Is economy finally reviving? What the jump in 2-wheelers, cars sales shows
A variety of 2-wheelers and car companies have now reported a firm and a hike in their sales in October, 2020. However, we cannot consider this hike in the sales of the 2-wheelers and the passenger vehicle does not essentially indicates the revival in the economy.
Meanwhile, the sales of Maruti Suzuki has hiked by 19% on-year in the month,the sales of Hyundai hiked by 13%.In the same way, the TVS has observed a jump in its sales by 22%.
A handful of the factors behind this sudden hike in the sales of the passenger vehicle are the hiked up demand for the previous several months and also demands for a hike up as the festive season is ongoing, an official said. In the previous year, the festivals had arrived earlier than this year if we compare, which is also said to be one of the reasons for the high auto sales in the month of October this year.
It must be noted that while the passenger vehicles and the 2-wheelers are being preferred by the people due to an increasing and hiking trend of using the personal vehicles as a safety measure against the novel coronavirus, the sales in the commercial vehicles is not being expected to hike in the current fiscal year.