India's passenger car sales likely up 41% YoY this August
What's the story
India's automotive industry likely witnessed a surge in wholesale volumes for August, driven by strong demand. According to Nomura estimates, the overall passenger vehicle (PV) wholesale volumes possibly grew by an impressive 41% year-on-year (YoY). Two-wheeler volumes are also expected to witness a growth of 11%. Medium and heavy commercial vehicles (M&HCVs) are projected to see a 25% increase in sales during this period.
EV growth
Significant growth in EV division
The electric vehicle (EV) segment is also expected to witness significant growth, with electric two-wheeler (e2W) sales likely to increase by a whopping 57%.
The penetration of EVs in passenger vehicles is now expected to exceed 7%, while in two-wheelers it will be 10%.
This marks a major milestone for India's transition toward sustainable transportation solutions.
Market leaders
TVS Motor Company to lead 2-wheelers
TVS Motor Company is expected to lead the two-wheeler segment with a whopping 28% YoY increase in sales.
The company's sales are likely to jump to 6.53 lakh units from 5.10 lakh units last year.
Bajaj Auto's sales are also expected to rise by 17%, while Royal Enfield and Hero MotoCorp are likely to see their respective sales grow by 10% and 7%.
PV surge
Tata Motors to top passenger vehicle segment
Tata Motors is expected to lead the passenger vehicle segment with a whopping 62% rise in sales.
The company's sales are likely to jump to 0.70 lakh units from 0.43 lakh units last year.
Mahindra & Mahindra (M&M) is also likely to see a 40% increase in auto sales, while Maruti Suzuki and Hyundai are expected to witness respective increases of 36% and 16%.
CV growth
Ashok Leyland to see sales increase in commercial vehicle segment
In the commercial vehicle segment, Ashok Leyland and Tata Motors are expected to see their respective sales increase by 31% and 30%.
M&M's tractor sales are also likely to grow by 6% during this period.
These numbers indicate a strong demand for commercial vehicles in August, further bolstering India's automotive industry.