India vehicle sales surge in May
Passenger vehicle sales surge 20% y/y in India, CV volumes up 43% y/y during May
IHS Markit perspective
- Implications: May sales results have been consistent with the trend witnessed in the first quarter and posted 20% year-on-year (y/y) growth in passenger vehicles to 301,238 units and 43% y/y growth in commercial vehicles to 76,478 units.
- Outlook: For 2018, IHS Markit expects car sales to remain at high levels and witness double-digit growth. According to our data, Indian light-vehicle sales, including passenger vehicles and LCVs, is now projected to grow 10.3% y/y to 4.07 million units in 2018, while medium and heavy commercial vehicle (MHCV) sales will grow by 9.2% y/y to 380,765 units.
Passenger vehicle sales grew 19.7% year on year (y/y) in India during May, according to data released by the Society of Indian Automobile Manufacturers (SIAM). Automakers in the country shipped a total of 301,238 passenger vehicles in the fifth month of calendar year 2018 with robust growth coming from all three segments: cars, utility vehicles, and vans. The largest category of the three segments, cars registered 19.6% y/y growth during the month to 199,479 units, followed by utility vehicles, which saw an increase of 17.5% y/y to 82,086 units. A total of 19,673 vans were sold during the month, up 29.5% y/y. Over the year to date (YTD), passenger vehicle sales were up 9.6% y/y to over 1.46 million units.
Sales of commercial vehicle (CV) witnessed another solid month in May with volumes totalling 76,478 units. This represents growth of 43.1% y/y, led by surge in medium and heavy commercial vehicles (MHCVs) to 30,128 units, up 80.2% y/y. Light commercial vehicles (LCVs) also witnessed significant growth of 26.2% y/y to 46,350 units. CV shipments during the YTD period were up 39% y/y to 431,589 units.
Total industry volume (TIV) during May expanded 23.8% y/y to 377,716 units. In the YTD, automakers shipped a combined 1.89 million passenger PVs and CVs. SIAM's figures represent automakers' dispatches to their dealers, rather than retail sales.
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