Seeking to tap a higher market share during the festival period, auto manufacturers are rolling out several offers for consumers in India.
India's auto sector is taking advantage of the Diwali festival to boost its customer base, after seeing months of gloom in the market. Spurred by higher consumer spending this season, both global and indigenous auto brands have lined up a slew of great offers.
Keeping in mind the increasing demand for diesel cars in the country, car makers are seeking to launch several diesel-based vehicles in the coming months.
Even though market players are cautious about future sales of cars in the country, the auto market had reason to cheer during October. The Society of Indian Automobile Manufacturers (SIAM) said that the car sales in India rose 23 percent in October - the highest growth sales in the past two years. Leading players like Maruti Suzuki, Mahindra & Mahindra, Hyundai, Audi and Toyota Kirloskar are enjoying this spur in the market.
"There is some cheer, but the struggle is still on," said Vishnu Mathur, director-general of SIAM, as quoted by the Reuters."Next month will be quite critical for us. We'll have to see whether this growth is continuing or it is coming down," he added.
The hike in fuel prices and high interest rates weaned consumers away from buying. After witnessing a sharp drop in sales, carmakers are eyeing potential sales during the festival season, which is considered to be an auspicious time for making purchases.
Apart from price cuts and discounts, car makers have snapped up freebies, offers on accessories, loyalty exchange bonus and free insurance for consumers.