Car sales at all-time high!

Car-salesWhile the Indian automobile industry is facing a couple of challenges in the form of component shortage and supply constraints, but the fact of the matter is that it is going through one of the its best growth phases in the Indian market.

In fact, the latest figures released by the industry body, Society of Indian Automobile Manufacturers has said that the car sales in the Indian market are at an all-time high. According to the figures released, the car sales hit 160,794 vehicles in August, up 33.2 percent from the year before.

Angel Broking analyst Vaishali Jajoo said that the demand has been rising on a constant basis in the Indian market. Moreover, Jajoo also pointed out that this is even after that the auto majors have passed on the impact to the consumers due to the rising commodity prices. As far as the commercial vehicle segment is concerned, the unit sales totalled 52,030, up 28.1 percent from a year earlier.

It is believed that the boom will prevail for the remaining months as well. In fact, several auto majors are eying more demand from the Indian consumer due to the upcoming festive season.