The Modern Society of Indian Auto Producers (SIAM) published the business wholesale numbers for September 2023, showing a nominal growth of 2.3 percent year-over-year for the sector. Full wholesales reached 21,41,208 models in September 2023, up from 20,93,286 units during the same time in the previous year.

Domestic wholesale sales of passenger vehicles increased by 3%, from 3,07,389 models in September 2023 to 3,16,908 models. The phase saw a year-over-year reduction in passenger car and van sales, with the former falling from 1,42,727 models in 2022 to 1,11,889 units in 2023. In the interim, van revenue fell from 12,903 units to 11,147 units. However, the phase was supported by an increase in utility car sales, which saw a year-over-year increase of 28 percent, from 1,51,759 models in 2022 to 1,93,872 models in September 2023.

Wholesales for the thirty-day period in the two-wheeler segment increased by a constant.84% from 17,35,199 models to 17,49,794 units in 2023. While moped sales fell from 47,613 vehicles in the previous year to 44,943 models, scooter and motorcycle profitability in the market both saw year-over-year growth.

Regarding the performance of the sector during the second quarter of FY2024, passenger car wholesales submitted a new high, up 4.7% from the second quarter of FY2023. The segment’s revenue was 10.74,189 models, an increase from 10,26,309 units during the same period last year. Similar to the monthly sales, the quarterly sales also revealed a trend in the PV phase, with SUV sales soaring and passenger car and van sales declining.

Having said that, the two-wheeler market saw a decline in wholesales from 2022 to today. Revenue decreased slightly by 1.6% to 45,98,442 models from 46,73,931 units the year before. The overall dispatches for both the commercial vehicle and 3-wheeler segments increased, with the latter reporting its best-ever wholesales in Q2 at 1,95,215 units, up from 1,20,319 units very last year.

“Passenger Car, A Few Wheelers, and Business Car segments continue to witness growth in Q2 of 2023-24,” said Vinod Aggarwal, President of SIAM, in a statement regarding sales data for the second quarter of 2023–24. “Although Two Wheelers wholesales figures have posted a marginal de-growth, when compared to Q2 of previous year, the retails have been encouraging. All market segments are upbeat as we enter the festival season and we forward to releasing great numbers in Q3 as well. This increase in the automotive industry can be ascribed to the nation’s overall financial expansion, which is also made possible by helpful government insurance programmes.