Last year, around the world the automobile output witnessed a decline. Under such a scenario India auto market registered the fastest pace of expansion among top 10 production hubs.
Last fiscal, globally the automobile production has declined for the first time in a decade, by 1.1% to about 95.6 million units but Indian automotive industry registered a production growth of 8%.
As per data available with OICA (international organization of automobile manufacturers), automobile production (passenger and commercial vehicles) in India increased 8% to 5.2 million units last year. The south American country Brazil was next, expanding by 5.2% to 2.9 million units. Output in China dropped by 4.2% (to 27.8 million units), while production in the US and Japan climbed 1.1% (to 11.3 million units) and 0.4% (to 9.7 million units), respectively.
Production of passenger vehicles in India rose 2.8% to about 4.1 million units. Output of CV registered 34% growth and clocked 1.1 million units.
This growth in production has largely come on the back of strong sales, particularly of commercial vehicles, in the first 8-9 months of the year. If not for the global slowdown, which has hit exports, the growth rate of production in the country would have been even higher.
To be sure, a significant increase in insurance expenses, fuel costs and liquidity tightening after the IL&FS crisis affected demand locally in the second half of the year. Industry insiders are confident, however, that growth will revive in FY20, with customers advancing purchases ahead of the anticipated price increases on account of implementation of BS VI emission standards from April 1, 2020.
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