Bucking the semiconductor shortage trend, Indian auto industry saw robust growth in April 2023. The Society of Indian Automobile Manufacturers (SIAM) reported a 13% year-on-year (YoY) increase in domestic passenger vehicle (PV) wholesale dispatches to dealers, reaching 3,31,278 units compared to 2,93,303 units in April 2022.
Utility vehicles (UVs) led the charge, with sales reaching 1,48,005 units, marking a growth of 16.28% YoY. Close on their heels were passenger cars, registering a YoY sales hike of 16.36% to 1,25,758 units. Despite these impressive figures, a semiconductor scarcity led to a minor decline of 5.59% YoY in passenger car production.
On the other hand, the two-wheeler segment posted remarkable gains. Motorcycle sales jumped by 14.13% YoY to 8,39,274 units, while scooter sales soared by 19.55% YoY to 4,64,389 units. Overall, domestic two-wheeler sales grew by 15.13% YoY, reaching 13,38,588 units.
In another positive turn, three-wheeler sales more than doubled to 42,885 units in April. Consequently, the total number of vehicles across all categories swelled by 16% YoY to 16,65,805 units.
Vinod Aggarwal, President of SIAM, highlighted that all vehicle segments posted growth in April 2023, signaling a successful transition to BS6 Phase-2 emission norms. He also pointed towards the upcoming monsoon season as a potential growth accelerator for the industry.
Echoing Aggarwal’s sentiments, Rajesh Menon, Director General of SIAM, celebrated the highest-ever sales of PVs in April, marking a growth of 12.9% YoY. Menon also observed that three-wheeler sales have almost rebounded to pre-Covid levels.
However, despite the domestic triumph, exports witnessed a 34% YoY downturn to 3,22,476 units due to a slump in two-wheeler shipments. Nonetheless, with a total production of 19,57,599 units across all categories, a YoY growth of 3.51%, the Indian automobile industry has shown a remarkable resilience amid global challenges.
EV WORLD: Turbocharging Canada’s EV Future: CIB & FLO to Add 2,000+ Fast Chargers
