The Indian passenger vehicle market reached its highest-ever sales figures in November 2023, with 3.34 lakh units sold. This represents a year-on-year growth of 3.7 percent compared to November 2022, when sales stood at 3.22 lakh units. The data was released by the Society of Indian Automobile Manufacturers (SIAM).
The passenger vehicle category led the sales momentum in November 2023, surpassing the previous year’s numbers and contributing to the steady upward trend in the automotive industry.
Sales of three-wheelers grew by 30.8 percent compared to the same period last year. In November 2023, the segment recorded sales of 59,738 units, nearing the peak observed in November 2017, which saw 45,664 units sold.
Two-wheelers, a key component of the Indian automobile sector, also performed strongly. In November 2023, sales reached approximately 16,23,399 units, marking a 31.3 percent increase from November 2022. The sales figure came close to the all-time high recorded in November 2018.
The SIAM report clarified that data from manufacturers such as BMW, Mercedes, JLR, Tata Motors, and Volvo Auto was unavailable and not included in the analysis.
Vinod Aggarwal, President of SIAM, said, “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 vehicle sales grew moderately, while two-wheeler and three-wheeler segments posted high double-digit growth. Commercial vehicle sales matched last year’s levels. Supported by strong economic growth, the industry is optimistic about ending the year 2023 on a high note and expects the trend to continue into 2024.”
Rajesh Menon, Director General of SIAM, acknowledged the record-breaking performance of passenger vehicles. He said, “Passenger Vehicles posted the highest-ever sales in the month of November 2023 of 3.34 lakh units, albeit with a growth rate of 3.7 percent, in the backdrop of a high base last November. Three-wheelers reported significant growth of 30.8 percent, with sales of about 0.60 lakh units in November 2023, just below the peak of November 2017. Two-wheelers also reported sales of about 16.23 lakh units with high growth of 31.3 percent, compared to November 2022 and slightly below the peak of November 2018.”
(ANI)
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