Passenger vehicle sales rise 27% to record 38.9 lakh units in FY2022-23
New Delhi, April 13
Domestic passenger vehicle wholesales grew 26.73% to a record high of over 38.9 lakh units in 2022-23, riding on a demand surge for utility vehicles, Society of Indian Automobile Manufacturers said on Thursday.
Dispatches of passenger vehicles (PVs) from manufacturers to dealers stood at 38,90,114 units in the fiscal ended March 31, 2023, compared to 30,69,523 units in 2021-22, as per the latest data released by Society of Indian Automobile Manufacturers (SIAM).
The previous highest wholesales of PVs were recorded in 2018-19 at 33,77,436 units.
The growth of the PV sales in FY23 was led by utility vehicles — 20,03,718 units in FY23 compared to 14,89,219 units in FY22, a growth of 34.55%. The segment now commands a 51.5% share of PV sales.
SIAM president Vinod Aggarwal said 2022-23 has been a year of consolidation post-Covid, although supply chain disruptions started again due to the Ukraine conflict.
“However, with efficient management of supply chains and better availability of commodities, especially for the electronics items, prices have moderated over the year, though it remains a concern,” he said.
Aggarwal said while the PV segment posted the highest-ever domestic sales, surpassing the previous peak in 2018-19, commercial vehicles posted the second-highest domestic sales and are close to the previous peak of 2018-19.
Commercial vehicle sales were at 9,62,468 units in FY23 compared to 7,16,566 units in FY22.
SIAM Director General Rajesh Menon said commercial vehicles, two-wheelers and three-wheelers segments “are yet to reach the pre-pandemic levels”.
The total two-wheeler sales in FY23 stood at 1,58,62,087 units against 1,35,70,008 units in FY22, a growth of 17%. The segment had witnessed a decline in the previous three consecutive years.
Vehicle wholesales across categories stood at 2,12,04,162 units in 2022-23 compared to 1,76,17,606 units in 2021-22, a growth of 20.36%.
SIAM said challenges remain in entry-level passenger cars and two-wheelers. The entry-level mini cars segment has declined by 57% in FY23 compared to the peak levels of FY17.
On the other hand, entry-level scooter sales have also declined by 27% in FY23 against the peak level in 2018-19 and that of entry-level motorcycles dropped by 38 per cent in 2022-23 compared to the highest level witnessed in 2018-19, SIAM said. — PTI
IN TOP GEAR
- Dispatches of passenger vehicles (PVs) from manufacturers to dealers stood at 38,90,114 units in the fiscal ended March 31 compared to 30,69,523 units in FY22
- The previous highest wholesales of PVs were recorded in 2018-19 at 33,77,436 units
- The growth was led by utility vehicles — 20,03,718 units in FY23 compared to 14,89,219 units in FY22 — a growth of 34.55%. The segment now commands a 51.5% share of PV sales
