After a marginal positive growth in the month of October, 2019, car sales numbers again saw a negative growth same as the months prior to October. The car sales growth in the month of November, 2019 was at -6.13% as against the same month previous year. Maruti, Hyundai and Mahindra are the top three players in terms of market share.
As against October, 2019, there was a – 7.41 percent decline in the car sales. This prolonged slump in the auto sector has a huge repercussion in the job market. In the auto parts industry itself more than 1 lakh casual workers lost their job between October, 2018 to June, 2019. Maruti had cut production constantly for 9 months till November. Finally they have announced an increase in production.
There has been also an interesting pattern that has emerged in the auto industry in the recent months. The established players like Honda, Mahindra, Tata has witnessed a continuous drop in sales and has lost their market position ( mainly for Honda). In the same time the new players like Renault, Kia and MG has seen a very high growth during the same time.