In January 2023, vehicle sales have seen healthy growth, though the base is still low. According to the SIAM report, the overall domestic vehicle sales stood at 15,31,447 units, as compared to 14,19,354 units sold in January 2022, registering a 7.8 percent growth.
Amongst the total domestic sales numbers, passenger vehicles accounted for 2,98,093 units, registering a YoY growth of 17 percent. For reference, 2,54,287 units were sold in January 2022. Passenger vehicle exports accounted for 55,551 units, registering a growth of 36.2 percent.
Two-wheeler sales also posted growth, with 11,84,379 units being sold in the domestic market and registering a 3.8 percent growth. Two-wheeler exports, however, saw a decline in January 2022, with 2,20,103 units being exported, against 3,74,966 units in January 2022, registering a decline of 41 percent.
Three-wheeler sales stood at 48,903 units in January 2023, as compared to 24,178 units sold in the domestic market in January 2022, witnessing a growth of 102 percent. Three-wheeler exports saw a decline though, as 23,080 units were sold in 2023 against 39,151 units exported last year, registering a decline of 41 percent.
commenting on sales, Vinod Aggarwal, President, SIAM said, “Better consumer sentiments are driving demand for Passenger Vehicles. The three-Wheeler segment has gained traction compared to the past two years, though they are still to reach the pre-Covid levels. The rate of growth of Two-wheelers in the recent year has not kept pace with the growth in the other segments. Positive announcements at the Union Budget should help in continuing with the overall growth momentum.”
Commenting on January 2023 sales data, Rajesh Menon, Director General, SIAM said, “Passenger Vehicles again saw highest ever sales in January and for the first time, it has crossed 3 million sales mark in 10 months, from April to January period. Sales of L5 category three-wheelers more than doubled in January 2023, compared to January 2022, while Two-Wheelers posted a marginal growth of just around 4% in January 2023, compared to January 2022.”
