Indian Passenger Vehicle and Two-Wheeler Sales Show Growth

Indian Passenger Vehicle and Two-Wheeler Sales Show Growth

VoM News Desk | October 16, 2023 | 02:36 PM IST | Breaking News | Follow on Google News

Indian Passenger Vehicle and Two-Wheeler Sales Show Growth

Indian Passenger Vehicle and Two-Wheeler Sales Show Growth

The Society of Indian Automobile Manufacturers (SIAM) reported an increase in passenger vehicle and two-wheeler sales in India, indicating a positive trend in the automobile sector.

• In September, passenger vehicle wholesales grew by 1.87% year-on-year, reaching 361,717 units, compared to 355,043 units in September 2022.
• In the September quarter, overall passenger vehicle sales rose slightly to 1,074,189 units, up from 1,026,309 units in the same period the previous fiscal year.
• Two-wheeler sales also showed an increase, with 1,749,794 units sold last month, up from 1,735,199 units in the same month the previous year.

• However, total two-wheeler dispatches for the July-September 2023 quarter declined to 4,598,442 units, compared to 4,673,931 units in the year-ago period.

• Total three-wheeler wholesales surged to 74,418 units in September, compared to 50,626 units in September 2022.
• Commercial vehicle dispatches saw growth, with 247,929 units sold, up from 231,991 units in the year-ago period.
• In the September quarter, total three-wheeler wholesales reached 195,215 units, compared to 120,319 units in the same period the previous fiscal year.

Optimism in the Industry

SIAM President Vinod Aggarwal expressed optimism about the industry’s performance in the second quarter of 2023-24. He noted that passenger vehicles, three-wheelers, and commercial vehicles continued to experience growth, while two-wheeler wholesale numbers had a marginal decline compared to the previous year. As the festival season approached, the industry remained optimistic about posting strong numbers in the third quarter.

Aggarwal attributed this growth to the overall economic development of the country, which has been facilitated by favorable government policies. The growth in the automobile sector reflects the broader economic progress of India.

VoM News Desk

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