India can be the fastest-growing automobiles market
The demand for automobile in India is still on a scorching drive in the wake of car sales reaching a monthly record last month, with customers advancing buys on expectations of a rise in vehicle excise taxes by the federal government.
Sales even made progress in the wake of purchasers shrugging off concerns over rising borrowing expenditures as well as greater vehicle costs in the world's second-fastest progressing major economy.
The local car sales increased by 23 per cent from a last year’s February to 189,008 vehicles, displaying data issued on Wednesday by the Society of Indian Automobile Manufacturers, which is an industry lobby group. The figures showed that it was higher than January's all-time monthly record sales of 184,332 cars.
Sales got a fillip from the bringing in of new small cars and sedans even a few years ago, like the likes of Ford Motor Co.'s Figo, Toyota Motor Corp.'s Etios and also Hyundai Motor Co.'s upgraded i10 models.
India continues to be one of the fastest-growing markets for automobiles in the world due to the easier availability of loans, growing personal incomes of the estimated 350 million middle class population of India, and a slew of new models resuming to draw the attention of new buyers.