Sales of passenger automobiles increased by about 27% for the fiscal year 2022–2023.
The statistics, which was made public on Thursday by the Society of Indian Automobile Manufacturers (SIAM), indicated that a total of 38,90,114 passenger cars were sold in the year 2022–2023 as opposed to 30,69,523 in the year before, 2021–2022.
According to SIAM, throughout the years 2022–2033, chip shortages decreased while demand for sport utility vehicles (SUVs) increased.
In comparison to the year before, 2021–2022, a total of 14,89,219 utility vehicles were sold in 2022–2023.
Vinod Aggarwal, President of SIAM, commented on the sales figures for 2022–23 by saying: “2022-23 has been a year of consolidation, following Covid. The Ukrainian crisis again caused supply chain problems at the beginning of the year. Nonetheless, costs have softened during the year with greater commodity availability and effective supply chain management, notably for electronics products, but it is still a worry.
According to him, domestic sales of passenger automobiles reached a record high in 2018, exceeding the previous high in 2018–19. The second-highest domestic sales were reported by commercial vehicles, which is close to the previous record of 2018–19.
Despite strong increase, domestic sales of three-wheelers are still below those of 2010–2011, while those of two-wheelers are still below those of 2014–15.
“Favorable Policy Initiatives would go a long way in helping the expansion of the Sector,” he said, “ranging from effect of new PLI Schemes, optimistic announcements in Budget, forward thinking Logistic & International Trade Policies, and newly announced Gas price Guidelines.
Rajesh Menon, Director General of SIAM, commented on the results for 2022–2023 by saying: “With increase in total domestic auto sales of 20% in 2022–2023, the industry had the greatest passenger car sales with an annual growth of 27%. Due to increased demand for passenger carriers, commercial vehicles and three-wheelers both saw increases of 34% and 87%, respectively. After experiencing de-growth for the previous three years in a row, the two-wheelers market rose modestly (17%). These groups have not yet attained pre-pandemic levels.
