The Indian vehicle market expanded by 23.7% to 1,847,580 units in the financial year ending in March 2007, according to data released by the Society of Automobile Manufacturer s (SIAM). The country's economy expanded by more than 9% during this period - way above historical averages and fuelled by uncharacteristically low interest rates and strong growth in manufacturing and service sectors. But a series of interest rate hikes over the last year are beginning to have an affect on vehicle sales.