Indian Auto Sector Sees 20% YoY Growth In November 2022; Passenger Vehicle Sales Up 28%

The Society of Indian Auto Companies (SIAM) has unveiled the monthly gross sales numbers for November 2022. Final month, the Indian vehicle marketplace collectively described a 12 months-on-calendar year progress of just about 20 per cent, as whole automobile profits stood at 15,58,145 units, as from 12,99,716 autos offered in November 2021. These figures include things like passenger vehicles, 3-wheelers, two-wheelers, and quadricycles.

Commenting on Sector functionality in November 2022, Rajesh Menon, Director Typical, SIAM explained, “Passenger motor vehicles posted best at any time revenue in FY 2022-23 until November, while the 3-Wheelers are nevertheless decreased than 2010-11 and Two-Wheelers are considerably less than 2016-17. Greater curiosity costs and maximize in lengthy-term insurance high quality proceed to be a issue for the individuals.”

In November 2022, overall domestic passenger car revenue stood at 2,76,231 units, which is a growth of 28 for each cent in comparison to 2,15,626 cars sold throughout the similar thirty day period in 2021. At the exact same time, the two-wheeler section noted whole revenue of 12,36,190 models, witnessing a expansion of 16 for each cent, in contrast to the 10,61,493 automobiles bought in November 2021.

The two-wheeler segment claimed overall revenue of 12,36,190 models, witnessing a growth of 16 for every cent.

The 3-wheeler section also noted strong development in November 2022, witnessing above two-fold rise in revenue, at 45,664 models, in contrast to the 22,551 cars offered throughout the exact same thirty day period previous 12 months. Final thirty day period, whole quadricycle revenue stood at 60 units, the phase witnessing above 30 for every cent development in comparison to the 46 models offered in November 2021.

Commenting on November profits, Vinod Aggarwal, President, SIAM stated, “Positive customer and enterprise sentiments have reflected in the better revenue in the thirty day period of November 2022, in contrast to the previous calendar year. We take note a sequential drop around October 2022 attributable to seasonality and softness in critical export markets.” In contrast to the 19,23,032 vehicles sold in Oct 2022, the field witnessed a thirty day period-on-thirty day period decline of practically 19 per cent.

Amongst April to November 2022, the industry’s full sales stood at 1,40,13,283 units, witnessing a 25 for each cent progress.

In November 2022, the overall output of passenger motor vehicles, three-wheelers, two-wheelers, and quadricycles in the month of Oct 2022 was 20,42,575 units.

Also, among April to November 2022, the industry’s complete revenue stood at 1,40,13,283 models, witnessing a 25 per cent progress in comparison to 1,11,43,835 units sold for the duration of the exact same time period in 2021. Passenger car product sales stood at 25,04,084 units, two-wheelers income touched 1,12,12,348 units, and 3-wheeler income attained 2,96,430 models. Whole quadricycle revenue touched 421 models.