The Indian passenger vehicle market has posted 26.7 percent growth after selling 38.8 lakh units in March 2023. In the previous financial year, the numbers stood at 30.7 lakh units. The growth is supported by strong numbers shared by top OEMs and their best-ever sales figures. collective At the same time, the year-on-year growth rate for March 2023 fell to 4.5 percent.
PV segment’s best-ever sales in March 2023 aided the healthy growth. According to reports, the collective OEM dispatches stood at 3.46 lakh units – making it the highest-ever industry dispatch for March yet. Despite that, the year-on-year growth rate for March 2023 fell by 4.5 percent in comparison to the previous year.
Exports are up but fresh bookings decline
Shashank Srivastava, senior executive officer, Marketing and Sales, at Maruti Suzuki India at a discussion pointed out that even though the industry is clocking its highest-ever retail, the fresh booking rate has declined. Addressing Maruti Suzuki, he noted that the percentage came down to 7 percent for the upcoming Fronx and Jimny. Read all about their current bookings and variants HERE.
Maruti Suzuki India sold 1,36,787 units in the domestic market in March 2023 and clocked its highest ever monthly exports of 30,119 units.Srivastava expects the PV industry to register a growth of 5-7% in FY24.
