Domestic vehicle sales are on a steady upmove. SIAM October data indicates that total vehicle sales were up 6.19 percent year-on-year to 1,923,032 vehicles from 1,810,856 units sold last October. However, the numbers are eight percent lower than the September sales tally at 2,093,286 vehicles.
In terms of individual segments, total passenger vehicle sales came in at 291,113 units, up 28 percent YoY from 226,353 PVs sold last October. Within the segment, UVs continue to be amongst the top performers. The SIAM data indicates 1,123,710 UVs were sold this October, up 46 percent from 765,803 units sold last October. Tata Motors and M&M maintain lead in this sector but overall Maruti maintained its pole position as the PV market leader. However, once again, compared to September, the numbers are a tad lower. A told of 307,389 passenger vehicles were sold in September.
Total two-wheeler sales for October came in a tad higher at 1,577,694 units compared to 1,552,689 two-wheelers sold last October. However, this is a 9 percent lower number compared to 1,735,199 units sold in the previous month, i.e. September. Most of the segments were under pressure. What’s interesting in the two-wheeler space is that electric offerings like Ather and Okinawa are also eking steady gains. Ather Energy sales more than trebled compared to last October.
Commenting on October sales, Vinod Aggarwal, President, SIAM said, “Good market sentiments coupled with festive boost, resulted in higher sales in October, especially for passenger vehicles. Higher inflation and rising interest rates have impacted the rural market more, thereby returning marginal growth of the two-wheeler segment. Passenger three-wheelers is seeing better off-take due to increased shared mobility in semi-urban and urban areas.”
Commenting on Industry performance, Rajesh Menon, Director General, SIAM added that “Though the passenger vehicles have reported highest ever domestic sales in April to October period, Sales of two-wheelers in these 7 months of 2022 is still lower than that of 2016, while for three-wheelers it is lower than 2010. Similarly, exports of passenger vehicles continued to grow, while there has been a drop in exports of both two- and three-wheelers.”
