Domestic passenger vehicles wholesales grew over 26% in 2022-23: SIAM

According to SIAM report, the domestic wholesales of passenger vehicles rose 26.7 per cent to over 38.9 lakh units in 2022-23, It was 30,69,523 units for 2021-22.

Domestic sales of passenger vehicles (PVs) grew 4.47 per cent to 2,92,030 units in March 2023, against 2,79,525 units in the previous year’s March, according to the report. According to SIAM, the three-wheelers’ sales were 54,360 units in March 2023 and the two-wheelers were 12,90,553 units in March 2023.

The total production of PVs, commercial vehicles, three-wheelers, two-wheelers, and quadricycle in January – March 2023 was 60,94,960 units, according to the Society of Indian Automobile Manufacturers (SIAM).

It also said the total production of PVs, commercial vehicles, three-wheelers, two-wheelers and quadricycle in April – March 2023 was 2,59,31,867 units.

Vinod Aggarwal, President, SIAM, said, “2022-23 has been a year of consolidation, post-Covid. The year started again with supply chain disruptions from Ukraine conflict. However, with efficient management of supply chains and better availability of commodities especially for the electronics items, prices have moderated over the year, though it remains a concern.”

“Passenger Vehicle segment posted the highest ever domestic sales surpassing the previous peak in 2018-19. Commercial vehicles posted the second highest domestic sales and is close to the previous peak of 2018-19. In spite of good growth in domestic sales in three-wheelers, they are still below the 2010-11 levels and the two-wheelers domestic sales are still below the 2014-15 levels,” Vinod Aggarwal said.”

Rajesh Menon, Director General, SIAM, said, “With growth in overall automobile domestic sales of 20 per cent in 2022-23, the industry recorded highest passenger vehicle sales with an annual growth of 27 per cent. Commercial Vehicles and Three-Wheelers posted growth of 34 per cent and 87 per cent, respectively, driven by higher off-take of passenger carriers.”