As the Indian auto industry marches on the path of recovery, it managed to seal the month of May with a YoY growth of 245% to 1,532,809 units across all segments.
On the contrary, although the industry has grown gradually over the last two years, the numbers suggest a 30.7% drop in domestic sales compared to May 2019.
Meanwhile, the data released by the Society of Indian Automobile Manufacturers (SIAM) also suggests a marginal drop of 1% YoY in terms of exports, as the industry managed to ship 432,227 units in the month compared to 435,504 units in the corresponding month last year.
|Vehicle Segment||Domestic Sales||Change (%)||Exports||Change(%)|
Rajesh Menon, Director General, SIAM, noted that the sales of two-wheelers and three-wheelers continue to remain sluggish in May 2022, as they are even below what they were nine years and 14 years ago, respectively. In addition, sales of the passenger vehicle segment are also still below the 2018 level, he pointed out.
He added that the recent Government interventions would help ease the supply-side challenges, but the second hike in repo rates by RBI and increase in third-party insurance rates could become more challenging for the customers, thereby impacting demand.
The PV segment in May 2022 saw sales of 251,052 units compared to 88,045 in the same month last year, translating to a growth of 185.1% on a yearly basis.
Moreover, the PV segment is the only segment in the industry to report a positive up growth of 9.5% compared to May 2019, when the segment saw domestic sales of 226,975 units.
Under the PV segment, the vans sub-segment saw the biggest jump of 695% YoY in May 2022 with retails of 10,736 units compared to 1,351 units in the same month last year. While the passenger cars segment and the UV segment saw a rise of 199% and 157.4%, YoY with retails of 124,060 units and 116,256 units, respectively.
|Passenger Vehicles||Domestic Sales||Change(%)||Exports||Change(%)|
In terms of exports, the overall segment has grown by 79%, YoY to 56,888 units in the month against 31,810 units in the year ago period.
Apart from vans which saw degrowth of 24% with exports of 23 units in May, the passenger car and the utility vehicles segment saw a growth of 92% to 37,824 units and 57% on a YoY basis with exports of 19,041 units, respectively.
The 2W segment registered a massive growth of 253% YoY to 1,253,187 units in the month as opposed to 354,824 units in the corresponding month last year.
Meanwhile, compared to May 2019, the report suggests a drop of 37.6% in the month as the segment managed to close May 2019 with retails of 1,725,204 units.
Under the segment, the scooter/ scooterettee sub-segment saw the biggest growth at 659.6 YoY to 398,099 units in the month. Moped and motorcycle/step-through sub-segments registered 392.6% growth YoY with sales of 35,148 units and 177.6% YoY with 819,940 units, respectively.
|Two-Wheelers||Domestic Sales||Change (%)||Exports||Change (%)|
While the export figures for the segment suggest a 3% drop as the industry managed to export 347,747 units of 2Ws in the month.
The scooter/ scooterettee was the only sub-segment to post a growth in exports by 4% as 27,080 units of the same were exported in the month. Meanwhile, the moped and the motorcycle/step-throughs sub-segments saw a drop of 98% and 3%, respectively.
As per the reports, the 3W segment posted a staggering growth by over 20 folds as the month closed, with retails of 28,542 3Ws compared to a low base of 1,262 units sold in May 2021.
Meanwhile, compared to 2019, the segment saw a drop of nearly 81% as May 2019 saw domestic sales of 51,650 units.
|Three Wheeler||Domestic Sales||Change (%)||Exports||Change(%)|
The passenger carrier and the goods carrier sub-segment grew by 29 folds and 12 folds YoY, respectively.
In terms of exports, the overall segment saw a drop of 38% as only 27,496 units of 3Ws were exported in the month. The report noted that both sub-segments reported a downfall in exports, with passenger carriers falling by 38% YoY and goods carriers falling by 53% YoY.