According to Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales in India witnessed an increase of 26.7% in FY23, as chip shortages eased and demand for sport utility vehicles (SUVs) surged. On the other hand, wholesale passenger vehicle volumes also increased to 3.9 million units from 3.1 million units a year earlier.
Auto sales are among the key indicators used to assess India’s private consumption, as it has a weighting of more than 50% in calculating economic growth. The growth drivers which supported the sales of the Indian automakers include a mix of improved chip supply, higher incomes, and increased demand especially for sport utility vehicles (SUVs).
In March, 2023, the domestic wholesale of passenger vehicles grew by 4.7% to 292,030 units, as compared to the same month last year. Whereas two-wheeler sales stood at 1,290,553 units in the domestic market in March. Total vehicle wholesales last month stood at 1,637,048 units, as compared to 1,510,534 units a year ago, it added.
The domestic passenger vehicle industry recorded its best-ever performance last fiscal year, thanks to Maruti Suzuki, Hyundai, and Tata Motors, which reported their highest-ever dispatches to dealers.
Maruti Suzuki India reported its highest wholesale in FY23 at 1,966,164 units, registering a jump of 19%. Tata Motors, on the other hand, also reported the best-ever passenger vehicle dispatches in the domestic market in FY23 at 538,640 units.
