in the Europe.</p>
<p>Buoyed by the robust performance, Society of Indian Automobile Manufacturers (SIAM) forecast 10-14 per cent growth for the industry during 2010-11. According to SIAM data, total vehicles sales in India in the last fiscal was at 1,22,92,770 units compared to 97,24,243 units in the previous financial year.<br /><br />The strong sales have made India the second fastest growing market after China that had a 42 per cent growth last year followed by Germany with 23 per cent even as many other markets in the world witnessed a negative growth.<br /><br />Sales in the domestic market were driven mainly by the car and the two-wheeler segment that posted 25.10 per cent and 26 per cent increase respectively. In 2009-10, domestic passenger car sales rose by 25.10 per cent to 15,26,787 units from 12,20,475 units in the same period last year.<br /><br />Motorcycle sales were up by 25.88 per cent at 73,41,139 units against 58,31,953 units in 2008-09, SIAM said. Total two-wheeler sales in FY’10 also increased by 26 per cent at 93,71,231 units compared to 74,37,619 units in FY’09.The sale of commercial vehicles in 2008-09 increased by 38.31 per cent to 5,31,395 units from 3,84,194 units for the previous fiscal, SIAM said.<br /><br />On the outlook for the current fiscal, SIAM said Indian manufacturers are concerned about the withdrawal of the scrappage incentive scheme in the Europe.<br /><br />Overseas presence<br />Meanwhile, Indian carmakers were able to expand their overseas presence with exports from the country registering a robust 33.23 per cent growth in 2009-10.<br />Passenger car exports touched 4,41,710 units against 3,31,535 units in the previous fiscal. Overall vehicle exports from India grew by 17.90 per cent at 18,04,619 units in the last financial year, while the same stood at 15,30,594 units in 2008-09, SIAM said.<br />The increase in exports was driven by demand for small cars in the European nations, which offered incentives to customers for buying new cars in exchange of their old ones under a scrappage incentive programme, SIAM President Pawan Goenka told reporters here. On the outlook for the current fiscal, SIAM said Indian manufacturers are concerned about the withdrawal of the scrappage incentive scheme in the Europe.</p>