India’s car industry is bouncing back. Yr-on-year (y-o-y) passenger car or truck income in India grew by 23% in February.
Bakar Sadik Agwan, Senior Automotive Consulting Analyst at GlobalData, says that India has ‘overcome the COVID-19 blues’.
Agwan notes that all OEMs, other than Ford and Skoda, witnessed y-o-y increases in their income volumes past thirty day period. He cites optimistic customer sentiment but also the start of aspect-loaded vehicles.
“We are looking at the increased availability of quite a few cost-effective variants across important shopper segments,” he says. “Folks want safer vehicles and we are witnessing an rising inclination toward individual mobility. Mass industry cars these types of as Swift, Baleno, Wagon R, Alto and Dzire were being on the top listing.”
Agwan also notes that SUVs are carrying out nicely, which include the 2020 released Creta and sub-compact Location and Vitara Brezza also produced it to the top 10 listing in February 2021.
Tata with bolstering income of Nexon SUV, Altroz and Tiago hatchback topped the income progress chart with 119% y-o-y boost.
On the other hand, he warns that semiconductor shortages could effects the photo in the coming months.
“Chip shortages marginally impacted the provide for India-sure OEMs and this could have an effect on output for both domestic income and exports about the upcoming number of months,” Agwan says. “In addition, the boost in gas rates will be a element restraining income progress to a specific increase but not sufficient to wash-off the improve created by appealing line-up that is recently or to be released in the place.
“However, launches these types of as Renault Kiger, Swift 2021, Tata Safari, Hector 2021, Citroen C5 Aircross and many others will add sizeable volumes in the approaching months.”