Domestic passenger vehicle sales rise 4% YoY: SIAM

The President of SIAM described 2023 as a "reasonably satisfactory" year for the automobile sector

January 12, 2024

The total production for passenger vehicles, three-wheelers, two-wheelers, and quadricycles in December 2023 stood at 1,896,696 units

Passenger vehicles grew by 8.3%, commercial vehicles by 3.5%, three-wheelers by 35.2%, and two-wheelers by 22.6% compared to the previous year

For the April-December period of 2023, the overall production reached 210,402,248 units across PVs, CVs, two-wheelers, three-wheelers, and quadricycles

Domestic sales for the same period included 3,083,245 passenger vehicle units, 699,507 commercial vehicle units, 526,905 three-wheeler units, and 134,705,570 two-wheeler units

In December 2023, passenger vehicle sales amounted to 286,390 units, as reported by the Society of Indian Automobile Manufacturers (SIAM) in its latest monthly report. However, this figure represents a decrease compared to the November sales, which reached 334,000 units.

The total production for passenger vehicles, three-wheelers, two-wheelers, and quadricycles in December 2023 stood at 1,896,696 units. Notable sales in December included 50,537 three-wheeler units and 1,211,966 two-wheeler units.

For the October-December quarter of 2023, the overall production reached 7,132,689 units. Domestic sales for the quarter included 1,012,285 passenger vehicle units, 235,167 commercial vehicle units, 187,215 three-wheeler units, and 4,731,164 two-wheeler units.

Passenger vehicles grew by 8.3%, commercial vehicles by 3.5%, three-wheelers by 35.2%, and two-wheelers by 22.6% compared to the previous year. The passenger vehicle and three-wheeler segments achieved their highest Q3 sales ever, with passenger vehicles crossing the 4 million mark for the first time in a calendar year.

For the April-December period of 2023, the overall production reached 210,402,248 units across PVs, CVs, two-wheelers, three-wheelers, and quadricycles. Domestic sales for the same period included 3,083,245 passenger vehicle units, 699,507 commercial vehicle units, 526,905 three-wheeler units, and 134,705,570 two-wheeler units.

In the entire calendar year 2023, from January to December, the overall vehicle production reached 271,435,580 units. Domestic sales in the same period included 4,101,600 units of passenger vehicles, 978,385 units of commercial vehicles, 680,550 units of three-wheelers, and 170,751,60 units of two-wheelers.

Vinod Aggarwal, President of SIAM, described 2023 as a “reasonably satisfactory” year for the automobile sector, noting growth in passenger vehicles, commercial vehicles, and two-wheelers, along with a notable recovery for three-wheelers. Aggarwal credited various government schemes as a driving factor for auto sales, expressing industry optimism for continued growth in 2024.

Source: Business Today

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