The increase in number of private Vehicles in India is alarming

According to a report by The Times of India (TOI), the Indian automobile industry saw a spike in sales during the holiday season between Onam and Bhai Dooj, setting a record revenue of Rs 1.3 trillion. Companies retailed 1.14 million cars, average around 13,000 per day, propelled by consumer demand. This achievement shows how the auto sector bounced back from difficulties brought on by COVID-19. In the same time frame previous year, the Indian automobile sector brought in Rs 85,700 crore.The Indian automobile industry keeps reaching new heights. This fiscal year, not only are the volumes reaching all-time highs every month, but the average ticket price is also rising.

The market is maturing quickly, and cars are becoming safer and more technologically advanced as a result of the expanding economy, increased disposable income, and younger population. More Indians were able to realise their ambition of having a personal car this year thanks to improved semiconductor supplies.This year’s festival season fueled demand for SUVs, which greatly increased turnover. Maruti Suzuki brought attention to the rising trend of buyers’ preference for SUVs with lots of features. This year’s average cost of these cars was Rs 11.5 lakh, up to Rs 10.5 lakh the previous year.

The automotive industry encountered difficulties because of supply shortages, particularly with regard to semiconductors, even after the Covid-19-related restrictions were abolished in 2021. These limitations resulted from the conflict in Ukraine as well as limitations on some Chinese supply. But now that new supply routes are open to automakers, the sector is rebounding and the supply is normalising, especially for the major players.