Slowdown in car sales, this year has forced many large automobile industries to take a step back. It is not at all any kind of assumption but the implication of the August sales report 2019. Though high flying cars have been launched in the first half of this year, still the diminishing rate could not be handled.
- Worst performance of car sales in the past two decades
- 36% decline in the overall car sales in 2019
- Offers, discounts were of no help
- Companies losing the car sales share include
Automobile industries that are suffering considerable losses in the first nine-month include promising names like
- Maruti Suzuki with a decline rate of 32.7%
- Hyundai Motor India lost 16.58%
- Mahindra and Mahindra fell back with 25%
- Honda Cars India setback with 51.28%
- Tata Motors suffered 79%
The reason behind the slowdown in car sales
- Despite the entrants like XUV 300 and Venue, the automobile sector failed to lure the passengers all over the nation. The reason behind such a steep decline is because of extreme ownership costs, national calamities in the prominent parts of the country and the prominent one is the dawdling economy.
- Comparing current year report with that of December 2000, the country’s automobile sector has encountered a loss of 35%. It has resulted in the closure of many automobile factories for many days including Tata Motors. Along with cars, the decline has been seen in motorcycles and other vehicles as well in this year.
- The phasing out of cars from the market and the GST rates are expected reasons for the auto crisis in this year. Companies like Maruti have seen reducing the sports utility vehicles like Vitara Brezza due to low demand.
What do Auto Experts say?
As per the statements of Automotive Skill Development Council’s President Nikunj Sanghvi – the customer of today is willing to invest in the vehicle, but the high-flying rates are forcing him to wait a bit more.
On the other hand, economic slowdown and demonetization, both these factors are termed responsible for auto sale reduction by Avanteum Advisor, V.G. Ramakrishnan. Even the high technology and new classy features could not lure the customers for purchasing cars.
The slowdown in car sales was in the picture from last year, and the weak demand from the customers could not help out the industries to pass the tough time. Measures are being taken to bring positive results with replacing diesel engines and raising competition bar. Also, the arrival of festivals might bring some good news and numbers in the next sales report.
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