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Auto sales to touch 5.6 mn units by 2017: SIAM

08 Sep 2011 Evaluate

The Society of Indian Automobile Manufacturers (SIAM) has indicated that the size of the domestic passenger vehicles market is likely to touch 5.6 million units by 2017, despite the market witnessing a slowdown in recent months.

In July, SIAM had lowered its vehicle sales growth forecast for FY12 to 11-13% from the earlier estimate of 12-15% made in April, mainly due to higher interest rates and rising fuel prices. As money and fuel became expensive, the market sentiment was gravely affected and the passenger vehicle segment de-grew 8.9% in July and again by 5.7% in August. SIAM may further lower its growth projection for vehicle sales in the country from the earlier estimate of 11-13%.crackcrack

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