The Indian automotive industry seems to be emerging out of a slumber and on track to meet pre-covid numbers as passenger vehicles have registered record growth crossing 37.92 lakh units sold in the country during 2022.Â
According to the data released by the Society of Indian Automobile Manufacturers (SIAM), a total of 37,92,356 passenger vehicles were sold in India against 30,82,421 passenger vehicles sold in the year 2021.
As per SIAM report, in December 2022, passenger vehicles sales were 2,35,309, while three-wheeler sales were 38,693 units and two-wheeler sales were 10,45,052 units.Â
Vinod Aggarwal, president, SIAM commented that passenger vehicles reported the highest-ever sales of 3.8 million units, which is about 4 lakh units higher than the last peak in 2018. On the other hand, Rajesh Menon, Director General, SIAM said that in Q3 of FY 23, passenger vehicles grew by 23%, compared to last year aided by the festive season returning good sales numbers for all the segments. However, he noted that weakness in rural demand continues, as high food inflation and increased financing cost continues to impact the rural market.”
SUVs/UVs segment market share continues to grow
Mahindra & Mahindra Ltd., has announced that its overall auto sales for December 2022 stood at 56,677 vehicles and the rise is credited to the sales in the SUV and UV segment which has been on an incline. In 2018, the SUV segment contributed to 22.4% of the industry, which increased to 25.6% in 2019. Even during the pandemic in 2020, the segment’s share increased to 29%. For 2021 and 2022, the share has been 38.1% and 41.8% respectively.Â
Maruti Suzuki sold 1,39,347 units in December 2022, reporting a decline of 9.9% over 1,53,149 units sold in December 2021. Although its total domestic PV sales for FY 2022-23 grew to 1,179,292 units from 934,825 units in FY 2021-22.
Segment-wise, Maruti’s sales figures for December 2022 witnessed the UV segment registering the biggest growth aided by Brezza, Ertiga, XL6 and the latest Grand Vitara. The only other segment that reported a rise was vans in which Maruti Suzuki sold 10,581 units of the Eeco in December 2022, as opposed to 9,165 units in December 2021.
