Passenger Vehicle Records Highest-ever Quarterly Sales: SIAM Passenger vehicle sales rose to 10.74 lakh in the July to September quarter from 10.26 lakh in the corresponding quarter of the previous fiscal
By Entrepreneur Staff •
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Passenger vehicle wholesalers in India rose to its highest in any quarter in the July-September period standing at 10,74,189 units, up 4.7 per cent from 10,26,309 units in the same period of 2022-23. The growth is attributed to robust demand for utility vehicles, industry body SIAM said.
On a monthly basis, total passenger vehicle sales rose to 3.61 lakh in September as against 3.55 lakh in the same period in 2022.
Commenting on sales data of Q2 for 2023-24, Vinod Aggarwal, President, SIAM said, "Passenger vehicle, three wheelers and commercial vehicle segments continue to witness growth in Q2 of 2023-24, although two wheelers wholesales numbers have posted a marginal de-growth, compared to Q2 of last year, the retails have been encouraging. As we get into the festival season, all segments of the Industry are optimistic and look towards posting good numbers in Q3 as well. This growth in the automobile sectors can be attributed to the all-round economic growth of the country, which is also enabled through the conducive government policies."
Among segments, three-wheelers have recorded the highest-ever sales at 1.95 lakh during the quarter under review, surpassing the 2018-19 level, SIAM pointed out. Two-wheeler sales on the other hand have slipped below 2016-17 levels to 45.98 lakh in the September quarter.
Rajesh Menon, Director General, SIAM, said, "Passenger vehicles have posted a growth of 4.7 per cent and three wheelers have posted a growth of 62.2 per cent, compared to Q2 of last year. The passenger vehicle segment crossed 2 million units sales for the first time, in the first half of the current financial year. Commercial Vehicles also posted a decent growth of 6.9 per cent in this Quarter, compared to Q2 of last financial year, driven by good growth in medium and heavy commercial vehicles. Two-wheelers segment has declined by (-)1.6 per cent in this Quarter, as compared to last year."
