''September saw strong growth momentum continuing with festive season dispatches on full throttle. As macro headwinds like inflation and low growth recede, the festive season is likely to be a strong one over previous year. With the major festive season falling in October this year vis-à-vis November last year, YoY growth numbers are not strictly comparable,'' according to ICICI Securities.
''Overall, volume growth was led by the two-wheeler (2-W) segment, which grew 24% YoY to 1.8 million units. The scooter segment continued to lead the way and outperformed the industry with 42% YoY growth as HMSI's new capacity ramps-up fully. The motorcycle segment grew 19% YoY with strong growth coming from market leader HMCL (up 28% YoY). The passenger vehicles segment growth has slowed done compared to last month and grew 1% YoY, with growth coming mainly from the UV segment, which grew 27% YoY. The CV segment has also grown 9% YoY with bulk of the growth contributed by the M&HCV segment (up 22% YoY) while the LCV segment has managed to show positive growth after 17 months and grew 3% YoY on account of a slight pickup in demand and also low base),'' it added.
The domestic two-wheeler industry saw 24% YoY growth to 1.6 million units in September as festive season momentum has led to a cheer for major OEMs. The scooter segment continued to outperform the industry with growth of 42% YoY while the motorcycle segment witnessed growth of 19% YoY.
The overall passenger vehicles segment at 281,000 units has seen an increase of 1% YoY. Domestically, the growth has been 3% YoY with market leaders Maruti, Hyundai growing 10%, 15% YoY, respectively, in the domestic markets. Also, domestically, while the UV segment saw 25% YoY volume growth, the domestic passenger car segment was largely flattish on a YoY basis. Overall, exports for the PV segment at 57,600 units de-grew 5% YoY with major growth contributed by Nissan Sunny (7000 units), it said.