The passenger vehicle segment in India achieved an all-time high in sales, reaching 3.34 lakh units in November 2023. This marked a year-on-year growth of 3.7 percent compared to November 2022, when sales stood at 3.22 lakh units, as reported by the Society of Indian Automobile Manufacturers (SIAM). The released data indicates a positive trend in the automotive industry.
Three-wheelers experienced a remarkable growth rate of 30.8 percent compared to the previous year, with November 2023 sales reaching about 59,738 units, nearing the peak observed in November 2017.
Two-wheelers, a pivotal segment in the Indian automobile market, demonstrated impressive sales figures of approximately 16,23,399 units in November 2023. This represented a substantial growth of 31.3 percent compared to the same month in 2022, just slightly below the peak recorded in November 2018.
The SIAM report clarified the absence of data for prominent auto manufacturers such as BMW, Mercedes, JLR, Tata Motors, and Volvo Auto, which were not included in the sales data.
Vinod Aggarwal, President of SIAM, expressed optimism about the industry's positive outlook, attributing the robust growth across all segments during the festival season ending in early November.
Aggarwal said: “All segments of the automobile industry witnessed robust growth during the festival season which ended in the first part of November. For the month, passenger vehicle sales grew moderately and two-wheelers and three-wheelers segments posted high double-digit growth. Commercial vehicle sales matched last year's levels. Supported by strong economic growth, the industry is optimistic about ending the year 2023 on a high note and expects the trend to continue into 2024.”
Rajesh Menon, Director General of SIAM, highlighted the significant achievement in the passenger vehicle segment, achieving record-breaking sales in November 2023.
Menon said: “Passenger vehicles posted the highest ever sales in November 2023 of 3.34 lakh units, albeit with a growth rate of 3.7 percent, in the backdrop of a high base last November. Three-wheelers reported significant growth of 30.8 percent, compared to the previous year, posting sales of about 0.60 lakh units in November 2023, just below the peak of November 2017. Two-wheelers also reported sales of about 16.23 Lakh units with high growth of 31.3 percent, compared to November 2022 and is also slightly below the peak to November 2018.”
The November 2023 sales report highlights the resilience and upward trajectory of India's automotive industry, providing a positive outlook for the coming months. The optimism is fueled by strong economic indicators, and the industry anticipates continued growth in 2024.
(Inputs from ANI)
