India’s passenger vehicle sales up by 26.7% , y-o-y , in FY 23

13 Apr 2023 , 02:15 AM

The auto industry body SIAM released its data on Thursday highlighting that India’s passenger vehicle sales jumped 26.7% yoy in FY23 owing to the surged demand for sport utility vehicles. Further, the easing of chip shortages has supported overall growth.

SIAM stated that wholesale passenger vehicle volumes for the current financial year jumped to 3.9 million units as compared to 3.1 million units in the previous corresponding period. 

Auto sales play a vital role in measuring India’s private consumption and are a crucial factor in calculating the country’s economic growth, as they hold a weightage of over 50% in this regard.

Despite rising inflation, pent up-demand, along with higher incomes and the improved chip supply has contributed to better sales for the Indian automakers.

Further, strong buying before the implementation of new fuel emission norms, and robust demand led by festival season accelerated the sales towards the end of this financial year.

According to SIAM, domestic wholesale of passenger vehicles increased by 4.7% in March, reaching 2,92,030 units as opposed to 2,79,525 units in the corresponding period last year. 

In the domestic market, two-wheeler sales amounted to 12,90,553 units in March, compared to 11,98,825 units in the same period of the previous year.

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