Car sales record increase of 84% in October.

• Accordiing to SIAM the car sales soared 84% in October mainly on account of festive season and cheaper loans. This was the greatest increase in the last 3 years.  The sale of passenger cars in the domestic market was 1.32 lakh units in october this year as compared to 99052 units in the same month last year, showing the biggest increase in percentage since February 2007 when it jumped 46.5%. This October was the nineth month of growth following an increase of 21% in September, 26% in August and 31% in July.
• In the passenger car segment, the growth was led by the top 3 car manufacturers Maruti, Hyundai and Tata. Even the other car makers like Honda Siel, GM, Fiat and Ford reported that the demand for cars in the market is on the rise. In the utility vehicles sector Mahindra & Mahindra continued its strong performance with sales growth of 39%. 
• The boost in the car sales in the Indian markets at a time when very few global markets have shown double digit growth can be attributed to entry of new models in the small car segment, softer loans by financial institutions and measures bruoght by the government to boost the industry.
• In the two wheeler sector notor cycle sales also had a 14% rise with 6.1lakh units in October this year as compared to 5.4 lakh units in the same month last year with all major manufacturers Hero Honda, Bajaj and TVS reporting gains.
• Scooter sales were down by 13% as the major player HIMSI had to face strikes at its Manesar factory and had almost brought down its production by 50%.
• The commercial vehicle sector which was the worst hit during the slow down have shown a remarkable growth of 52% with sale of 42562 units in October this year as against 28019 units in the same month during last year. Interestingly the growth was in the meduum cum heavy duty vehicle segment indicating the revival of industrial growth.