Passenger vehicle sales in local market reach new heights in 2023

Sales of passenger vehicles in the local market increased in moderate single-digits to 286,390 units last month, taking cumulative volumes for the calendar year over the 4 million mark for the first time in the country.

As per data available with industry body Society of Indian Automobile Manufacturers (SIAM) as many as 4,101,600 cars, sedans and utility vehicles were sold in the domestic market last year, which is an increase of 8.2% over 3,792,444 units sold in 2022. Growth in the market was powered by demand for utility vehicles, which comprised 57.4% of total sales last year.

In December, PV sales inched up by 4% over 275,352 units sold in the same period in 2022. Sales of three-wheelers and two-wheelers grew by 31% (to 50,537 units) and 16% (to 1,211,966 units), respectively.

Automakers in India mostly report wholesale dispatches from factories to dealerships and not retail sales to customers.

Vinod Aggarwal, President, SIAM said, “Year 2023 has been reasonably satisfactory for the automobile sector, as passenger vehicles, commercial vehicles and two-wheelers posted single digit growth, while three- wheelers have made a very good recovery. Various schemes of Government of India that have been operational now, are showing good results, and is also helping the auto industry to seamlessly transform to new powertrain realms.”

Commercial vehicle sales went up by 4.8% to 978,385 units in CY2023. Two-wheeler sales rose 9% to 17,075,160 units in the same period. Agarwal said the automobile industry “is optimistic that the growth momentum would continue in year 2024 as well.”Aggarwal explained there are indications of recovery in rural markets, which is likely to help support demand going ahead. “If you look at the two-wheeler sales data, last quarter volumes grew by 23% compared to 10% for the first nine months of the fiscal year. This indicates the rural economy is going better.” While this bodes well for two-wheeler makers, healthy economic activity, strong replacement demand and robust government spends on infrastructure projects will help lift up sales of commercial vehicles. Last quarter, passenger vehicles sales increased by 8.3% to breach the 1 million mark and close at 1,012,285 units. Sales of commercial vehicles, three-wheelers and two-wheelers went up by 3.5% (to 235,167 units), 35% (to 187,215 units) and 22.6% (to 4,731,164 units), respectively.

Commenting on Q3 sales data, Rajesh Menon, Director General, SIAM said, “In Q3 of FY 2023-24, passenger vehicles grew by 8.3%, commercial vehicles by 3.5%, three-wheelers by 35.2% and two-wheelers by 22.6% compared to last year. Passenger vehicle and three-wheeler segments posted their highest Q3 sales ever, while passenger vehicles even crossed the 4 million mark for the first time, in a calendar year.”

FOLLOW US ON GOOGLE NEWS

Read original article here

Denial of responsibility! Secular Times is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – seculartimes.com. The content will be deleted within 24 hours.

Leave a Comment