Passenger vehicle sales reach all-time high in Nov, says Siam

 Pune: Total domestic Indian automobile wholesales, dispatches from factory gates to dealers clocked a robust growth in November on a year-on-year basis, led by festival season sales.

The passenger vehicle sales achieved its highest-ever mark in November reaching 3.34 lakh units, a growth of 4 per cent. The industry had sold 3.22 lakh units in the same month a year ago, Society of Indian Automobile Manufacturers or Siam said on Tuesday.

Three-wheeler wholesale dispatches rose by 31 per cent year-on-year to 59,738 units last month as compared with 45,664 units in November 2022.

Similarly, two-wheelers, a crucial segment in the Indian automobile market, jumped 31.3 per cent year-on-year to 16,23,399 units last month. Significantly, the segment's performance was only slightly below the peak recorded in November 2018.

While motorcycle sales grew by 36 per cent year-on-year to 10,70,798 units (against 7,88,893 units), scooter sales grew by 23.29 per cent year-on-year to 5,09,119 units (against 4,12,924 units), during the month.

“All segments of the automobile industry witnessed robust growth during the festival season which ended in the first part of November. For the month, passenger vehicles sales grew moderately and two-wheelers and three-wheelers segments posted high double-digit growth. The commercial vehicles sales matched last year’s levels,” said Vinod Aggarwal, President at SIAM said.

He said supported by strong economic growth, the auto industry is optimistic in ending the year 2023 on a high note and expects the trend to continue into 2024.