Domestic vehicle sales up 7.8% in Jan 2023: SIAM

New Delhi, Feb 14 (KNN) The overall domestic vehicle sales in January 2023 stood at 15, 31,447 units registering a growth of 7.8 percent as compared to same period last year, according to a report by Society of Indian Automobile Manufacturers (SIAM).

The vehicle sales had stood at 14, 19,354 units in January 2022.

The SIAM report pointed out that amongst the total domestic sales numbers, passenger vehicles accounted for 2, 98,093 units, registering a YoY growth of 17 percent.

Two-wheeler sales also witnessed a growth, with 11, 84,379 units being sold in the domestic market and registering a 3.8 percent growth.

However, Two-wheeler exports saw a decline in January 2022, with 2, 20,103 units being exported, against 3, 74,966 units in January 2022, registering a decline of 41 percent, the report said.

Three-wheeler sales stood at 48,903 units in January 2023, as compared to 24,178 units sold in the domestic market in January 2022, witnessing a growth of 102 percent. Three-wheeler exports saw a decline though, as 23,080 units were sold in 2023 against 39,151 units exported last year, registering a decline of 41 percent.

Commenting on sales, Vinod Aggarwal, President, SIAM said, “Better consumer sentiments are driving demand for Passenger Vehicles. The three-Wheeler segment has gained traction compared to the past two years, though they are still to reach the pre-covid levels.”

He added that the rate of growth of Two-wheelers in the recent year has not kept pace with the growth in the other segments. Positive announcements at the Union Budget should help in continuing with the overall growth momentum.

“Passenger Vehicles again saw highest ever sales in January and for the first time, it has crossed 3 million sales mark in 10 months, from April to January period. Sales of L5 category three-wheelers more than doubled in January 2023, compared to January 2022, while Two-Wheelers posted a marginal growth of just around 4 per cent in January 2023, compared to January 2022,” Rajesh Menon, Director General, SIAM said.  (KNN Bureau)