Car sales in India rose by 33.24 per cent in August compared to the same period last year, hitting a record high in terms of monthly sales as the economy continues to boom. Domestic passenger car sales rose to 1,60,794 units compared to 1,20,681 units in the same month last year, according to the figures released by the Society of Indian Automobile Manufacturers (SIAM) on Wednesday.
Motorcycle sales in the country during the month grew by 19.04 per cent to 7,27,542 units from 6,11,168 units in the same month last year, while total two-wheeler sales in August increased 23.24 per cent to 9,57,304 units from 7,76,772 units in August 2009. Sales of commercial vehicles jumped by 28.12 per cent to 52,030 units from 40,609 units in the year-ago period, SIAM said.
Total sales of vehicles across categories registered a growth of 25.24 per cent to 12,63,293 units in August as against 10,08,712 units in the same month last year, it added.
Demand in India, one of the fastest growing automobile markets in the world, is expected to peak ahead of the festive season in early November, but is expected to moderate in subsequent months.
The automobile sector in India grew 35 per cent on average in the first four months of the current fiscal year, earlier data from SIAM showed. The blistering pace of growth is unsustainable, analysts have cautioned, with a possible rise in interest rates and supply bottlenecks being potential dampeners.
Still, auto sales are likely to rise further as Asia's third-largest economy is expected to grow 8.5 per cent this fiscal year.