''August saw the momentum continuing as inventory ramp-up for the festive season has begun. With expectations of strong festive season growth as the economy revives, we expect a strong ramp-up in channel inventory for September as well. Also, with the monsoon deficit reducing, sentiment has picked up,'' according to ICICI Securities.
''The volume growth was led by the two-wheeler (2-W) segment, which grew 19% YoY to 1.6 million units. The scooter segment continued to lead the way and outperformed the industry with 31% YoY growth aided by new product launches by Yamaha and TVS as well as capacity expansion from HMSI. The motorcycle segment grew 14% YoY with strong growth coming from market leader HMCL (up 24% YoY),'' it added.
However, HMSI and BAL's performance in the motorcycle segment has been disappointing. The passenger vehicles segment saw sustained growth and grew 7% YoY. Domestic volumes grew 13% YoY while exports de-grew 11% YoY. The overall utility vehicle segment grew 22% YoY. The CV segment is the only one to witness a decline and de-grew 4% YoY. However, the M&HCV segment has seen a recovery and grew 12% YoY for the month. The LCV segment, however, continued to witness pressure and fell 11% YoY.
Two & three wheeler industry:
The domestic two-wheeler industry saw 19% YoY growth to 1.34 million units in August as major OEMs have pushed inventory in the system on expectations of a strong festive season. The scooter segment continued to outperform the industry with growth of 31% YoY while the motorcycle segment witnessed growth of 10% YoY.
The three-wheeler industry at 91,726 units has grown 37% YoY with the domestic segment growing 24% YoY while the export market has seen 60% YoY growth.
Four-wheeler industry:
The overall passenger vehicles segment at 267,000 units has seen an increase of 7% YoY. Domestically, the growth has been 15% YoY with market leaders Maruti, Hyundai growing 30%, 19% YoY, respectively, in the domestic markets. Also, domestically, while the UV segment saw 18% YoY volume growth, the domestic passenger car segment grew 19% YoY. Overall, exports for the PV segment at 53,000 units de-grew 11% YoY with major growth contributed by Volkswagen Vento (6,200 units).
