The Indian auto industry has seen a green zone across the board as its overall domestic sales surpass the January 2022 figures by 7.89% to 15,31,447 units in January 2023, the SIAM said in its monthly sales data released today.
However, the same sentiment is not translated in exports, as the industry saw a 34.2% drop YoY to 2,99,040 units in the month under review due to the global recession, and the demand in international markets has been more focused towards EVs.
PVs Roar Again
Continuing its trend of delivering the highest numbers since the last few months, the PV segment witnessed its new highest-ever sales, with 2,98,093 units sold in the domestic market, marking a 17.22% growth over last January’s 2,54,287 units.
UVs remain the popular choice amongst customers; the segment surpassed the previous January’s figures by 27.6% to 1,49,328 units, while the passenger car market managed to see retails of 1,36,931, up by 8% YoY. Vans meanwhile grew by 11.3% YoY to 11,834 units.
In the export market, PVs being the only vehicle type to see growth, the segment witnessed 36.2% growth to 55,551 units in the month.
Rajesh Menon, Director General, SIAM, noted that passenger vehicles saw the highest-ever sales in January, and for the first time, it has crossed the three million sales mark in ten months (April to January).
Vinod Aggarwal, President, SIAM, stated that better consumer sentiments drive demand for passenger vehicles.
Growth Story Continues For 2Ws
Unlike past months, the 2W segment too has continued to grow this January by 3.81% YoY to 11,84,379 units. Scooters and motorcycles in the month witnessed sales of 3,76,035 units and 7,71,621 units, respectively, showing a 4.07% and 3.73% yearly rise, while the mopeds grew by 2.62% YoY to 36,723 units.
In the export market, though, the 2W segment witnessed a downfall of 41.3% YoY to 2,20,103 units in the month under review compared to 3,74,966 units in January 2022. Besides the mopeds sub-segment, which grew by 183.3% YoY to 408 units, the scooters and motorcycles segment fell by 9.3% YoY and 44.5% YoY respectively, in the exports market.
Agarwal believes that the rate of growth of two-wheelers in the recent year has not kept pace with the growth in the other segments. However, positive announcements in the Union Budget should help in continuing with the overall growth momentum, he added.
3Ws On A Roll
The SIAM data noted that the 3W segment witnessed a 102.2% YoY growth to 48,903 units sold in January 2023. In addition, passenger and goods carriers saw retails of 37,061 units and 8,346 units, respectively, representing a 123.3% YoY and 42.2% growth.
On the EV side, the passenger carriers saw sales of 3,188 units, growing 125.1% YoY, while the goods carrier witnessed 1.65% YoY to 308 units in January 2023.
The SIAM official noted that the sales of L5 category three-wheelers more than doubled in January 2023 compared to January 2022.
However, he believes that although the three-wheeler segment has gained traction compared to the past two years, they are yet to reach the pre-COVID levels.
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