Moneycontrol
HomeNewsBusinessIndia utility vehicle sales sustain growth in January
Trending Topics

India utility vehicle sales sustain growth in January

Auto sales numbers are among the key indicators to estimate private consumption, which bears more than 50% weightage in assessing the country's economic growth.

February 03, 2023 / 12:53 IST
Story continues below Advertisement

India's top automakers in January reported a double-digit rise in sales of commercial vehicles and utility vehicles, while demand for entry-level cars remained muted.

Auto sales numbers are among the key indicators to estimate private consumption, which bears more than 50% weightage in assessing the country's economic growth.

Story continues below Advertisement

Utility vehicles (UV), among the fastest-growing segments, saw an almost 33% jump in sales at top carmaker Maruti Suzuki India and 66% at rival Mahindra and Mahindra.

UVs have grown popular over the last few years as compact vehicles – which were affordable before the COVID-19 pandemic – got more expensive due to chip shortages and input cost inflation. Margins are also higher for the larger and pricier UVs.