The official July sales data from SIAM or the Society of Indian Automobile Manufacturers indicates a marginal recovery in demand. Total vehicle sales are up 10.61 percent to 1,706,545 units compared to 1,542,716 vehicles sold in July 2021.
The trend in the two-wheeler sector is particularly encouraging. While total two-wheeler sales increased close to 10 percent at 1,381,303 in July compared to 1,260,140 units sold in July 2021,the highlight was the rising sales numbers in the entry level segment. Bajaj and Hero MotoCorp among top sellers in that space with Bajaj Auto clocking a 69 percent growth in July sales on a year-on-year basis. Timely monsoon, MSP for farmers seems to be helping in reviving demand in rural India.
Total passenger vehicle sales reflected the overall sales trend at 293,865 units, up 11.12 percent from 264,442 vehicles sold in July 2021. Maruti is the top seller with 142,850 units followed by Hyundai. What’s particularly striking is the UV sales trend within the PV segment. Total UV sales came in at 137,104 vehicles, up 10.51% from 124,057 UVs sold in July 2021, up 10.51%
Mahindra and Hyundai are among the top performers here. Within the Uvs also, there is brisk demand for vehicles in the sub-4 metre segment led by Maruti Suzuki and Tata Motors followed closely by Kia and Honda.
In the three-wheeler space, there is a 72 percent increase year-on-year in July sales numbers at 31,324 compared to 18,132 vehicles sold last July. What’s particularly striking is the growing share of electric vehicles, especially in the goods carrying segment and the last-mille connectivity space. From 366 e-rickshaws plying in last July, it has now increased to 1,814 vehicles this July. Though the base is still small, the expectation is that this segment along with electric two-wheelers will spearhead the EV adoption trends in the country.