In 2016 survey, The famous automobile giants like Maruti Suzuki, Honda and Ford got boost in the domestic market and reached to the strong double-digit growth, while Toyota Motor’s India faced a decline and suffering from losses for couple of years. Maruti Suzuki, Honda and Ford are satisfying customers with their services and by launching innovative techniques in the upcoming models. These companies also have cars in all the ranges, Toyota is comparatively expensive.
Even carmakers predicted that GST will cause a huge impact in the automobile market with the new policies and unstable indirect taxes due to that consumer postponed the sales. The leader in automobile market, Maruti Suzuki, came up with 15% growth as compared to the previous year. The growth has hiked and reached to the 66% jump in sales of utility vehicles.
Talking about the growth, there is one more automobile giant which raised the sales to 13% and the growth in Indian market is much higher as compared to the Hyundai Motors India, which is none other than Honda Cars India. As in line we also have Ford, which also carries a strong growth of 16.6% in domestic sales. Toyota Motor’s India sales fell more than 13% due to the repetitive features in all the models and the price range of these cars are comparatively higher.
Yoichiro Ueno, President and CEO, Honda Cars India Ltd., stated that “The government’s plan for timely roll out of GST & a better monsoon forecast will aid in sales growth in coming months. This might affect the automobile market terribly.”