The Indian passenger vehicle segment achieved its highest-ever sales in November 2023, reaching 3.34 lakh units. This figure reflects a 3.7 per cent year-on-year growth compared to November 2022 when sales were at 3.22 lakh units.
The data, released by the Society of Indian Automobile Manufacturers (SIAM), indicates a positive trend in the automotive industry.
The passenger vehicle category spearheaded the growth, witnessing a substantial increase in sales during November 2023. With 3.34 lakh units sold, it surpassed the previous year’s figures, contributing significantly to the overall positive trend in the automotive market.
Three-wheelers reported a remarkable growth rate of 30.8 per cent compared to the previous year. November 2023 saw sales reaching about 59,738 units, approaching the peak observed in November 2017 when sales touched 45,664 units.
Two-wheelers, a crucial segment in the Indian automobile market, showcased a remarkable sales figure of approximately 16,23,399 units in November 2023. This marked a substantial growth of 31.3 per cent compared to the same month in 2022. The segment’s performance was only slightly below the peak recorded in November 2018.
The SIAM report noted that data for prominent auto manufacturers such as BMW, Mercedes, JLR, Tata Motors, and Volvo Auto were unavailable and hence not included in the sales data.
Reflecting on the robust growth across all segments during the festival season ending in early November, Vinod Aggarwal, President of SIAM, commented on the industry’s positive outlook.
Aggarwal 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 Vehicles sales grew moderately and Two-Wheelers and Three-Wheelers 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, highlighted the significant achievement in the passenger vehicle segment, reaching record-breaking sales in November 2023.
Menon 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 per cent, in the backdrop of a high base last November. Three-Wheelers reported significant growth of 30.8 per cent, compared to the previous year, posting 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 per cent, compared to November 2022 and is also slightly below the peak to November 2018.”
The November 2023 sales report underscores the resilience and upward trajectory of India’s automotive industry, providing a positive outlook for the coming months.
The optimism is fuelled by strong economic indicators and the industry’s anticipation of continued growth in 2024.
