SUVs continue to power PV growth; August sales up 12%

The Indian automotive industry is steadily growing its stature as one of the most promising growth countries, in fact, time and again the industry is posting new records indicating a strong recovery.

In fact, for August the passenger vehicle segment with 359,228 units, up 9 percent, and three-wheelers with 64,763 units, up 69 percent, was the best-ever performance for the segments for the very month.

In the passenger vehicle segment, SUVs continue to see robust demand with a growth of 34 percent, while passenger cars and vans saw a decline of 10 percent and 3 percent respectively. In the two-wheeler segment scooters reported 9 percent growth, while motorcycles declined by 4 percent.

Vinod Aggarwal, President, SIAM said, “Last month saw the highest ever August month sales for passenger vehicles and three-wheelers, while two-wheeler sales remained at levels similar to a year ago. We have also observed good growth in commercial vehicle segment in August 2023. Based on the performance of last month, we are even more optimistic for demand to pick-up during the festive season, enabled by positive economic outlook and the revival of monsoon after a deficit in August.”