Automobile Sales Grow In Double Digits In May 2023: SIAM

The Society of Indian Automobile Manufacturers (SIAM), today announced the sales data for the month of May 2023 as well as the April-May 2023 period. In May 2023, the Indian automobile industry grew by 17.99 per cent, registering domestic cumulative sales of 18,08,686 units as against 15,32,861 units sold in May 2022. The exports, however, were depleted by 21.54 per cent, as it managed to distribute 3,39,132 units in May 2023, as compared to 4,32,227 units in the same period last year.

Vinod Aggarwal, President, SIAM said, “All the segments, viz. Passenger Vehicles, Two-Wheelers, and Three-Wheelers have posted growth in double digits in May 2023, compared to May 2022. We anticipate this trend to continue supported by the prevailing economic environment.”

As for the April-May 2023 period, the Indian automobile industry saw a double-digit increase of 17.06 per cent, as it registered cumulative sales of 34,74,491 units as compared to 29,68,182 units during April-May 2022 period. The exports subsequently declined by 28.08 per cent, recording 6,61,649 units during April–May 2023, as against 9,20,010 units distributed during the same period last year.

In May 2023, the passenger vehicles (PVs) segment recorded overall sales of 3,34,247 units, as compared to 2,94,392 units in May 2022, a growth of 13.54 per cent. The two-wheeler sales during May 2023, grew by 17.42 per cent, registering 14,71,550 units as against 12,53,187 units sold in the same period last year. The 3-Wheeler segment sold 48,732 units in May 2023, as compared to 28,595 units in May 2022, a hike of 70.42 per cent.

Rajesh Menon, Director General, SIAM said, “The sales of passenger vehicles (PVs) in May 2023 have been the highest ever in May, returning a growth of 13.5 per cent, compared to May 2022. The two-wheelers also posted growth of 17.4 per cent in May 2023, compared to last year, but are still lower than 2016–17 levels. The domestic sales of three-wheelers in May 2023 grew by 70.4 per cent compared to May 2022, although on a low base, but are still lower than the 2018-19 levels.”

During the April–May 2023 period, the industry recorded cumulative PV sales growth of 13.9 per cent, registering 5,72,640 units as against 5,02,767 units during the April–May 2022 period. The two-wheeler segment sold 28,10,138 units during the April–May 2023 period, as compared to 24,15,769 in the same period last year, a growth of 16.32 per cent. The three-wheeler segment also grew substantially, as it recorded a growth of 84.74 per cent, as it sold 91,617 units during the April-May 2023 period, as against 49,592 units sold between April-May 2022.