Low interest rates along with pent-up demand accelerated domestic passenger vehicle sales in February on both year-on-year and sequential basis.
Accordingly, sales of passenger vehicles increased by 17.92 per cent in February 2021, according to data from the Society of Indian Automobile Manufacturers (SIAM) released on Wednesday.
Overall, a total of around 281,380 passenger vehicles were sold last month compared to over 238,622 units during the same period of 2020.
In January 2021, 276,554 units of passenger vehicles were sold.
The category includes sub-segments of cars, utility vehicles and vans.
A total of 155,128 passenger cars were sold in the domestic market up 4.43 per cent from an off-take of 148,541 units sold during the like period of 2020.
SIAM said that the data does not include sales figures from some key players such as Tata Motors.
In terms of utility vehicles, sales grew by 45.35 per cent to 114,350, whereas vans’ offtake went up by 4.34 per cent to 11,902 units against the same month a year ago.
However, the data revealed that three-wheelers sales went down.
The segment’s off-take declined by 33.82 per cent to 27,331 units from 41,300 units sold in the corresponding month of last year.
In contrast, two-wheeler sales rose 1,426,865 units in February 2021, compared to 1,294,787 units, representing a growth of 10.20 per cent.
Consequently, the overall automobile sales across categories rose 10.21 per cent to 1,735,584 units last month from 1,574,764 units sold during February 2020.