Passenger cars In India

SUV Demand Push Passenger Vehicle Wholesales Past 40 Lakh Milestone In 2023

Passenger vehicle wholesales in India breached the 40 lakh mark in a year for the first time in 2023, riding on the back of robust demand for utility vehicles, industry body SIAM said on Friday.

As per the latest data issued by the Society of Indian Automobile Manufacturers (SIAM), the overall passenger vehicle dispatches from companies to dealers stood at 41,01,600 units, up 8 per cent from 37,92,444 units in the 2022 calendar year.

Utility vehicle sales rose to 23,53,605 units last year, a jump of 22.4 per cent from 19,22,805 units in 2022.

Similarly, van dispatches increased to 1,46,122 units in 2023 as against 1,32,468 units in 2022.

Passenger car wholesales, however, witnessed a dip of 8 per cent to 16,01,873 units over 17,37,171 units in 2022.

In the October-December quarter this year, the passenger vehicle wholesales stood at 10,12,285 units, up 8 per cent from 9,34,955 units in the year-ago period.

Last year, two-wheeler dispatches rose to 1,70,75,160 units as compared to 1,56,47,973 units in 2022, an increase of 9 per cent.

Commercial vehicle dispatches grew to 9,78,385 units last year as against 9,33,396 units in 2022.

Similarly, total three-wheeler wholesales jumped to 6,80,550 units from 4,18,510 units in 2022 calendar year.

Sales across segments rose to 2,28,36,604 units last year over 2,07,92,824 units in 2022, a rise of 10 per cent.

Commenting on the industry performance, SIAM President Vinod Aggarwal said that 2023 has turned out to be reasonably satisfactory for the automobile sector. Passenger vehicles, commercial vehicles and two-wheelers have posted single-digit growth, while three-wheelers have made a very good recovery, he noted.

Aggarwal noted that utility vehicle sales were now accounting for 62 per cent of the overall sales in the passenger vehicle segment.

“The auto industry is optimistic that the growth momentum would continue in the year 2024 as well,” he added.

When asked about the upcoming Bharat Mobility Global Expo on February 1-3, Aggarwal said the event would be on a wider scale than the biennial Auto Expo. It is going to be a much wider event with participation from the entire value chain in the automobile segment, he said.

The event will see participation from tyre, steel, battery, and components other than vehicle manufacturers, Aggarwal said. There will be 600-plus exhibitors, including participants from across the globe, he added.

Commenting on the October-December quarter sales, SIAM Director General Rajesh Menon said the passenger vehicle and three-wheelers segments posted their highest third-quarter sales ever.

“Passenger vehicles even crossed the 4 million mark for the first time in a calendar year,” he added.

For December, domestic passenger vehicle wholesales grew by 4 per cent to 2,86,390 units last month.

Dispatches of passenger vehicles (PVs) from manufacturers to dealers were 2,75,352 units in December 2022.

Two-wheeler domestic wholesales stood at 12,11,966 units last month as against 10,45,052 units in December 2022, a growth of 16 per cent.

Similarly, three-wheeler wholesales were higher at 50,537 units last month as compared to 38,693 units in December 2022.

Shivam is one of those gen X kids who wish the world was different. Shivam enjoys surfing the internet without any motive. He reads a lot and loves working on unique projects.

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